Current choice of CC or Loan.

isthatacrow

So this may be a strange question in its nuance.

So I have been working hard to build my credit after younger years that trashed it. I am now sitting in a relatively good clear score region and get good offers.

I recently took out a credit card to consolidate other credit cards and to buy a new laptop (end of PhD and old laptop died.)
My credit card is 20 months of 0% interest on Purchases and Balance transfers and I currently have £2k on it, which will not increase (laptop and debt only).

Now I have a job that requires some financial checks to make sure live affordably. I only got notification of this job after opening the credit card and am concerned it will make me look a bit of a big spender. I am tempted to get a small loan to pay the credit card off. I have been offered a loan at 20% APR which can be paid back early with a cost of 56 days of interest.

I get paid quarterly so my income is spiky, however with the job I will be taking home more money on a monthly pay check.

So, should I get a loan to further improve my credit score and to look affordable, at the cost of 2-300 of interest or should I save myself the money and take a wee gamble on the credit card?

Thanks a lot,
Isthatacrow.

[Deleted User]

Your score is made up and can be safely ignored.

If the card has 0% interest you’d be a fool to take out a loan that has an interest rate...

isthatacrow

Thanks for the reply Gary, for me it is less to do with how I see my score but how employers that carry out financial checks do. I appreciate that paying more for debt that is free is an inherently stupid idea but in terms of affordability a large chunk of credit card in my eyes seems less affordable than a loan? Or is this not how the system works?

[Deleted User]

The card is on a 0% promo.
Any lender checking that will see that.

Lenders DO NOT see the score.
It’s a made up number only you see (and should ignore).

Why is your employer carrying out a financial check on you?
Are they a financial company as well?

A loan makes you look desperate and cannot get by day to day.

A CC on a 0% promo does not.

isthatacrow

Thanks mate, in a manner of speaking yes the employer is. And yeah sorry of course the more I think about it makes sense. Getting into more debt to pay a debt that's a great value debt is not smart at all. Makes me look wayyyy too desperate realistically.

[Deleted User]

Indeed.

Generally an employer has no right or reason to check your credit file.

Ben8282

Only people in the US get 'Pay Checks'.

isthatacrow

This employer does have the ability and right to check my accounts etc. still CCs are quite common and smart.

And yes pay check is obviously an americanism.