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  • FIRST POST
    • swindiff
    • By swindiff 7th May 16, 9:40 PM
    • 238Posts
    • 77Thanks
    swindiff
    Applying for multiple cards
    • #1
    • 7th May 16, 9:40 PM
    Applying for multiple cards 7th May 16 at 9:40 PM
    Just though I would post my experience on creating a stooze pot. I have applied for 8 cards this weekend, outcome as follows.

    Clydesdale Bank 0% on purchases for 26 months. Application approved, limit unknown until I receive my card.

    MBNA 40 Months 0% balance transfer, transfer fee 2.55%. Application approved, credit limit 10,000

    Barclaycard 20 Months 0% balance transfer, no transfer fee. Application approved, credit limit 8,200

    Bank of Scotland 39 months 0% balance transfer, transfer fee 2.95%. Application approved, credit limit 8,000

    Halifax 39 months 0% balance transfer, transfer fee 2.48%. Application approved, credit limit 1,600

    Tesco 40 months 0% balance transfer, transfer fee 2.69%. Application approved, credit limit unknown until I receive my card.

    Virgin 40 months 0% balance transfer, transfer fee 2.49%. Awaiting to see if application is approved.

    AA 22 months 0% balance transfer, no transfer fee. Awaiting to see if application is approved.

    Existing cards that I already hold are:

    Halifax Clarity, Balance 0, credit limit was 8450, I asked for it to be increased to 12,000 and they incresed it to 10,450

    Virgin Card at 0% credit limit 7,000, balance 1,500

    Lloyds Card at 0% credit limit 10,800, balance 4,000
Page 2
    • swindiff
    • By swindiff 18th May 16, 7:37 AM
    • 238 Posts
    • 77 Thanks
    swindiff
    Could you transfer the balance from a creditcard to Halifax Claritycard even if you do not have balance in Halifax Claritycard, leaving it on credit and then you ask Halifax to transfert it to current account without fee ??

    I have heard other cards but this is the first time hears abut Halifax allow to do this. Have you treis it in the past, what sort of amount we are talking about here about 5000+??
    Originally posted by adindas
    I did this once before many years ago and the payment was returned, so unless things have changed then no, you cannot transfer a credit onto the clarity card unless there is a debt to clear.

    Halifax Clarity do not charge a fee as such for withdrawing money. but they do start charging interest from the day of the withdraw. I transfer the balance on the same day that I make the withdraw to my current account.

    The few transfers I have done so far have cleared whilst the withdraw is still showing as "pending" on my online banking so whether I will be charged interest while it is still pending or not I won't know until I see my statement.

    At 12.9% which is the rate of my Clarity card, the interest on a 5k withdraw is 1.77/day. Timed right you may pay nothing. I would expect the worst to be 2 or 3 days interest.

    Regarding how much you can withdraw on the Clarity card there seems to be some confusion. When I phoned them a few weeks ago I was told 95% of my credit limit. The first withdraw I did was for 7380 witch is about 70% of my credit limit. When I went to make the 2nd withdraw "different branch", they would only let me withdraw 50% (5225). I made a 3rd withdraw at another different branch for 5000. I subsequently phoned Halifax and they confirmed that the maximum withdraw was 50% of my credit limit.

    All 3 branches I went to I was given incorrect information. Such as, you will get charged for a withdraw or the maximum daily withdraw is 1000. I have not come across a teller yet that knows you can do this free of charge with the Clarity card, they have all needed to go and speak with their managers.
    • swindiff
    • By swindiff 18th May 16, 8:32 AM
    • 238 Posts
    • 77 Thanks
    swindiff
    I believe most other cards charge for cash withdraws though as well as charging interest, which the Clarity card does not.
    • swindiff
    • By swindiff 18th May 16, 9:20 AM
    • 238 Posts
    • 77 Thanks
    swindiff
    It's very easy to do. As far as I am concerned it's none of there business why I am doing it as long as it's not in contravention of their terms and conditions. I am not actually taking any hard cash from the card. The money is withdrawn from the credit card and deposited into the current account. It is in effect a transfer although they don't call it that.
    • Westie983
    • By Westie983 22nd May 16, 7:30 PM
    • 3,630 Posts
    • 13,587 Thanks
    Westie983
    Yes that is true. Cash Advancement fee + Interest.

