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  • FIRST POST
    • FishrT
    • By FishrT 8th Jul 17, 3:10 PM
    • 1Posts
    • 0Thanks
    FishrT
    One or two banks? ...
    • #1
    • 8th Jul 17, 3:10 PM
    One or two banks? ... 8th Jul 17 at 3:10 PM
    Hi all,
    I was wondering if anyone could help me out with this decision.
    My credit card is not with my main bank. My main bank is offering me a balance transfer deal. Should I take it? If yes, what will happen to my existing credit card? What should I do with it? If no, why?
    *Note: Both banks are well established and the card is not a low rating kind of thing. Disregard what the deal might include. My question is mainly focused on the impact on my score if I do this.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 8th Jul 17, 3:28 PM
    • 6,862 Posts
    • 8,451 Thanks
    PeacefulWaters
    • #2
    • 8th Jul 17, 3:28 PM
    • #2
    • 8th Jul 17, 3:28 PM
    I had eight credit cards at the last count.

    You can never have too many back ups. Unless you're prone to building up debts.
    • Economic
    • By Economic 8th Jul 17, 3:56 PM
    • 111 Posts
    • 68 Thanks
    Economic
    • #3
    • 8th Jul 17, 3:56 PM
    • #3
    • 8th Jul 17, 3:56 PM
    Hi all,
    I was wondering if anyone could help me out with this decision.
    My credit card is not with my main bank. My main bank is offering me a balance transfer deal. Should I take it? If yes, what will happen to my existing credit card? What should I do with it? If no, why?
    *Note: Both banks are well established and the card is not a low rating kind of thing. Disregard what the deal might include. My question is mainly focused on the impact on my score if I do this.
    Originally posted by FishrT
    Everybody should have at least two current accounts and two credit cards!
    • A4445
    • By A4445 8th Jul 17, 3:58 PM
    • 600 Posts
    • 279 Thanks
    A4445
    • #4
    • 8th Jul 17, 3:58 PM
    • #4
    • 8th Jul 17, 3:58 PM
    I have numerous cards and 2 bank accounts
    • tempus_fugit
    • By tempus_fugit 8th Jul 17, 5:10 PM
    • 202 Posts
    • 221 Thanks
    tempus_fugit
    • #5
    • 8th Jul 17, 5:10 PM
    • #5
    • 8th Jul 17, 5:10 PM
    At the last count I had 9 current accounts, several saver accounts and 4 credit cards.
    • Ben8282
    • By Ben8282 8th Jul 17, 8:09 PM
    • 2,010 Posts
    • 885 Thanks
    Ben8282
    • #6
    • 8th Jul 17, 8:09 PM
    • #6
    • 8th Jul 17, 8:09 PM
    . My question is mainly focused on the impact on my score if I do this.
    Originally posted by FishrT
    What impact do you imagine it will have on your score?
    Best thing for you is to continue to pay interest on your balance in case your score drops a point or two when you take out the new card. Better to protect your score than save the interest.
    • firely2327
    • By firely2327 8th Jul 17, 11:46 PM
    • 125 Posts
    • 62 Thanks
    firely2327
    • #7
    • 8th Jul 17, 11:46 PM
    • #7
    • 8th Jul 17, 11:46 PM
    [QUOTE=FishrT;72809252]Hi all,
    My main bank is offering me a balance transfer deal. Should I take it? If yes, what will happen to my existing credit card? What should I do with it? If no, why?
    QUOTE]


    I would say take it if the interest you'd pay is lower than the card you currently have, a no-brainer. If you have debt built up and don't pay off your full balance monthly, then I personally would be tempted to ditch the old one then, to avoid temptation of building up even more on another card. Otherwise holding on to it doesn't seem like a bad idea; good to have a backup.

    Hi all,
    My question is mainly focused on the impact on my score if I do this.
    Originally posted by FishrT

    I don't know what impact having multiple cards would have on your score, sorry!
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 11th Jul 17, 8:40 AM
    • 88 Posts
    • 41 Thanks
    wiseonesomeofthetime
    • #8
    • 11th Jul 17, 8:40 AM
    • #8
    • 11th Jul 17, 8:40 AM
    What impact do you imagine it will have on your score?
    Best thing for you is to continue to pay interest on your balance in case your score drops a point or two when you take out the new card. Better to protect your score than save the interest.
    Originally posted by Ben8282
    Careful. OP may not detect your sarcasm and take it as actual advice lol.


    Many still don't get the fact that credit scores are fictional.


    Mine are rated as poor, but I don't care.


    I know it's because of switching banks numerous times for offers and for the numerous credit cards applied and accepted for in my stoozing portfolio. I'm good now for two years, so the CRAs may increase my fictional score by then. Who knows, or cares?
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 11th Jul 17, 8:46 AM
    • 88 Posts
    • 41 Thanks
    wiseonesomeofthetime
    • #9
    • 11th Jul 17, 8:46 AM
    • #9
    • 11th Jul 17, 8:46 AM
    My question is mainly focused on the impact on my score if I do this.
    Originally posted by FishrT
    Don't worry about your fictional score.


    Focus on your credit history and utilisation.


    Multiple cards should not affect your rating if managed correctly.


    If on promotional rate I make minimum payment plus £1 to avoid marker.


    If not on promotional rate, I pay off IN FULL.


    I currently have six active credit cards. Three on promotional rates.


    Instead of paying those promotional cards in full, I place money in interest bearing accounts for my benefit. Not major money, but all helps.


    Per previous advice, look for the card whose rate is right FOR YOU.


    Good luck.
    Last edited by wiseonesomeofthetime; 11-07-2017 at 8:47 AM. Reason: forgot my BT card.
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