Improving chance of 0% deal

Bear_1985 · 14 October 2018 at 4:46PM

I have a 0% deal that is finishing in June-2019.

I would like to try and get another in order to transfer the unpaid balance when the deal finishes. Looking at the MSE Credit Club I have a good credit rating (994) but am rated v.weak for affordability.

Is anyone able to give me advice on what I can improve between now and then to try and maximise my chances of being accepted please?

Annual wage - £28050
Total unsecured debt - £21870
Unused available credit - roughly £6000 (will closing these accounts make a difference)

My husband has a default against him. The debt above was his that I'm taken in my name due to preferred rates, he does still have approx £4500 in his name

(The debt is going down each month and snowball estimate another 3 years to be cleared.)

[Deleted User] · 14 October 2018 at 4:49PM

Carry as little debt as possible and earn as much as possible. Keep the available credit as it's the only thing that's stopping you looking 100% reliant on credit.

Other than that, make sure you have no negatives on your file and always ignore your credit score.

If you're financially associated with your husband, lenders may also take his poor history into account.

Base on what you've put, your chances are slim.

Bear_1985 · 14 October 2018 at 4:59PM

Thanks for the advice. To be honest I was extremely surprised that I was accepted for the 0% that I have at the moment.

I'll keep ploughing away and will wait and see what happens.

Ben8282 · 14 October 2018 at 9:26PM

I think that your biggest problem will be that your credit utilisation is at around 80%. This will deter lenders. You may be lucky and be accepted for another card but with total credit roughly equal to income and 80% utilisation I have a feeling that it may be difficult.

Sncjw · 15 October 2018 at 7:29AM

You currently have 21k in debt and you earn 28k. I wouldn’t be looking for more credit. I’m sure lenders won’t give you much of a limit on that utilisation.

nic_c · 15 October 2018 at 8:38AM

Is the total debt at 0%, or just some of it. As stated it's your level of debt to income that would be a hurdle. It is a case of how much that 21K will go down in 8 months by the time you apply. I assume its not whether you get a 0% deal, but how much they give. You could get accepted but get a small limit of say £1k because of your level of debt.

Improving chance of 0% deal

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