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0% Credit card + SC clearance

edited 30 November -1 at 1:00AM in Credit File & Ratings
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credit1credit1 Forumite
2 posts
edited 30 November -1 at 1:00AM in Credit File & Ratings
Hi everyone,

So I have 2 credit cards. An AMEX platinum cashback card which I pay off in full every month, and then a 2 year 0% card which I put everything that I can't use my AMEX for on.

I pay the minimum on the 0% card every month, but I could pay it off in full at any time.

At work I will need to get SC clearance, and one of the important parts of that is credit history (so they can see how likely it would be for someone to bribe you for info by paying off debts, etc.)

Now I'm wondering if I should just pay off my 0% card in full for a few months, so it doesn't look like I'm having to borrow money, since there is surely no way for them to distinguish between it being a 0% card and me needing to borrow money.

Replies

  • Mortgages or credit cards are not usually a concern unless you've fallen into arrears. Arrears are not the same as only paying the minimum required. Paying the min. will keep your account in good-standing and on a 0% card it's not much to worry about, although I personally would be paying as much off it as possible.

    Just forget about this "worry" and move on with your life :)
  • papaface wrote: »
    Mortgages or credit cards are not usually a concern unless you've fallen into arrears. Arrears are not the same as only paying the minimum required. Paying the min. will keep your account in good-standing and on a 0% card it's not much to worry about, although I personally would be paying as much off it as possible.

    Just forget about this "worry" and move on with your life :)

    You're probably right. I'm only getting 1.45% in savings, so I might just pay it all off. Would probably be better off looking for a non-AMEX cashback card when a few of my searches drop off.

    Thanks for the reply!
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    It won’t matter especially if the rest of your files are clean.

    I may or may not be speaking from experience :)
  • I have a clearance, which is higher than SC and was just renewed this past couple of months.

    The financial questionnaire is looking for your honesty more than anything else. Put down what you have been asked to provide and make sure you can explain the expenditure on each account if asked to. There is no interview for SC, so you will only be asked if something looks fishy, ie. doesn't reflect the same on your credit report, to what you have provided on your application.

    The vetting people will be looking for spending out of control and inconsistent with your income etc, making sure you are not living beyond your means and open to bribery for example.

    A few credit card bills which are maintained are not going to be a problem.
  • phillwphillw Forumite
    3.5K posts
    Seventh Anniversary 1,000 Posts Name Dropper
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    I would be more worried about what they would think if they knew you were trying to game the clearance system.
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