Credit Card then loan

Credit Card then loan

Author
Discussion

BMR

Original Poster:

947 posts

184 months

Wednesday 21st October 2009
quotequote all
If for example I took out a CC with a 0% on purchases introductory offer, then come towards the end of that period I took out a personal loan to pay it off, would the fact I had £X amount on that card affect my credit rating in anyway to be granted a loan?

Kudos

2,672 posts

180 months

Wednesday 21st October 2009
quotequote all
yes. Make sure you make all payments, preferably more than the minimum. This shows you can afford to pay it back.

Alternative could be to get another 0% and balance transfer

BMR

Original Poster:

947 posts

184 months

Thursday 22nd October 2009
quotequote all
Thanks - so as long as I'm paying back the minimum a month my credit rating won't be affected (should be improved maybe?)

For some reason it didn't dawn on me that on a 0% offer I would need to pay back each month, but it's obvious now.