How much credit?

Candyapple

What is your annual salary?

Do you have any credit cards / loans / other debts? If so, please list them with credit limits/outstanding balances.

Any late payments / defaults / CCJs?

Are you on the electoral roll?

[Deleted User]

tomo658 wrote: »

I don't understand what you mean by the £11,500 bit

It's what you currently owe, plus what you wish to borrow.

fruitisbad

tomo658 wrote: »

I don't understand what you mean by the £11,500 bit

If you currently owe £5750 on the car, then you apply for £5750 to pay it off, your total debt would be £11500. The company giving you the credit card has no proof that you;d pay off the the card debt with this additional debt.

tomo658

Candyapple wrote: »

What is your annual salary?

Do you have any credit cards / loans / other debts? If so, please list them with credit limits/outstanding balances.

Any late payments / defaults / CCJs?

Are you on the electoral roll?

Salary: £21254

Got rid of my last credit card because I'd rather just use my debit card so no credit card.

No other debts. No late payments / defaults / CCJs

I'm on the electoral roll.

FYI if this is relevant. I am in the process of buying a house with my girlfriend, our mortgage has been accepted. House should complete by the end of the month

Candyapple

You seem to be in good standing then. As for how much you'll get, it depends on lender. MBNA usually give generous limits and you'll need to apply for a money transfer card so it works out perfect for you. You should easily be able to get a high enough limit to clear the £5.5k debt with them.

tomo658

Candyapple wrote: »

You seem to be in good standing then. As for how much you'll get, it depends on lender. MBNA usually give generous limits and you'll need to apply for a money transfer card so it works out perfect for you. You should easily be able to get a high enough limit to clear the £5.5k debt with them.

I've just been looking at the money transfer cards. If the debt has to be cleared by the new year. When should I be looking at applying for a card?

Thanks everyone for all the help :T

Candyapple

Personally I wouldn't be applying for anything before the house sale was 100% confirmed as completed. The last thing you want is for anything to mess up and the lender rejecting you a mortgage because you are taking on new unsecured borrowing.

Most card companies will send the card and PIN to you within 5-10 days so assuming your house move is complete, you'd be looking at applying mid December.

MallyGirl

allow a couple of weeks in case you need to receive and activate the card before they will process the transfer - or they might ask for physical ID to be presented.

MallyGirl

Candyapple wrote: »

Personally I wouldn't be applying for anything before the house sale was 100% confirmed as completed. The last thing you want is for anything to mess up and the lender rejecting you a mortgage because you are taking on new unsecured borrowing.

This - no new credit applications till you have completed on the house (not just exchanged).