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  • FIRST POST
    • MartinLewisFan
    • By MartinLewisFan 9th Oct 17, 2:05 PM
    • 11Posts
    • 1Thanks
    MartinLewisFan
    Optimising Credit Card Applications
    • #1
    • 9th Oct 17, 2:05 PM
    Optimising Credit Card Applications 9th Oct 17 at 2:05 PM
    Hey Folks,

    I'm a newbie, so please forgive me if this has been covered elsewhere. (I did look, but didn't see the same sort question)

    OK, here goes; the basics:

    1. Good earner,
    2. "excellent" credit record.
    3. homeowner, clean credit etc....

    I'd like to take advantage of the "cheap money / credit" options out there - with MSE's advice firmly in the mind, but here's the thing: I have 3 cards all with good sized limits (I think?) totalling around £80k

    However, whilst they all have a balance of zero, they don't offer 0% of anything, so I'm looking to the forum for advice on this...

    Shall I close these card accounts (a combo of visa - MC and Amex too), or perhaps lower the credit limit so that they stay open (which is good in terms of history) instead?

    One of the cards I have has a limit of £35,000 (yep) - and unused. Does it help to keep this card "open" when I apply for a new deal with another bank - and they'll see that it has a high limit, thus indicating high-trust?

    Any advice would be appreciated.
Page 1
    • zx81
    • By zx81 9th Oct 17, 2:09 PM
    • 14,331 Posts
    • 15,095 Thanks
    zx81
    • #2
    • 9th Oct 17, 2:09 PM
    • #2
    • 9th Oct 17, 2:09 PM
    Personally, I'd keep them open. Perhaps lower or close a limit if accepted for another one.
    • bengalknights
    • By bengalknights 9th Oct 17, 3:45 PM
    • 4,174 Posts
    • 1,526 Thanks
    bengalknights
    • #3
    • 9th Oct 17, 3:45 PM
    • #3
    • 9th Oct 17, 3:45 PM
    This decision is entirely yours however if not utilised its give your a low debt ration and should thus better your chances of a discount card.
    • eskbanker
    • By eskbanker 9th Oct 17, 4:59 PM
    • 5,886 Posts
    • 5,844 Thanks
    eskbanker
    • #4
    • 9th Oct 17, 4:59 PM
    • #4
    • 9th Oct 17, 4:59 PM
    On the flip side, the fact that you already have access to £80K of credit will negatively skew the 'available credit to income' ratio and therefore potentially hinder your chances of getting even more credit, so it's not a given that your starting position would be seen positively by further lenders.

    If you don't carry any balances, what do you see as advantageous about 0% deals, are you planning some stoozing perhaps, or big spending?
    • cjv
    • By cjv 9th Oct 17, 6:13 PM
    • 106 Posts
    • 57 Thanks
    cjv
    • #5
    • 9th Oct 17, 6:13 PM
    • #5
    • 9th Oct 17, 6:13 PM
    Before making applications for new cards, you may consider contacting your current providers to ask them if they can offer you a deal similar to what you are looking for.

    You have nothing to lose by checking.
    • MartinLewisFan
    • By MartinLewisFan 9th Oct 17, 10:21 PM
    • 11 Posts
    • 1 Thanks
    MartinLewisFan
    • #6
    • 9th Oct 17, 10:21 PM
    • #6
    • 9th Oct 17, 10:21 PM
    ZX81 & bengalknights - good thinking!

    eskbanker - contrarian view to the above, but again good thinking also!

    To answer your question on (what do you see as advantageous about 0% deals) - I've got some purchases to make (house repairs etc) that I'd like to spread the costs over a number of months for, and cheap credit seems a reasonable to manage the initial outlay.

    CJV - thank you for your comment - I did actually ask both Natwest and Barclays if they're willing to offer anything - and only the former came back with their "6.9%" deal.

