Completing on Friday.. when can we apply for a credit card?

Pantobabe

Hello,

As the thread title says, we are completing on our new build this Friday (20th July). We have had our mortgage offer since January which doesn’t expire until the end of September so as far as solicitors have said, everything is on task to run smoothly for Friday.

We are hoping to get a 0% on purchases for 30 months credit card (as found on here) to put our biggest purchases (bed/tables etc) on and then pay them off over the next 10 months as we just don’t have the spare cash right now- the extras added on to the new build for practically everything have seen to that! I do have a credit card currently but it has a high interest rate as I pay it off in full every month.

My question is, when can I apply for this credit card to ensure it won’t affect the mortgage? Am I ok to do it now as we have our mortgage offer all sorted, or do I have to wait until we physically have the keys and have completed? We want to order furniture but need this credit card to do this but I also don’t want to ruin my credit rating at the 11th hour meaning the mortgage won’t go through!

Thanks in advance

G_M

Saturday..

AnotherJoe

Wait until the first mortgage payment has gone out. In theory its possible they will do a credit check, find you have applied for extra credit and decline the mortgage. No point risking that for some extra cushions.

Pantobabe

The mortgage payment isn’t due to go out until the 1st august.. surely once we have competed on Friday and have the keys it means the lender has transferred the funds from the mortgage and therefore the mortgage has begun and they can’t rescind the offer if I take out a credit card after this point?

Apologies if I’ve got that wrong, that’s just how I thought it works

Lolly88

You'll also need to factor in that you are not yet registered on the electoral roll at your new address which will impact your credit rating and the chance of being successful at applying for such a card. It can take months for the CRA to update with this information.

Pantobabe

Thanks Lolly88,

I would register at my parents address, as I will be living here for another month anyway before we are able to live in the house.

Lolly88

Well as soon as you've completed there's no harm going for it if you're already on the electoral roll at your parents.

anniecave

Pantobabe wrote: »

Thanks Lolly88,

I would register at my parents address, as I will be living here for another month anyway before we are able to live in the house.

Are you on the electoral at your parents address? Make sure you are.


If I was you, I would think applying for a credit card anytime after Friday is OK.


If you are looking for furniture etc, I would recommend looking on freecycle or in any local charity shops that do furniture. I also had various friends and friends of friends offering me their spare furniture, very kind of them!

todayisagreatday

Why get a credit card to pay for new things you clearly can't afford. Try Freecycle or certainly charity shops, some have bigger furniture second hand stores. Put a wanted ad on your local Freecycle page and you may even end up with some things for free that will allow you to save for the next 10 months to buy new rather than hammering the plastic straight away. You're bound to need more urgent things. Does it have to be all new right away?