Using credit card

jdsimmons3

Hi everyone we exchanged contracts on 20th. We are completing on the 4th.

We're renovating the bathroom before moving in and due to needing to leave rented accommodation we have to get cracking day one. No time for champagne 😂

The only debt we have is £250 on a credit card. I know we shouldn't apply for another one or increase our limit before completion as they require credit checks and there's always a chance the lender could run another one although our lender never actually done a credit check from what I read on my report.

 However can I purchase the bathroom suite now before completion? Its only £600 and I will still be £400 below my current credit limit. 

theartfullodger

A bathroom suit is nothing, literary.

Did you mean bathroom suite?

jdsimmons3

theartfullodger said:

A bathroom suit is nothing, literary.

Did you mean bathroom suite?

I did indeed! I'll edit that now 😅

user1977

I don't think other creditors even have a means of knowing what your card balance is from time to time. It's opening new accounts (or perhaps increasing your credit limit) which you might need to be more cautious about.

SuseOrm

Are used my overdraft for literally one-day over Christmas whilst I moved money,  literally 15 hours it was reported on my credit score and it took nearly 6 weeks to drop off again.  Id advise caution

jdsimmons3

I done some googling and don't think I will risk it! my sister is going to purchase on her credit card and then I will pay her back once I get cash back from the mortgage. Thanks for the advice 

canaldumidi

Yes but an overdraft is different from a credit card that is kept within the limit.

OP - should be no problem.

Your only issue might be if the seller does not complete and you are left with a bathroom suit, or suite, that you cannot use. But most solicitors go through their entire careers never having seen a Completion failing after Exchange has happened.

BalanceTransferDude

Agreed with @canaldumidi. Credit card use should be absolutely fine. It’s taking out new credit agreements (including going in to an overdraft) that could cause issues, neither of which apply in OPs scenario. 

I’m going to exchange in the next week or two and have continued to use my credit card as I always do.

jdsimmons3

Thanks for the comments. I know it's very unlikely but the 1% chance scares me! Plus the fact that they didn't even do a credit check is what's worrying me more! (Score is fine) but as I applied with £200 debt and then if they check and they see its now £800 that might change things. Although a bit silly worrying about £600 when I'm soon going to be £210,000 in debt 😂😂

newsgroupmonkey_

Are you really that tight on a mortgage that £600 credit would make a difference?

We had a 0% card we were using for stoozing some debts (a holiday and some season tickets that we used to pay off monthly until our club added 10% interest paying that way). Probably had around £3k. Our mortgage was similar to yours.

I'd be shocked if a mortgage was refused over a debt half the monthly mortgage payment. I mean, when we moved out, it cost us around £300 to put the house we were living in right (we were both working really hard and didn't have time for a deep clean, so brought in a company to do that and carpet cleaning).