P1Fanatic

I am on my 5th 0% credit card which runs out this month so time to find another one (mint is looking good). I pay about £100 off a month and the min payment is normally £20. Never had a late payment on any card/loan.

If my credit history shows a new credit card every 6 months or so, do potential lenders see

a) Someone desperate for credit
b) Someone who is wise enough not to pay interest
c) Dont care as long as payments are met on time

I am looking at getting a mortgage in the next 6 months so dont want to damage my credit rating if possible.

Also, has anyone ever tried getting a current card to extend their 0% period for a couple of months?

Thanks,
Simon.

J S W

As long as you pay the minimum payment and have missed no more than 3/4 payments since you have been using credit cards there will be no problem whatsoever.

If anything it is good for your rating as having credit cards builds up a history on your credit file, as long as you pay the bills the history is good. Thus mortgage companies can see you pay your bills and will be inclined to lend to you.

James

Duane Dibley

I've often wondered myself.
I get a 0% credit card each year when my car insurance is due, use it to spead the amount over 6/9 months. Never buy anything else on the card, just like to use them for the 'free loan'.
Thing is i have had loads of cars over the years and often wondered how i would score with a credit rating? Never missed a payment and never payed any interest.

Saw an article in the sunday express about internet sites where for about £20 you can get a credit check done on yourself for your own benefit - bit like a vehicle HPI report, but I can't find the article! Doh!

matt85

next time you ring up your credit card company just ask them.

i work for a credit card company and while we cant tell you exact figures just ask something like 'would it be possible to see if i could get an increase?' dont actually GET the increase just see if they would let you. then just ask questions, depending on what they say. if you ask enough then you will find out.

from what i have seen in the above post you shouldnt have too much to worry about.

alternatively, you could give equifax or somone a bell and ask to see your records and that should give you a good idea as to your credit score. they know EVERYTHING.

lardypants

mine cant be all that good at the mo as easymoney.com only gave me a 500 limit FPMSL, expect they will raise it in time though.

even though my barclaycard has 8000
my capital one has 2250

and i owe hardly **** all on em

timmy03

i wrote to the experian credit people and got my complete credit history and it only cost me about £3, look it up on google then just write. when you get it, it is very detailed, even had my parents loans on it!

P1Fanatic

lardypants - a lot of mine have started at £500 limit. As soon as I tell them I have another card with £6,500 limit they up it straight away.

Simon.

druddle

P1

My mum has been doing this for a few years and it seems her credit rating has improved. She has put lumps from her mortgage on 0% cards and currently has about 7 cards. They offered her a 35k limit on the last one without any proof of earnings !!

Dave

P1Fanatic

Well mine must have improved somewhat over the last couple of years. Couldnt get one straight out of uni but no problems now and £6-8k credit limits.

I must admit a lot of places do say that the best way to improve your rating is to borrow money and display that you can pay it back on time.

Simon.

Dark Blue Mark

I know of people who cant get one, because they've never had credit! How the hell are you supposed to build up a profile! :ek:

Guess a mobile phone is a good start

MB