Spend Nowt, Buy Nowt, Owe Nowt

groovychick69

Sounds like everything is coming together! I’m contemplating our local park run in the morning haven’t been for months - just worried it might be a bit cold! Quick question if I may - we are looking at remortgaging really soon, just in the initial stages of applying - we aren’t adding consolidating just getting off the SVR. I have a 0% CC that ends in February - and have a new offer available on my BC - currently it’s on my husbands card which if I clear the balance we could close - so question is - do I do the bt now and close the card meaning 1 less on the credit file or do I stay put till February, will a transfer now leave a mark on my credit file - it’s an existing card not a new application? Sorry to hijack your diary, I’ve read with interest all your precious juggling and I’m interested how it works! TIA

XSpender

groovychick69 wrote: »

Sounds like everything is coming together! I’m contemplating our local park run in the morning haven’t been for months - just worried it might be a bit cold! Quick question if I may - we are looking at remortgaging really soon, just in the initial stages of applying - we aren’t adding consolidating just getting off the SVR. I have a 0% CC that ends in February - and have a new offer available on my BC - currently it’s on my husbands card which if I clear the balance we could close - so question is - do I do the bt now and close the card meaning 1 less on the credit file or do I stay put till February, will a transfer now leave a mark on my credit file - it’s an existing card not a new application? Sorry to hijack your diary, I’ve read with interest all your precious juggling and I’m interested how it works! TIA

Hi groovychick69 - it's a beautiful morning here for a park run but DH has had to go into work so we won't be going today. I can't see the BT impacting your credit file too much as it is an existing card and won't impact your affordability if it is for the same amount but with my history I'm probably not the best person to ask :rotfl:

Suffolk_lass

groovychick69 wrote: »

Sounds like everything is coming together! I’m contemplating our local park run in the morning haven’t been for months - just worried it might be a bit cold! Quick question if I may - we are looking at remortgaging really soon, just in the initial stages of applying - we aren’t adding consolidating just getting off the SVR. I have a 0% CC that ends in February - and have a new offer available on my BC - currently it’s on my husbands card which if I clear the balance we could close - so question is - do I do the bt now and close the card meaning 1 less on the credit file or do I stay put till February, will a transfer now leave a mark on my credit file - it’s an existing card not a new application? Sorry to hijack your diary, I’ve read with interest all your precious juggling and I’m interested how it works! TIA

I just checked my credit score and full credit history on the Credit Club on MSE Main Site. It certainly records your current balance, against all your accounts, plus how many new accounts across a number of time windows in months, through to over a year, then it also records closed accounts.

So I believe it looks at all these factors when determining your credit score. Mine records 6 closed and 8 open. I suggest that if you move from your partner's to yours before you remortgage, your personal score will show increased debt, while your Partner's would show an additional closed account, but reduction in balance. It would depend whether you believe the mortgage company would look at two minuses (or three, as suddenly reducing can be an indicator of financial stress) holistically or mechanistically. The sceptic in my thinks you should wait until you have the mortgage sorted, and I would not risk it.

DD265

Suffolk_lass wrote: »

I just checked my credit score and full credit history on the Credit Club on MSE Main Site. It certainly records your current balance, against all your accounts, plus how many new accounts across a number of time windows in months, through to over a year, then it also records closed accounts.

Also, you run the risk of the credit records not being updated. For example, my Equifax report shows that I transferred the balance from a loan to my MBNA credit card - MBNA went up by £4000, but the balance for the loan is also still showing on my credit report so Equifax have kindly 'doubled' my debt for me and despite putting a complaint in they still haven't sorted it out. :mad:

If you're remortgaging now GroovyChick, but the interest free period is up in Feb, I'd wait until January on the assumption that you'll get another offer between now and then that you can use.

Sounds like things are ticking along nicely XSpender, I bet you'll feel great next when you can pay things off!

XSpender

The re-mortgage went through this morning

I have paid off 2 loans and 2 credit cards. DH will have to ring up for the balance on his CC tonight and then I will make a bank transfer. There will be about £150 left after everything has been paid off. We had hoped for a bit more leftover to save or reduce the remaining CC but the recent emergencies have seen to that

We have paid this month's mortgage payment so should expect most of that back although we will need to cover the interest for the rest of this month when the new mortgage company take the first payment out in December. There should be enough left over to complete the small EF and finish Christmas.

I felt a bit flat about it when I came to paying it off, probably because I still owe it, just to someone else. It is probably also because I have made a stupid mistake ordering some tickets and, unless I can sell them on, have lost us £90 :mad: I offered to pay for them out of my personal spends but DH says no. I have loads of DS old clothes to sell and some DVDs so will make an effort to do this to cover the cost. DH has another £82 due back from work that has now been paid off the CC so it will go back into the current account. Plus we have £228 due back in December when DH has achieved his weight loss.

I've also been offered a survey thing which will earn me a tenner in vouchers.

Despite our holiday and not watching what I eat I have managed to lose another pound since I completed the diet/fitness plan in the summer. DH started it again today so I will follow along and hope to lose another 5lb over 6 weeks.

apple_muncher

There has been such a big build up to the re-mortgage that you are bound to feel a bit flat. Just keep feeling smug too, for hanging in there, for making decisions, for working as a couple to beat the debt .

lindez

Hi Xspender,
just caught up on your diary. Great news with the remortgage and the bonus.
You will now be able to get on with your debt busting I am looking forward to hearing your new plans.

XSpender

apple_muncher wrote: »

There has been such a big build up to the re-mortgage that you are bound to feel a bit flat. Just keep feeling smug too, for hanging in there, for making decisions, for working as a couple to beat the debt .

Thanks apple. DH said 4 months ago he was worried we would lose the house because he lost his job so unexpectedly so I should be happy that we are in a better place now.

lindez wrote: »

Hi Xspender,
just caught up on your diary. Great news with the remortgage and the bonus.
You will now be able to get on with your debt busting I am looking forward to hearing your new plans.

Hoping to post them in the next couple of days

apple_muncher

Oooh, shiny new siggy!

DD265

That's sounding much better XSpender!