Paying off loan with Credit card - help please

Tim1011 · 15 October 2018 at 4:48PM

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

Willing2Learn · 15 October 2018 at 4:54PM

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.

[Deleted User] · 15 October 2018 at 4:55PM

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.

Terry_Towelling · 15 October 2018 at 5:07PM

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.

Paying off loan with Credit card - help please

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