    I wonder, if people are using Claritycard to withdraw money from a bank counter in the UK, do not they get suspicious or asked a lot of questions, why are you withdrawing money using creditcard and not debitcard ??
    Originally posted by adindas
    Apart from telling the customer the interest is applied as soon as cash is withdrawn and, that you have photo ID, passport or Licence then its just like any other withdrawal, if its accepted by Mastercard that is.

    I just ask if they are sure that they want to withdraw the funds is there an alternative option that will not cost interest, but if the customer is happy to go ahead its processed, with not much more fuss.

    That said if you don't want to have the questions you can withdraw up to 500 a day from the ATM, no need to go to the counter, if you don't mind multiple withdrawals.
    Save 12k in 2017 #16 Total 9475/12000 78.95%
    Sealed Pot Challenge ~ 10 #97 Total (252) +158/500 = 82.00% ( x 10)
    Xmas 2017 1 a Day #6 Total 140/365 = 38.35%
    Virtual Sealed Pot #1 Total 600/1000 = 60.00%
    2 Savers Club 2017 #3 Total (1450)+50/2000 = 75.00%
    Total 12125.00/15865 = 76.42%


    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • Westie983
    • By Westie983 22nd May 16, 7:31 PM
    • 3,630 Posts
    • 13,587 Thanks
    Westie983
    Tends to happen when customers are wanting their credit back on their credit card from refunds or over paying the credit card, that said the system can be very slow to authorise sometimes so its not always a quick transaction.
    Save 12k in 2017 #16 Total 9475/12000 78.95%
    Sealed Pot Challenge ~ 10 #97 Total (252) +158/500 = 82.00% ( x 10)
    Xmas 2017 1 a Day #6 Total 140/365 = 38.35%
    Virtual Sealed Pot #1 Total 600/1000 = 60.00%
    2 Savers Club 2017 #3 Total (1450)+50/2000 = 75.00%
    Total 12125.00/15865 = 76.42%


    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • L33bou
    • By L33bou 27th May 16, 9:59 AM
    • 19 Posts
    • 5 Thanks
    L33bou
    Income 50k, no dependants. Mortgage/rent payments 800/month. That's the big 3 they seem to ask for.
    Originally posted by swindiff
    New to this stoozing lark, but thanks for posting as ive learnt from your thread!

    Are you getting this amount of credit to pay of debts or are you debt free, or is it purely to make your money work for you?
    • swindiff
    • By swindiff 27th May 16, 10:26 AM
    • 238 Posts
    • 77 Thanks
    swindiff
    It's just making the money work for me. No debts to clear.
    • adindas
    • By adindas 27th May 16, 11:15 AM
    • 3,064 Posts
    • 1,443 Thanks
    adindas
    That said if you don't want to have the questions you can withdraw up to 500 a day from the ATM, no need to go to the counter, if you don't mind multiple withdrawals.
    Originally posted by Westie983
    I am aware that there is not any cash withdrawal fee abroad with the Halifax Clarity, only the interest start from when the transaction is booked.

    I wonder if this case also applies to cash withdrawal in the UK cash machines (not overseas) ??

    My Understanding there should not be any interest to pay if you are in credit balance and you withdraw the money.

    Have you or might be anyone else tried to withdraw from the UK cash machines (not from the counter) using clarity card and you do not get charge, no fee, tor other catches, no surprised ??

