Moved out of parents address - time to balance transfer

FrancisBegbie

I have four credit cards totalling £17k that I need to balance transfer in a few months, however I have moved from my parents house buying my own house - will this effect the balance transfer applications to other card providers?

TadleyBaggie

Are you on the electoral register at the new address?

FrancisBegbie

https://forums.moneysavingexpert.com/discussion/comment/81874977#Comment_81874977

I've applied

Emmia

https://forums.moneysavingexpert.com/discussion/6654395/moved-out-of-parents-address-time-to-balance-transfer

Can you afford to buy a house if you owe £17k on the cards? If you used your deposit to clear them... How much deposit or debt would you have left?

FrancisBegbie

https://forums.moneysavingexpert.com/discussion/comment/81875001#Comment_81875001

I have bought it.

eskbanker

If you've just taken on a (substantial?) mortgage for the first time recently, without having built up much history of repayment, and also (unsurprisingly) changed address, these will all be viewed as negative factors by prospective lenders, as will multiple applications for new credit in a short period of time, which will be seen as adding to your overall total available credit, even though you'll presumably intend to close down the old cards after BTing.

Nobody on here will have access to enough data about your circumstances (and the detail of underwriting algorithms for each of the card providers) so all you can do is try, and see what happens - in the event that you're unable to get all the debt refinanced at 0%, are you able to afford to service it?

FrancisBegbie

https://forums.moneysavingexpert.com/discussion/comment/81875249#Comment_81875249

Morning, what do you mean?

grumpy_codger

He meant that the answer to your original question is YES, but nobody here knows the degree of the effect*. And if you can't transfer the balances you have to be prepared to service the debt, i.e. to make at least the minimum payments than can rise.

*And changing your address isn't the only effect in your situation. The more CCs you have the harder it is to get a new one with sufficient limit without closing the old card(s) first. And you have a new big debt now, the mortgage (with no or little history of repaying it), that, most likely, you didn't have when applying for your CCs in the past.

born_again

https://forums.moneysavingexpert.com/discussion/6654395/moved-out-of-parents-address-time-to-balance-transfer

Did you have this debt prior to getting a mortgage, or has it built up since moving to your new house?

As this could become a affordability issue. Meaning that no balance transfer offers are to be had.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81875307#Comment_81875307

What (specifically) is it that you're not understanding?

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81875307#Comment_81875307

Can you service repayments of the £17k you owe at the standard CC interest rate? Or do you need to get 0% interest cards and BT to be able to afford it?

How quickly are you planning to pay off the debt? Is the debt as a result of your house move? Or has it accrued over a longer period, pre purchase?

I hope I'm wrong but I feel there maybe a crunch point looming relating to your financial commitments...