Interest free credit cards and simultaneous loan

[Mousecauseway]

We have a temporary cash flow issue. Husband is adamant that if you apply for an interest free credit card or credit card balance transfer to interest free you cannot also apply for a loan at the same time or within 6 months. He also thinks that this applies to both parties of a marriage ie if I apply for the credit card he can’t apply for the loan. I think he’s wrong on both counts. Can anyone advise please?
In terms of risk/repayment we are low to non existent- mortgage free home, 2nd property, both high earners (we actually have the money but it’s in long term investments which DH won’t touch). Loan value will be £50k. Repayment will be in February.

There is nothing to stop you applying but too many applications for credit in a short space of time will impact your credit file.

@Fluffycloudsfloatinginthesky thank you. Really dumb question…..when you say my credit file will be affected what does that mean? (DH and I have only ever had 1 car loan -paid off 25 years ago and a mortgage -also paid off- between us- when it comes to juggling money we are fortunate to have no clue).

Applications show up on your credit ratings, 2(+ if you get knocked back) in a short period could have an effect, but also might not. Your credit ratings will be linked so when one borrows it can impact the other. Are any of these investments over 50K and with a bank? This could make it easier to get a loan with that particular bank. Why do it as credit card transfer plus loan? Getting something approved for the full amount in joint names may well be easier.

A credit report is a factual record of your personal credit history, made up of information from different sources like banks, building societies, local authorities, and courts. Late payment of bills or credit cards, missed loan repayments, not having any credit, applications for credit and any resultant loans as well as more serious things like defaults and CCJs all have an impact on your credit rating. Credit ratings are used alongside risk assessments by a bank or other credit provider to determine if you can get a loan and especially if that loan is unsecured at what rate they are willing to lend you that money.

Credit scores are fickle things. There is nothing to stop you applying for a CC and a loan however it will raise an affordability flag due to the sudden influx in lending.

your temporary cash flow problems may also raise a red flag. How temporary are they? What would the loan and CC be for? It is unlikely that they will be given for cash flow problems as lending on this basis is rarely the answer. You may need to adjust your lifestyle instead.

@Wolfpa thanks. Super temporary. I’d pull money out of our ISAs to cover this, but DH doesn’t want to…..his bonus in Feb will more than cover any loan. We are at the end of a large building project (paid for by savings) and are likely to overspend by £50k, which we don’t have in an easy access bank account.

@Fluffycloudsfloatinginthesky investment ISAs are over £50k with various banks.

He's misinformed, aka talking nonsense. You can apply for whatever you want. Just bear in mind that all searches can affect your credit rating

My experience has been that it was possible to get approved for multiple loans applied for on the same day. It added up to a total of 2x my annual salary, so I don't believe it would have been approved if all the loan providers were aware of each other. But it takes time for information to be reported and updated with each credit reference agency, plus there are a few different agencies so they might have checked and reported to different ones. I check my credit report with all the agencies on a monthly basis and all the loans were included in the report in the following month, so if you applied before then, the loan company would likely not be aware.

My own credit doesn't affect my DH's in any way. We have no joint accounts or joint mortgage, so there is no financial link between us and the credit companies have no idea we are married.