    I have heard someone did this but just wanted to hear from other people. If this one works well, it could become one the mule card for balance transfer where you could transfer the balance (e.g) from 0% interest, 0 fee on BT to non existing balance in clarity card and then withdraw the in credit balance on daily basis until it become 0 ??
    Last edited by adindas; 27-05-2016 at 12:18 PM.
    • L33bou
    • By L33bou 28th May 16, 10:22 AM
    • 19 Posts
    • 5 Thanks
    L33bou
    It's just making the money work for me. No debts to clear.
    Originally posted by swindiff
    Cool, yeah im the same, just fancy earning a bit here and there till im a pro and can properly have a nice chunk to earn from
    • lazar1980
    • By lazar1980 2nd Jun 16, 5:16 PM
    • 21 Posts
    • 3 Thanks
    lazar1980
    The clarity card will be used to withdraw cash to my current account (can withdraw 95% of credit limit free of charge), with a larger limit I can do less withdraws (more convenient, as have to go into branch to authorize withdraw from CC to current account).
    Originally posted by swindiff
    Could I just ask if you can arrange for balance to be transferred to account automatically and how do I find out which percentage comes with my card?


    Thanks
    • swindiff
    • By swindiff 2nd Jun 16, 6:18 PM
    • 238 Posts
    • 77 Thanks
    swindiff
    What do you mean by automatically. Should say on statement what interest rate is or just call halifax and ask.
    • janed9388
    • By janed9388 6th Jun 16, 11:01 AM
    • 283 Posts
    • 1,573 Thanks
    janed9388
    A very interesting thread and came up at a great time as when the initial post was made I was just deciding whether I should apply for a second card in one weekend.

    We're having building works done and my thoughts are to stooze as much as possible of the costs of the work (via balance transfer and purchase cards) for as long as possible. I can't pay my builder by credit card and the cost of the works far exceeds our day to day spending so I guess I need a clarity card to withdraw some cash into my bank and to start reading up for the best way to get more cash into my account and more balance onto my cards.

    I wasn't quite as brave as the OP and only did 5 applications in one weekend (3 for me 2 for OH so actually not very brave at all) but all were accepted and I'be just done another one today which has also been accepted and I think I might just do another couple now and see what happens. - cancel that. no more till all existing ones full.

    It is a bit scary how easy it is to get credit though !
    Last edited by janed9388; 06-06-2016 at 3:57 PM.
    • sj1990
    • By sj1990 15th Jun 16, 1:20 PM
    • 23 Posts
    • 757 Thanks
    sj1990
    interesting
    that is an interesting one!
    • SuzieSue
    • By SuzieSue 16th Jun 16, 8:43 PM
    • 3,529 Posts
    • 3,846 Thanks
    SuzieSue
    Last Monday I applied for the following cards (all 0% balance transfer and 0% BT fee )

    Barclaycard given credit limit of 18,000
    Lloyds given credit limit of 10,000
    Virgin given credit limit of 4,100
    Sainsburys accepted but not yet told credit limit.

    I thought the same as the OP that if I applied for them all at once then they wouldn't show up on my credit file.

    I already had the following cards with the following balances which are all 0% BT cards except Tesco which is the only card I use for purchases:

    Halifax 9,000
    Santander 3,500
    AA 5,000
    Tesco 4,000


    I was very surprised to get accepted for all the cards as my credit rating on Noddle isn't great but it is good on Experian.

    I couldn't access the Barclaycard online services and so I had to ring them. I'm glad I did because I asked them to confirm that there was no BT fee on the card and the person I spoke to said that there was a 2% fee. I then spoke to the manager and he confirmed that there was a fee but he agreed to waive it when I said that I had applied for the card with no fee.

    I also had to chase the Lloyds cc today as I hadn't heard anything from them at all even though they had given me a credit limit of 7,000 during the application process. They said that I hadn't completed the application and so I had to apply again. I'm glad I did as this time they gave me a 10,000 limit for some reason. I was worried that I would be rejected as they would be able to see the other credit cards I had applied for, but it didn't seem to matter.

