Transferring between Credit cards

HazelDav

Can any tell me if your credit score is impacted when you transfer a balance between cards/accounts with credit that is already agreed? Looking to buy a new house this year so will likely be applying for a mortgage in April and will not have cleared my credit card in time but need to switch as the 0%interest will run out. Don't want it to look like I'm applying for new credit. Current accounts are all good. I have a 999 credit score with Experian and 542 on Clearscore. I am currently utilising about 10% of my agreed credit which will stay the same as I am just switching the debt. Looking to switch to the MBNA 0% 40 month deal but will have to transfer to bank account as debt is currently with VirginCC, anyone know if I can get away with transferring between them now? Have to pay an extra 0.5% to do a bank transfer, trying to save every penny! Any advice appreciated, don't want to trip at the final hurdle, taken along time to get to this point!

[Deleted User]

You don't have a credit score - just credit files which show how you manage credit. As a result, you can ignore any changes in the made up scores.

If a BT is going to save you money, then do it.

HazelDav

Thank you, it confirms what I thought I just don't need any reasons for them to refuse a mortgage, OH is self-employed and I earn a low basic with commission and not all lenders will take that into account! Seems to be so much attention on credit score it makes me paranoid. So basically I'm just showing that I am managing my money, right?! Win win!

Candyapple

If you currently owe money to Virgin credit card and are looking to take out a balance transfer deal with MBNA to clear the debt, then yes you will be applying for new credit and given that it's so close to your mortgage application, definitely not wise.

Was there a specific reason you chose the 40 months MBNA deal? If you wanted to pay zero fees, there's other deals out there:
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees

Either way, given that you'd be applying for a new card, it's still a no-no so close to your mortgage application.

You'd be better off waiting until your mortgage has gone through and you've moved in and then apply for a new card. The few months of interest you'll be paying is not worth risking being declined a mortgage for. Of course there will always be others saying apply now and you should be ok, however you've already stated that it's taken you a long time to get to where you are and ultimately only you can make the call as the final decision lies with you.

HazelDav

Hi CandyApple

Thanks for your reply, Im not applying for a new card, its a card I already have with about £10k credit allowance and currently a 0 balance. Sorry I wasn't very clear, thats what I meant about agreed credit. What do you think, still best to leave it as it is, or should it not be a problem?

Candyapple

Hi Hazel,

If it's a card you already have then yes, that should be fine, shouldn't be a problem. I thought you were talking about applying for a new one to transfer the balance to.