Best 0 % card at the moment - small limit for fuel etc to boost credit score

BoGoF

Generally speaking the advice is not to takeany new credit within6 months of a mortgage application. You should have kept one of your previous cards and spent on it and repay in full every month.

If you do intend applying within the next 3-4 months you need to get rid of the overdraft, lenders dont like them.

dmo84

I have cleared the £200 overdraft so looking to stay out of that.

I had this info from the mortgage advisor im speaking with RE the credit card thing to boost my credit and history:

"but in my experience a credit card application, as long as the credit limit you are asking for is not say £5,000 would hardly have any baring on the outcome of a mortgage application. As mention when we spoke as long as your current credit report looks good then you could do the credit card thing or not, there is no right or wrong, in some cases we need to build a credit profile for a client as they have had no credit at all which does detrimentally effect applying for a mortgage but if you want to leave it as you have a good record already and it's not something that you want to do then that's fine too. "

I am not sure if I should try it or not.

I am only looking to have a £200-300 limit on the card.

Dobbibill

dmo84 wrote: »

I am not sure if I should try it or not.

I am only looking to have a £200-300 limit on the card.

If you have a mortgage application around the corner it's not worth a hard search before then.

If you are only given a £200-£300 limit that's not going to look good - that lender would think you are not capable of handling credit yet you want your mortgage company to lend you £xxx thousands believing you are capable of repaying without a problem on a good rate

If you are heading for a mortgage application within 6 months - leave it. If you think it will be longer than that, give it a go and see what you get.....it will give you a good indication of how a lender sees you.

If you do apply, keep the limit they give you, don't reduce it to £200-£300 even if that's all you want to use.

dmo84

No worries, I think I may leave it for now. as I am planning to get a mortgage in < 6 months. Like everyone has said I should have left one of my old ones open