    I should add that I in my late 40s and so have held credit cards from all the above providers in the past, however I have never paid a penny in interest so I am surprised that they keep giving me 0% BT cards.
    Last edited by SuzieSue; 16-06-2016 at 10:17 PM.
    • MallyGirl
    • By MallyGirl 17th Jun 16, 10:15 AM
    • 2,022 Posts
    • 5,391 Thanks
    MallyGirl
    as long as you need access all those limits at the same time then applying on the same day can get around being offered lower limits on any one card.
    OneAccount flexible mortgage due to be repaid Nov 2025
    Current o/s amount - 19k @ 3.9% 2% LTV
    51k stoozed on 0% cards till '18 / '19
    MF Target date - Jan '17 (we will be 49)
    • Pauluss
    • By Pauluss 24th Aug 16, 1:39 PM
    • 11 Posts
    • 13 Thanks
    Pauluss
    to the folk here to have done the multiple applications on the same day, can i ask how bad a hit did your meaningless noddle score and clearscore went down by, was it just a blip or did it drop like a rock to the floor ?
    • swindiff
    • By swindiff 24th Aug 16, 1:51 PM
    • 238 Posts
    • 77 Thanks
    swindiff
    I am the OP of this thread so you can see how much I applied for. On Clearscore my score was 536 in May. Since then I applied for the aforementioned credit cards and also about 10 bank accounts. My score fell to 510 in June, then 492 in July, now it seems to be on the up again as in August its 507.

    Noddle don't give a history so cant be sure what it was. Currently fair, 3/5 584. Know it was Excellent 5/5 cant remember the actual score.
    • Pauluss
    • By Pauluss 24th Aug 16, 2:19 PM
    • 11 Posts
    • 13 Thanks
    Pauluss
    Thanks @swindiff for the detailed reply, very insightful.

    Im keen to build my credit file for a mortgage in a 3-5 years time and had planned to get a new credit card every six months well spaced applications

    I'm currently
    Clearscore 444/700
    Noddle 5/5 632

    My main bank account is Nationwide 10years +
    Flex Direct with 500 overdraft (over draft has never been used in 2 years)

    Both nationwide overdraft, NW credit card and NW loans came pre-selected and didn't leave hard search on my credit file.

    I have
    Loan : Nationwide loan @ 4.6% APR 8,000 (x6 months paid up )

    CC's (all zero balance)
    Luma/CapOne CC 200 limit
    Vanquis CC 250 limit
    Aqua CC 2800 limit
    Nationwide CC 5500 limit

    Littlewoods catalogue 1100 limit
    Jacamo account 500 limit
    Next account 900 limit

    (ALL of the above have zero balance and paid in full each month.
    Each account used at least once a month and carried to statement date before paying in full)

    When reading this thread, i'm thinking is not just best now to fire x6 applications all at once off to the big boys at once Barclaycard. MBNA, halifax, virgin, HSBC, Lloyds
    (ALL these x6 above show as 90% - 95% chance of being successful via MSE soft application tool)

    If i do the multiple applications
    When it comes to the mortgage they will been a long time 3 years plus in the past

    Any advice ?? or am i best just leaving things as they are and not apply for anything more ?
    Last edited by Pauluss; 24-08-2016 at 2:21 PM.
    • Mysteek
    • By Mysteek 24th Aug 16, 2:46 PM
    • 218 Posts
    • 507 Thanks
    Mysteek
    Really interesting post, albeit a little scary for me lol, thank you for sharing swindiff.


    Just one thing, when you say you applied for them all at once, did you complete each one in turn, or did you fill out all the application criteria for each CC so you had them all ready at the same time, and then hit 'SUBMIT' on each one as quickly as possible?
    MFIT #73 - Pay all mortgage off in 3 years 46,40034,295 PAID 12,105
    • swindiff
    • By swindiff 24th Aug 16, 3:42 PM
    • 238 Posts
    • 77 Thanks
    swindiff
    I just did one after the other. It takes weeks for the information to make its way to the CRA's
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