Will this work?

NickX

Kavanne wrote: »

Funds aren't tight I would just rather make the most of my interest.... But I suppose it might not be worth it.

If its just the interest that you want to save, then I'd agree that the 56day period isn't enough to make any significant saving.

Why not try for a nice long 12month 0% purchase card for all your additional expenses ?

Over 12 months you can save a lot more in interest than the standard 56 days.

NickX

Kavanne wrote: »

Have tried applying for new CCs but rejected or puny credit limit

OK, just read this, so ignore my suggestion on getting a 12 month 0% card.

Maybe you need to investigate the reasons for the rejections and see if you can rectify anything that may be causing a problem.

Kavanne

1. My income isn't huge, I just have a lot of assets

2. My credit rating is low because I have been score 5 times in the last 6 months now (twice for my new job grrr, once for mortgage, once for AmEx card and once for joint current account with bf) so probably little/no chance of getting any more credit should I try and apply.

NickX

Well 5 credit checks in 6 months isn't excessive by any manner or means. People on the stoozing board do more in a single lunch hour :beer:

You don't know that you will be rejected until you apply and each company will have its own unique method of scoring potential customers, so one rejection does not mean that others would reject you.

Even if you are rejected, there is always an option to appeal. I have read of people appealing the Capital One card (which requires an "excellent" credit rating) and getting success upon appeal.

In your position with a new home and the associated expenses, I would think a 0% purchases card would be very useful if you can get one.

Kavanne

Yeah I will start looking into it.. I hate getting rejected though Cap one rejected me last Sept.

NickX

Kavanne wrote: »

Yeah I will start looking into it.. I hate getting rejected though Cap one rejected me last Sept.

Good Luck with it - and enjoy your new house :beer:

Kavanne

Thinking of going with HSBC card for 0% for 12 mnths, not bothered about a risk based APR.

Would it be better for me to wait until we've completed on our house and own it before I apply? Or does it not matter?

Also, on their online application there's no option to put in other income (ie: not my salary) so would it be better for me to phone up?

NickX

Kavanne wrote: »

Would it be better for me to wait until we've completed on our house and own it before I apply? Or does it not matter?

Also, on their online application there's no option to put in other income (ie: not my salary) so would it be better for me to phone up?

Well my opinion is that you are better to apply BEFORE you move house. The reason for this is that once you have moved, it may take time for you to appear on the electoral role. This is crucial to getting a decent line of credit, and I assume you are on the electoral role at your current address (if not this could be the root of your rejection problems).

If you apply from your old address this will also show a longer period of address stability which is something that the credit card companies look for.

I have made comments on other threads about adding "other income" to your salary. My own opinion is that as long as I can justify the figure, then I will put as higher figure down as I can. But if you are not sure, then it is a good idea to phone them up and speak to an underwriter directly to explain the nature of your income.

Kavanne

Amex accepted my trust income for my card with them, but had a separate box for it, I will call HSBC in the morning and see if they will/can do anything for me.