0% running out, new credit card?

Anthorn

kateyleah wrote: »

I was after a bit of advice. I've just purchased a new house on a mortgage with my partner. He has bad credit and so the mortgage will likely affect my credit rating although it hasn't yet even though we have completed on the house.

My 0% credit card is going to run out in September and i'm not really up for paying interest on a CC having always had 0% on purchases. My question is should I attempt to apply for a new credit card now that my credit rating is still ok and ditch the old one or is it likely to be rejected because i've literally just taken out a bigger mortgage. Or shall I wait until we can get credit up to a better state and just make sure credit card is paid back in full if we ever use it?

I'm very risk averse so I don't want to do anything that would cause me issues, however I would prefer to have 0% CC just in case I need to use it.

K

You don't say the main type your present 0% credit card, i.e. BT, Purchase, etc. I also don't see the point of a 0% APR credit card if you are going to clear the balance every month if that's what you mean.

In the case of a joint mortgage with your partner your credit history will be linked with their's and their bad credit will likely rub off onto you and shown on your credit history as a Financial Connection (Clearscore) or Financial Association (MSE Credit Club, Experian) or Financial Associate (Equifax). If that link hasn't yet happened I would personally be inclined to apply for a new 0% credit card now before it does happen. In the case of a balance on your present 0% CC you cannot fully repay now perhaps a new combined 0% BT and 0% purchase card will be good.

Filo25

The problem I had with applying for an additional card after buying a home and moving address was that even though we had immediately registered on the electoral roll, it took a fair while for that to be shown on the reports the credit card provider received so we were initially turned down and then after further conversations with the CC provider we were eventually approved but with such a lot credit limit so as to be useless.

Not a huge help to you I know as I have no idea how long it takes the electoral roll information to be corrected!

maxximus75

The ER as far as I'm aware, is usually updated monthly to the CRA's but it depends on where you fall that month with the update so could take another monthly cycle or so for you to start filtering through.

Each CRA will be different.

As for a card, I would apply before the financial link is established on your reports to help improve your chances of acceptance.