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What credit facilities do people have? watch

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    I don't understand why you don't just save up instead of relying on credit? It just sounds crazy to me.
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    (Original post by john2054)
    can i pay a house / mortgage deposit with a credit card?
    In theory nothing to stop you doing it but remember that most BTL mortgages require a 25% deposit on the property
    In practice a lender won't provide you with a mortgage if you don't have your deposit available in cash.
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    (Original post by john2054)
    can i pay a house / mortgage deposit with a credit card?
    Not a chance

    (Original post by john2054)
    In theory nothing to stop you doing it
    In practice there is.

    (Original post by john2054)
    Credit cards provide real secure money, and are backed up by credit reports and ratings, which demonstrate a person's ability to keep on top of his debts over a long term period, typically five years.
    Why do you think a mortgage provider would lend to someone who already had debt.. regardless of whether that debt was being serviced?

    (Original post by john2054)
    I'm sorry to say but you sound to me like someone who doesn't have one, and so just thinks that it is 'easy money'!
    Doesn't have what? A credit card? I do; it has 0 outstanding balance and I use it purely for overseas spending where I get a perfect exchange rate on it.
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    (Original post by Reue)
    Not a chance



    In practice there is.



    Why do you think a mortgage provider would lend to someone who already had debt.. regardless of whether that debt was being serviced?



    Doesn't have what? A credit card? I do; it has 0 outstanding balance and I use it purely for overseas spending where I get a perfect exchange rate on it.
    Sorry Reue,

    I still think you have very little to zero knowledge of how strict they are with credit cards. If you miss a payment, or even have any balance on the cards whatsoever, your rating tanks. Plus having a single credit card, is not a sign of good credit, especially if the limit is £1000 or less.

    Credit cards take a great amount of trust to build up, and every time you put in an application to open one, both the application, and the opening of a new account negatively affects your score for a long time. Six months with experian, twelve with equifax and twenty four with call credit, the uk's three credit agencies. But then i guess you knew this already??

    jr
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    (Original post by john2054)
    Sorry Reue,

    I still think you have very little to zero knowledge of how strict they are with credit cards. If you miss a payment, or even have any balance on the cards whatsoever, your rating tanks. Plus having a single credit card, is not a sign of good credit, especially if the limit is £1000 or less.

    Credit cards take a great amount of trust to build up, and every time you put in an application to open one, both the application, and the opening of a new account negatively affects your score for a long time. Six months with experian, twelve with equifax and twenty four with call credit, the uk's three credit agencies. But then i guess you knew this already??

    jr
    Ah please do continue to educate me in financial matters
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    (Original post by john2054)
    I've spent over £3500 on my cards over the past two weeks. I really need to start repaying this now!
    Spent 3500 on what?

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    (Original post by Death Grips)
    Spent 3500 on what?

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    I brought £2ks worth of gold, paid for a house survey (£450), and gave my wife £600. I don't remember what i did to spend the rest.


    It's all okay though. I want to set up a heist, like they do in grand theft auto five, to bring in some serious capital, in the near future!!
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    (Original post by john2054)
    I brought £2ks worth of gold, paid for a house survey (£450), and gave my wife £600. I don't remember what i did to spend the rest.


    It's all okay though. I want to set up a heist, like they do in grand theft auto five, to bring in some serious capital, in the near future!!
    Do you manage your own finances? I think you could do with someone checking over how you spend money.

    The way gold is going you will pay more in interest on the credit card than you'll make in profit.
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    Current account with a £500 overdraft.
    Store account with a £500 credit limit.
 
 
 
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