Need advice - taking loan and cash transfer offer at the same time.

Pieta77

Hi,
I'm planning to borrow £15k. I worked out the cheapest way would be to take a loan on part of the amount and use the cash transfer offer I received re. my existing cc. I would probably take a loan first to ensure I get the best possible rate and next activate an offer. I'm just concerned how this affect my credit score and whether my bank can withdraw the cash transfer offer or change conditions based on the fact that I just took a loan. I am eligible to take a full 15k. It just works out cheaper if I combine the two above.

Please, share your thoughts.

DCFC79

Your score will defo go down, why you concerned about a score only you can see ? Where areyou getting this score from ? Theres other agencies who rate you but again banks do not see the score but only your history.

The bank can decide to not do business but its up to them.

Pieta77

I'm afraid that can be seen by the banks as suspicious. I've always had a good credit history and wouldn't like to do it anything to damage it. Also, I want to make sure that what I'm planing to do is perfectly fine and that I can get these 2 deals.

molerat

Credit card cash transfer offers are pretty generic and not specific to you. If your card has a sufficient credit limit it is unlikely they will withdraw the offer. The only problem could be that if the card does a routine credit check on you and think you are out of your depth they could reduce the credit limit so getting the cash transfer as soon as you have got the loan would be your best option. Do not apply for the cash transfer before the loan as the bank will do a credit check before approving the loan. Your score will probably tank after taking out both but who cares once you have got the money (unless you want to borrow some more of course). My score has bottomed because I opened 3 cards and maxed them but who cares, the 1.3 x income (and increasing) 0% card debt is in my bank working for me

Pieta77

Thanks for your thoughts. That's what I'm gonna do. First loan, once accepted, the cash transfer. As long as I get the full amount, I'm happy.

jonesMUFCforever

I would be more worried about how I would be able to afford 2 repayments per month bearing in mind the card offer will only be for x months before interest will be charged.