Lloyds/Halifax/BoS Credit Card

AliceBanned

Hello


Yesterday I applied for a Halifax CC on promotional rate of 0% balance transfer for 23 months. I partly did this as it was showing on MSE, Clearscore and Noddle as '95% chance of approval'. I know that is still not certain but usually I have found the tools for calculating eligibility to be fairly accurate.


What I am thinking is applying for a Lloyds CC or BoS as they are all showing the same eligibility, but as I am applying for a mortgage in around a year or just under I don't want to have a negative impact on my credit file if refused for that as well.


Can anyone please advise on whether I should try it or whether as they are all effectively the same organisation, I am unlikely to be approved. If so I find it strange that it is showing as 95%.


Only Capital One and Fluid are showing as pre-approved ie 100%. I don't particularly want one of those as whenever I had them the credit limit was too low to be of much use for a balance transfer.


I am paying 19.9% on a balance of £1100 and 46% on a balance of £500 (Tesco) but usually pay the latter one off after payday.


I could just do nothing and that might be more sensible, and just repay the ones I have as most are at 0% interest. I am managing to repay £600-750 per month most months across all cards and loans.

[Deleted User]

There would be reason why you are unlikely to be approved, if it's showing a high approval rate. They are separate brands.

A search now, a year before a mortgage application, will have no impact.

eskbanker

Was your Halifax application declined, which seems to be implied but not actually stated?

As a rule of thumb, it's usually said on here that lenders aren't particularly interested in applications that have been on your credit files beyond about six months, so what you do now is unlikely to have a particularly significant impact on how you're seen in a year's time.

However, it sounds like you have a fair collection of debts and that you'd still anticipate at least some of them still remaining at that stage so worth thinking about the broader picture of how that would look to mortgage providers, and also how you'd fund a property purchase....

AliceBanned

eskbanker wrote: »

Was your Halifax application declined, which seems to be implied but not actually stated?

As a rule of thumb, it's usually said on here that lenders aren't particularly interested in applications that have been on your credit files beyond about six months, so what you do now is unlikely to have a particularly significant impact on how you're seen in a year's time.

However, it sounds like you have a fair collection of debts and that you'd still anticipate at least some of them still remaining at that stage so worth thinking about the broader picture of how that would look to mortgage providers, and also how you'd fund a property purchase....

Thank you eskbanker. Sorry yes it was declined, not even a different card offered by them. It's a slow journey but I've been working on this for some time and trying to get my finances in order. I have a SO property (40% ownership with a mortgage of £43k and equity of £92k) and want to buy the rest but this debt has been holding me back for a few years albeit slowly reducing. My salary has increased in that time (new job) so it's getting easier. I was probably underearning for the area I live in and it all got too difficult with high outgoings but was worth it to get on the way to a home of my own.


I am the stage of trying to decide things that are probably impossible anyway at the moment ie how much more to purchase/whether to move. I did speak to Halifax, my lender and they said I could staircase up to around 55%. But I'm trying to hold fire until all the debts are gone as long as the flat doesn't rise in value too much and then either purchase 100% or move. Sorry for digressing from the original point!

AliceBanned

Deleted_User wrote: »

There would be reason why you are unlikely to be approved, if it's showing a high approval rate. They are separate brands.

A search now, a year before a mortgage application, will have no impact.

Thanks. Perhaps I have too much credit at the moment but I am reducing it all the time, which is why I thought these cards became available to me. I think I will leave it for now until I've reduced my debt, as I might get more chance of a better deal.