Interest free balance transfer and how it'll effect score

Noahscorp · 17 November 2019 at 11:54AM

Credit cards for those from a poor, broken family back ground is a bad move.
Managed to get a nice low interest loan to help pay it back.
Blew more on the card but with a little restraint.
About to start looking for a home with the missus next year, I'm not struggling, pay everything on time and have some spare.
Looking at getting a 0% interest balance transfer for X months to help more with the credit card.
Would this effect my credit score negatively with another credit check on my account?
Would it hinder the possibility of getting a mortgage with my other half?
Thanks for advice

[Deleted User] · 17 November 2019 at 12:05PM

Neither your credit score nor your broken family background are considered in lending.

Your eligibility will be determined by your history and circumstances, so start with an eligibility checker. Although credit scores will always drop with any change, lenders would prefer to see you with a zero rate debt

But you need to control the overspending.

phillw · 17 November 2019 at 12:35PM

Noahscorp wrote: »

Would this effect my credit score negatively with another credit check on my account?

The black art of trying to predict whether applying for credit will affect a mortgage application.

I know people who won't switch their energy provider when they are six months away from their current mortgage deal ending because they think their new provider will look harshly that they have been credit checked when switching.

What you owe to other people will be considered when borrowing for a mortgage. I'd worry more about how much you owe on credit, rather than an extra credit check.

Noahscorp · 17 November 2019 at 2:24PM

Thanks very much for that. Yeah I'm in control of over spending.now anyway. Trying to turn things around, but have no idea how these things affect my score or eligibilities. Don't want to squander what's coming up by rushing into something I thinks best. Thanks again

[Deleted User] · 17 November 2019 at 5:13PM

Scores and ratings aren’t seen by lenders.

So do as they would do and ignore them.

System · 18 November 2019 at 10:36AM

I don't think you need worry about one credit search. It won't affect your mortgage chances in the least. What might affect it is having a debt at the time that you apply.

There's not a nice way to say this, but you don't (yet) have a good track record showing that you can pay off debt. You're now considering getting access to more credit. What usually happens is that when people get more credit to reduce their interest, they simply spend and increase their debt. This has already happened to you - you got a loan to pay out the CC debt but then you used the CC again and now you have both.

If you get a balance transfer card, it will probably happen again. It's human nature.

It is much better for you to examine your spending, tighten your belt, attack the CC debt that you have until it is gone, then proudly use that track history to show that you can cope with money and get a mortgage. Don't feel bad about where you came from, just start from today and practice learning to manage your money.

Interest free balance transfer and how it'll effect score

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