I’ve got a good credit score, but my credit card and loan affordability is weak, please advise?

D3xt3r5L4b

Chris_derby said:

theoretica said:

Chris_derby said:

D3xt3r5L4b said:

Chris_derby said:

D3xt3r5L4b said:

What you see for your rating and score is a best guess based on nonsensical algorithms.

How much do you need for the campervan?
Does the seller take credit card as a payment option?

If you have “substantial savings” why not use those?

Thanks for your reply and yes looks like credit scores mean nothing!

I would have like a credit with £10,000, my wife has one for £9,000 and was going to put cash towards it as well. Wanted to flexibility of paying over a longer period, didn’t want to wipe out all of my savings and 0% credit cards do this nicely. When I say substantial, I probably mean just enough to buy the campervan.

MBNA give you an idea on what you're limit could be when applying, as do Halifax, Lloyds and Nationwide.
Whilst £10k credit isn't unheard of, given the current climate as well, what are you current debts/income/limits on existing cards etc.?

I’ve currently got a £9000, £5000 credit cards open, the £9000 has got about £700 to pay and the £5000 is cleared.

So if you took advantage of all the credit available to you at the moment you would get into 9+5+2 = £16k debt?  That is a figure the banks will be considering when deciding whether to lend you another £10k.

So would you say your better off cancelling a credit card once the interest free period has expired to bring the amount down for future applications?

No - because then they'll see a (potential) strew of closed accounts and wonder why.