What "category" do I fall under for Balance Transfer?

in Credit Cards
5 replies 201 views
RichH1RichH1 Forumite
4 Posts
Tenth Anniversary First Post Combo Breaker
MoneySaving Newbie
Hello Forumites,
Wonder if you can assist please?
I've recently sold my property and currently live with GF in her house.  I have the funds in current a/c (looking to purchase another property for both to move in to, which will need hers to sell).
I'm currently paying all the bills (due to C-19 shutting down her business), but I'm not on the house deeds.
Am looking to do balance t'fer from current credit card to a new 0%, but not sure which "box" I should tick/select when it comes to my status, as presume I'm not "technically" a home-owner, and am not renting etc...

Any ideas/thoughts would be appreciated...

Replies

  • zx81zx81 Forumite
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    You'll need to choose the closest from the options that the provider in question offers, as they all vary.
  • jonesMUFCforeverjonesMUFCforever Forumite
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    I would put lodger.
    If I had a substantial amount sitting on my current account , personally. I would not pay a balance transfer fee to clear a card; I would pay it off now. The monies used to pay it off could then be replaced by the savings I would be making every month?
  • RichH1RichH1 Forumite
    4 Posts
    Tenth Anniversary First Post Combo Breaker
    MoneySaving Newbie
    Thank you both for your comments.
    Yes, paying the card off is another option to consider and may be the least convoluted path to take.
  • FaceHeadFaceHead Forumite
    340 Posts
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    I'd suggest going with private renting on the form. Arguably you're lodging, with you paying the bills in exchange for any other rent being waived. If lodging isn't on the form, them private renting seems like the next closest option - saying homeowner does seem a bit misleading, as with that question the lender is potentially looking to find out if you have property assets to fall back on if you default on the credit card.

    Filling in the form aside, unless it's a zero fee transfer, I'd recommend using your savings to pay the card off, and getting a new purchases card for your spending e.g. those bills. Soon you'll be able to re-save the card balance and have it on the new card with no fee. 
  • RichH1RichH1 Forumite
    4 Posts
    Tenth Anniversary First Post Combo Breaker
    MoneySaving Newbie
    Thank you FaceHead, indeed, don't want to be providing any duff info if I can help it...just wondered if saying I was a "renter" of any flavour would likely impact any scoring/decision...
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