options to tick when doing application

K5123

Please can anyone advise, on the soft search it never has the correct options, I can't be the only person who lives with their partner, and their partner owns the property, so as an applicant I'm not a homeowner (I just pay rent to my partner, so I'm not a private tenant either) but it goes onto a second option which says either Homeowner or Living with Parents, or Private Tenant, so I never know which to tick. I am being turned down (probably due to affordability) and wondered if I should tick the Homeowner box to help increase my chances of getting a balance transfer C.C.? But I'm not a homeowner!! very frustrating, all the credit card lenders have these options...

DullGreyGuy

You are formally paying them rent or contributing towards their bills inc the mortgage etc? What would happen if you lost your job, would you still owe them rent and get into arrears?

We jointly own our current home so not relevant any more but historically a property was just in my name but my partner would choose "home owner" because she didn't pay rent to me, most the time she was a student so didn't contribute to the bills either. 

Ultimately if you aren't 100% sure then just ask the company in question how they'd like you to answer it based on your circumstances.

K5123

Oh ok, many thanks for this.

CliveOfIndia

In the absence of any other available options, Private Tenant would probably be your best bet (being closest to the truth).  But if you do a full application, rather than an eligibility check, there's often a more comprehensive list of options available.  Don't put Homeowner if that's not true - you could, in theory, end up with a fraud marker against you.  How likely it is that you'd be found out is perhaps debatable, but it's really not worth the risk.

K5123 said:

I am being turned down (probably due to affordability)

If affordability is an issue then it's largely irrelevant what your housing status is - it just means that they've assessed your debt to income ration as too high.  It's worth checking all 3 of your credit files to make sure that all the data they hold are factually correct, and that there are no negative markers recorded.  Ignore the gimmick scores and the CRA's assessment of your credit-worthiness, just make sure that all the data are correct.

If you're unable to get a balance transfer card then the alternative is to go old-school and go all-out to pay off the debt as quickly as possible.  If you head on over to the DebtFree Wannabe board and post up an SOA, you'll get plenty of helpful and non-judgemental suggestions.

born_again

K5123 said:

Please can anyone advise, on the soft search it never has the correct options, I can't be the only person who lives with their partner, and their partner owns the property, so as an applicant I'm not a homeowner (I just pay rent to my partner, so I'm not a private tenant either) but it goes onto a second option which says either Homeowner or Living with Parents, or Private Tenant, so I never know which to tick. I am being turned down (probably due to affordability) and wondered if I should tick the Homeowner box to help increase my chances of getting a balance transfer C.C.? But I'm not a homeowner!! very frustrating, all the credit card lenders have these options...

If you are living as a couple, then in effect you are a home owner, even though you do not actually own the house. Just the same as many other couples who for various reasons only one person has the mortgage on the property.