    Looks like the search will continue!
    • Ben8282
    • By Ben8282 10th Oct 17, 2:04 AM
    • 2,071 Posts
    • 914 Thanks
    Ben8282
    • #7
    • 10th Oct 17, 2:04 AM
    • #7
    • 10th Oct 17, 2:04 AM
    I did actually ask both Natwest and Barclays if they're willing to offer anything - and only the former came back with their "6.9%" deal.
    Originally posted by MartinLewisFan

    The lack of any decent existing customer offers, especially from Barclaycard, would strongly imply that one or more of the following may apply
    - your credit card accounts have not been well managed
    - your credit files show a poor credit history
    - you have high levels of interest bearing debt
    It is impossible for anybody to predict how any further applications will go but based on the lack of existing customer offers I wouldn't hold out too much hope. Use an eligibility checker and see what happens.
    • MartinLewisFan
    • By MartinLewisFan 10th Oct 17, 12:37 PM
    • 11 Posts
    • 1 Thanks
    MartinLewisFan
    • #8
    • 10th Oct 17, 12:37 PM
    • #8
    • 10th Oct 17, 12:37 PM
    Hi Ben8282,

    Not at all.

    All accounts are always settled. Always.
    My files experian (999), noddle, clearscore all high.
    the debt ratio is pretty much at zero (or thereabouts, depending on when the accounts are settled).

    No, it could be that I'm a rubbish negotiator, but more likely its something you mentioned (lack of existing offers - which is the whole point of my query!)

    Do i stick with long terms banks offering me lots of credit, but no loyalty rewards as it were?

    or dump them, and make applications to new banks that offer new customers long term 0% deals?

    I'm going with the latter - but I just wanted to ask if there was any merit in holding on to cards with high limits (£80k), that are hardly used, and have a zero balance.

    The eligibility checkers indicate very high acceptance. so perhaps my answer is there! :-)
    • Candyapple
    • By Candyapple 10th Oct 17, 12:57 PM
    • 2,495 Posts
    • 1,862 Thanks
    Candyapple
    • #9
    • 10th Oct 17, 12:57 PM
    • #9
    • 10th Oct 17, 12:57 PM
    I would close the Natwest one as they are rubbish, keep Barclaycard and also Amex.

    Have you actually logged into your Barclaycard online account to see what offers you have? You should be getting them monthly:

    http://forums.moneysavingexpert.com/showthread.php?t=5656094
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Anthorn
    • By Anthorn 10th Oct 17, 1:13 PM
    • 3,261 Posts
    • 837 Thanks
    Anthorn
    Agree with ZX81: Part of your credit history comes from the length of accounts so if you close the card accounts and take new ones you'll have to start from scratch with the length of accounts. So keep them open and reduce the credit limits to reduce your overall available credit in preparation for taking on new credit. But that latter reduction in your available credit will not be instant since it has to filter through to your credit history.
    • enthusiasticsaver
    • By enthusiasticsaver 10th Oct 17, 2:14 PM
    • 4,827 Posts
    • 9,104 Thanks
    enthusiasticsaver
    Have you tried ringing them and asking if there are any 0% deals available? If not I would close two of them and apply for 1 new one at 0% as you have high limits. I don't think Amex ever do 0%. Do you use that one for cashback?
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • camelot1971
    • By camelot1971 10th Oct 17, 3:28 PM
    • 547 Posts
    • 859 Thanks
    camelot1971
    Natwest don't offer 0% deals to anyone.
    • MartinLewisFan
    • By MartinLewisFan 10th Oct 17, 5:27 PM
    • 11 Posts
    • 1 Thanks
    MartinLewisFan
    Hey folks,

    Thank you once again for your input:

    Candyapple - I've been told by BarclayCard to standby for first week in every month for offers - I've had my card with them for the best part of a decade - always settling balance in full. Once or twice they did offer 0% deals if I recall. But not for a while. Here's something, they've recently increased my limit as did Amex.

