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Will a DMP close my accounts?
Comments
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If you make the application and it's turned down, it'll be noted on your credit history, yes, and yes that could impact on further applications. Having said that though if the Credit Club gives you a very high likelihood of acceptance then it's *reasonably* unlikely that you will get turned down. Just check you fill in the application exactly as they ask, and that all the details you have input into the credit club are correct, also.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
I'll go with the 0% on purchases and transfers, if I don't get it and it effects my credit rating, it won't actually matter for the minute, as I won't be applying for any new credit anyway.
I was talking myself out of it for no real reason!0 -
I'll go with the 0% on purchases and transfers, if I don't get it and it effects my credit rating, it won't actually matter for the minute, as I won't be applying for any new credit anyway.
I was talking myself out of it for no real reason!
:T:T:T Well done ev8 - you're grasping this a whole heap quicker than a lot of folk do! :T:T:T🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
EssexHebridean wrote: »:T:T:T Well done ev8 - you're grasping this a whole heap quicker than a lot of folk do! :T:T:T
Ah thank you, that's a great motivator, to know I'm heading in the right direction and getting the right idea now.0 -
Really good news everyone, I got accepted on the 0% for transfers and interest! I'm really pleased with this as I can put over a big balance credit card and a smaller but high interest store card and this will really help me out an awful lot.
I'll actually be paying a lot of it off now!
Thanks for all of your advice!0 -
Just another question.
So, with the new 0% card, do I transfer over as much as I can, so my large credit card balance and add in the store cards too? Or do I leave some spare on it.
Not sure if it'll look bad if I transfer a lot over and use most of it up?0 -
Just another question.
So, with the new 0% card, do I transfer over as much as I can, so my large credit card balance and add in the store cards too? Or do I leave some spare on it.
Not sure if it'll look bad if I transfer a lot over and use most of it up?
Most cards will allow you to transfer up to 90% of the credit limit (inclusive of any balance transfer fees usually). If your aim is to reduce the debt and not use your credit cards for spending, then you wont need to have some spare on it as you say.
If you aren't applying for any new credit in the near future, it is irrelevant how it looks to anyone else, if you look at the credit file, there would be a marker showing promotional rate, so other lenders would be aware it was at 0%. Don't worry how it looks to anyone else, just worry about how much interest you can save by arranging your finances cleverly.
Advice is to transfer over as much debt as possible onto the 0% card, pay the monthly minimum to this card by direct debit and start paying off as much as you can from any remaining cards that are still charging interest. once those are cleared, you can start paying more on the 0% card and hopefully get it cleared before the promotional rate ends.Mortgage = [STRIKE]£113,495 (May 2009)[/STRIKE] £67462.74 Jun 20190 -
If you mean look bad as in on your credit history, we've established that right now, you're not bothered about that, as you're not applying for more credit, right?
The card provider will give you a limit to tell you how much you can Balance Transfer.
While you still have any cards which are charging interest, make sure you set the Direct Debit on the new card for the minimum so that automatically goes each month, you can then throw anything extra/spare at the interest charging cards to get those cleared. A trick though - see what the minimum payment is set at for the new card once all the balance transfers are on there, then set the DD to that amount. Otherwise as you pay off, the min payment drops so you pay less each month - but in this case that's not what you want to do is it. It means you sort of pay off a bit extra by "stealth" methods! And of course as soon as the interest charging cards are cleared, you transfer everything you can afford to pay to the 0% card - leave the standard monthly payment where it is and just make overpayments as and when you can. (And making sure you always have a DD set for at least the starting minimum means you don't risk forgetting to make a payment, and losing your 0% rate as a result!)🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
To be honest, it wasn't even about looking bad on my credit score, more look bad to the account, as in, 'WOW, that's suddenly a large balance!' and if they'd mind me putting that much over.
Is that weird? Sorry, I can be!!!
I won't be applying for any credit, TBH I haven't applied in a long time, I think well over five years, so I'm not fussed about that.
I have already set it down as the minimum when signing up, which is good, and then I'll be paying more as the balance goes down over time, to keep up with reducing it.
I was just thinking does it matter if I push up against the limit that I'm allowed to go to?0 -
It's not weird at all - just something that you didn't understand - and it's fine not to understand stuff!
Essentially, no - so long as you can meet the minimum payment it's fine to go close to the offered limit.
Remember to cut up the card as soon as it arrives too - you've not going to need it for anything! 🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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