Help needed on credit card/mortgage
Oscartwiglet
Posts: 21 Forumite
in Credit cards
Hi all. Hoping some wise folk on here can help.
Last year I took out a 0% credit card offer, as we were getting married and I thought it would be good to put the honeymoon on there and pay it back interest free.
Annoyingly, some money came out which I wasn't expecting which went over the credit limit by about £60. As soon as I realised, I paid off £1,000 to cover it, and bring it way back down under the limit.
However, I have now lost the 0% offer which is annoying, I've called them and they can't do anything.
Now the second part of this is that husband and I will likely be looking for a new mortgage soon to buy a bigger house. I am therefore thinking it's not a good idea to move this debt to a new 0% card is it?
Will the fact we went over the limit impact my credit rating?
Last year I took out a 0% credit card offer, as we were getting married and I thought it would be good to put the honeymoon on there and pay it back interest free.
Annoyingly, some money came out which I wasn't expecting which went over the credit limit by about £60. As soon as I realised, I paid off £1,000 to cover it, and bring it way back down under the limit.
However, I have now lost the 0% offer which is annoying, I've called them and they can't do anything.
Now the second part of this is that husband and I will likely be looking for a new mortgage soon to buy a bigger house. I am therefore thinking it's not a good idea to move this debt to a new 0% card is it?
Will the fact we went over the limit impact my credit rating?
0
Comments
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When are you looking to apply for a mortgage?
Whether or not it will be reported to the CRAs will depend on
a)when they report and
b) how quickly you brought it back within the limit.
It's a shame they aren't able to reinstate the 0% offer as it's often reported that this is the case for a first offence.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Oscartwiglet wrote: »I am therefore thinking it's not a good idea to move this debt to a new 0% card is it?
It would be a much better idea than continuing to pay interest on it.0 -
Deleted_User wrote: »It would be a much better idea than continuing to pay interest on it.
Did you read my whole post?0 -
When are you looking to apply for a mortgage?
Whether or not it will be reported to the CRAs will depend on
a)when they report and
b) how quickly you brought it back within the limit.
It's a shame they aren't able to reinstate the 0% offer as it's often reported that this is the case for a first offence.
Probably around April/May.
I brought it back within the limit within a couple of days!
How can I find out whether they report it?0 -
Check your credit report with the 3 main CRAs.
Experian can be done free through MSE Credit Club.
Equifax through Clearscore.
Call Credit through Noddle.
Always check the data that is collated rather than the score.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Oscartwiglet wrote: »Did you read my whole post?
Absolutely.0 -
Check your credit report with the 3 main CRAs.
Experian can be done free through MSE Credit Club.
Equifax through Clearscore.
Call Credit through Noddle.
Always check the data that is collated rather than the score.
Thanks. Just did it through MSE Credit Club and Experian results suggest I have nothing to worry about.0 -
Oscartwiglet wrote: »Thanks. Just did it through MSE Credit Club and Experian results suggest I have nothing to worry about.
Do all 3 - they are all free and can report different data from different sources.
I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Before you get too excited you should know that it can take 2-3 months for lenders to update the CRAs. So if the breach was recent (and your OP suggests it was), your file may not be up to date.Oscartwiglet wrote: »...Experian results suggest I have nothing to worry about.0 -
YorkshireBoy wrote: »Before you get too excited you should know that it can take 2-3 months for lenders to update the CRAs. So if the breach was recent (and your OP suggests it was), your file may not be up to date.
I'll check next month too, it was in November so it's been a couple of months already. Apart from that though I have a flawless record and so does my husband, so trying not to panic too much.0
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