    Anthorn - Thank you for the excellent pointer - this looks like the way to go - out with the old (or substantially lower limits - 3 cards with £85k is absurd if there's no motivation to use them to spread out a balance).

    The newest card I have is 7 years old. The oldest... my goodness, probably nearer 20 yes - 20 years next month! wow. time does fly.

    You're right about the credit-report filter, so I'm willing to wait.

    enthusiasticsaver - I did ring them, natwest offered 6.9% (not bad all things considered), AMEX increased the cash-back offer on the basis that I've been with them for a long time. Barclaycard just said standby for every week of the month for new deals... Hmm.


    camelot1971 - you are correct. 6.9% is their best deal.
    • cjv
    • By cjv 10th Oct 17, 6:08 PM
    • 106 Posts
    • 57 Thanks
    cjv
    You could try another strategy.. phone Barclaycard and say you want to close your account, when they ask for the reason say you need a 0% deal, that could prompt them to offer you a new deal!

    If they do not offer you a good deal to keep you as a customer, you don't have to proceed with the closure if you don't want to... just back out at the last minute.
    • Superscrooge
    • By Superscrooge 10th Oct 17, 8:39 PM
    • 916 Posts
    • 633 Thanks
    Superscrooge
    Have you logged on to your Barclaycard account and clicked on the 'Transfers and Offers' tab?

    Despite having a worse credit file than you due to lots of stoozing I still get 0% BT offers each month so I'd be surprised if you don't have any current offers?
    • MartinLewisFan
    • By MartinLewisFan 11th Oct 17, 9:51 AM
    • 11 Posts
    • 1 Thanks
    MartinLewisFan
    cjv - I might just do that, I reckon that's the way to go!

    Superscrooge - another great alias! :-)

    It really is bizarre, and short of posting a screen grab, it's weird when the barclaycard agent on the phone says "I've been running the application perfectly, and settle balances".

    This is how I plan to proceed:

    1. Speak to the card companies about offers / discuss taking my custom elsewhere. If they don't value my custom, then

    2. lower balances (perhaps half them? that way, the credit history will remain and there's still a good base ratio demonstrating trust).

    3. Apply for new and better deals, checking the eligibility tool first of course :-)

    the over-all limits may change slightly up or down, but a decent zero percent deal will spread the costs well.

    Thank you all for your outstanding input - I'm new to this forum but I love it!
    • Candyapple
    • By Candyapple 11th Oct 17, 10:11 AM
    • 2,495 Posts
    • 1,862 Thanks
    Candyapple

    It really is bizarre, and short of posting a screen grab, it's weird when the barclaycard agent on the phone says "I've been running the application perfectly, and settle balances".
    Originally posted by MartinLewisFan
    But have you yourself actually logged into your online Barclaycard account and clicked on the 'Transfers and Offers' tab?

    Any offers you have will be showing there. I've had one of my Barclaycards for over 15 years and still get offers so don't see why you should be any different.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • MartinLewisFan
    • By MartinLewisFan 11th Oct 17, 10:22 AM
    • 11 Posts
    • 1 Thanks
    MartinLewisFan
    But have you yourself actually logged into your online Barclaycard account and clicked on the 'Transfers and Offers' tab?

    Any offers you have will be showing there. I've had one of my Barclaycards for over 15 years and still get offers so don't see why you should be any different.
    Originally posted by Candyapple

    Hi Candyapple,

    Indeed I have - just now...

    "Sorry, there are currently on offers available for your account"

    Get this - I'm actually in credit! yep, I've over paid

    Bring back Bob Diamond, all is forgiven
    • Candyapple
    • By Candyapple 11th Oct 17, 12:41 PM
    • 2,495 Posts
    • 1,862 Thanks
    Candyapple
    It could be where your account is in credit, that their system isn't generating offers for you. Spend the credit and then bring your balance back to 0. I haven't spent on my Barclaycard since 2016 and I still get regular balance transfer and money transfer offers.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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