Any financial advisors here? Re: mortgage/car/credit score

[ShiWarrior]

Any financial advisors here?

I'm looking at my options now, as my current car is due MOT soon, so I'd like to sell it with a full year's MOT

I'm currently in the situation, where I'm waiting for house prices to drop around here but not currently looking for a first home yet

But if I was to purchase a car around 13K and got a credit card with 0% and pay it all off within 12 months or so

Would that be bad thing if I was to then look for a house and then put a deposit down ?

Although my credit score should be very very good (no borrowing money for the past 20 years sort of thing)

I want to maximise my chance of lowering my mortgage rate


I did find this article
But I need to be absolutely sure it won't affect me

Getting credit-ready before applying for a mortgage | Equifax UK

If you want to buy a property, it's a good idea to prepare your finances before applying for a mortgage. Here we look at different ways to get credit-ready.

www.equifax.co.uk

 

[ShiWarrior]

Oh boy! That's sad

 

[ShiWarrior]

Thanks for all the replies , I've read them all, and has given me food for thought

 

[ShiWarrior]

I've had multiple credit cards for years and never had one of them offer me £13k. I think £11500 is highest ones ever offered me.

OK, thanks for that

 

[ShiWarrior]

Thanks again all

maybe not getting the lowest mortgage rate possible, but "better chances"

 

[ShiWarrior]

I know this is not motors , but keeping this into my thread as its still relevant,

My car is starting to cost in repairs, he'll it's still on the original clutch, exhaust, springs etc so won't be much longer.

And the other reason, I'm switching to automatic, I need a car without a clutch pedal for my hip

When I look on autotrader I'm looking at a minimum of a 17 plate, automatic etc, prices around 10k anyway

 

[ShiWarrior]

I do have a CC that I do all my day to day spending on, including online stuff
I pay it off in full every month

 

[ShiWarrior]

I think the first thing I am going to do is check my credit report and go from there

MSE is very helpful

 

[ShiWarrior]

MSE is also full of smarmy tossers that all have perfect credit and have £40m in high interest accounts according to them. Get a free trial with one of the main credit reference agencies (credit karma = TransUnion, Clearscore = Equifax and Experian) and see where you're at.

yep

i didn't mean the forum, just the main webpage from Martin Lewis

i read his Credit Report stuff , which was why I said MSE

cheers mate

 

[ShiWarrior]

score 992

 

[ShiWarrior]

I know this thread is going back a few days, but I was on erm, "vacation" but if you are already doing this, it's probably enough, it's also a really good idea to do this aside from a credit rating perspective.

Do you have a mobile phone contract?

A current account with an agreed overdraft?

If so, these will show, that's already three agreements.

In addition to that make 100% sure you are on the electoral register/voter's roll, it's by far the most important thing.

With 3 active agreements and VR that's more than enough.

You don't need to borrow money or get into debt, that'll if anything, go against you on an affordability calculator.

From the sounds of you'll be absolutely fine, get saving for that deposit!

yes, pay mobile monthly
Cant remember if its an overdraft or not , but i think i ditched the overdraft a long time ago as i never go into debt
yes im on the electoral roll

 

[ShiWarrior]

is it worth me getting a 0% credit card, put everything on it, whilst I'm building saving interest ? then pay it all off before it ends ?

 

[ShiWarrior]

I have a perpetual 6k on 0pc cards.
That's 6k you can invest with.

You can usually then move it to another 0pc card with 0pc fee and keep the gravy train rolling.

Give or take I've had 5-7k on 0pc for about 5 years now

problem is , i don't know if this affect me chances of getting a mortgage at the best rates