We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Paying off loan with Credit card - help please
Tim1011
Posts: 1 Newbie
in Credit cards
Hello, First time poster - apologies if I'm in the wrong place.
I'm looking at getting a credit card to pay off the rest of a high interest loan. I have been pre approved by MBNA but i am worried the credit limit wont be high enough and it will affect my credit score. i'm looking to get a mortgage after it is paid off so the credit score is a bit worrying having an open card. What limit can i expect? Im 22 and earn just under 22k if that helps. My credit score is classed as Good/bordeline excellent on Experian, Low good on Clearscore and medium good on Noddle.
I would be grateful for any advice or suggestions on what to do or the best cards etc.
Thankyou
I'm looking at getting a credit card to pay off the rest of a high interest loan. I have been pre approved by MBNA but i am worried the credit limit wont be high enough and it will affect my credit score. i'm looking to get a mortgage after it is paid off so the credit score is a bit worrying having an open card. What limit can i expect? Im 22 and earn just under 22k if that helps. My credit score is classed as Good/bordeline excellent on Experian, Low good on Clearscore and medium good on Noddle.
I would be grateful for any advice or suggestions on what to do or the best cards etc.
Thankyou
0
Comments
-
Hi Tim1011 and welcome to the forum
Make sure you are applying for a money transfer card (with a 0% promotion plus fees) if you want to use it to pay off the loan.
https://www.moneysavingexpert.com/credit-cards/money-transfers/
Edit: And ignore your credit scores. Lenders neither see it or use it. A lender scores you against their independent criteria and policies using the data held in your credit file, added to the data you submit in an application for credit.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
0 -
You need a Money Transfer card to pay a loan - not a purchase or balance transfer card.
No one knows what limit you get until you apply.
How soon are you looking to apply for a mortgage?
Ignore you score/rating as it's made up.0 -
If you aren't looking to get a mortgage until after you've cleared the debt (which you have suggested) then I suspect having an empty CC at that point will not be too much of a hindrance.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards