Applying for multiple cards a problem ???

Kev64

Hi,

I'm trying to get my interest payments down and transfer my balances onto lower interest rate cards. I have been refused cards in the past, so my credit score isn't perfect, but it's not awful.

I've heard that every time you get refused it affects your chances of succeeding with another company, and also that applying for multiple cards simultaneously is another no-no.

Is this just a load of tosh or is there some truth in it ?

I was planning on a 'scatter gun' approach of applying for at least six of the lowest balance transfer cards on the basis that some may refuse or offer me restrictive limits - but if this approach is likely to affect my chances then I need to rethink.

Any advice please ?

Many thanks.

Kev.

Tondella

Hi Kev

My OH had a similar situation, he had two existing credit cards, both with high APRs, and had been refused for credit in the past.

Applications for credit do remain on your file for a short while (I think its three months, you can check the credit rating and credit card articles by Martin for more on this). I think Martin recommends no more than three applications in a short space of time.

Our approach was to apply for a couple of cards which had introductory offers, clear the balance on our old cards, and then phone up the old credit providers and ask them what offers they had for existing customers. Martin has posted a table here of typical existing customer offers for the major lenders, although be warned, they rarely offer you these offers immediately and you might have to threaten to close your account with them. http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1102103277,92385,

So, by asking for existing customer offers on our existing cards we managed to minimise the number of new applications we had to make.


It might work for you too? Though if you haven't done already you should access your credit records and find out why you have been refused. e.g. my OH is in the military so had registered on the electoral roll for his parent's address but was receiving financial documents (bank statements, mobile bill etc) at his work address. He is now registered to vote from his work address.

YorkshireBoy

Kev64 wrote:

...so my credit score isn't perfect, but it's not awful.

How do you know? Have you obtained your £2 statutory reports from Experian & Equifax? Before applying for anymore credit, you really should check these and carry out any "housekeeping duties" first.

Tondella wrote:

Applications for credit do remain on your file for a short while (I think its three months...)

Credit searches remain on your file for 12 months.

Kev64

YorkshireBoy wrote:

How do you know? Have you obtained your £2 statutory reports from Experian & Equifax?

Tondella wrote:

you should access your credit records and find out why you have been refused.

I did get a report once in Feb 2003, but to be honest it was a load of gobbledegook - and I wasn't sure what I was looking for.

What benefit is there in getting another report ? I mean, in practical terms, what good is another twenty pages of gobbledegook going to do me ? Surely, at the end of the day if my credit score is pants, then it's pants. Having a wad of A4 telling me the same thing seems rather pointless

Thanks for the replies so far.

file_wizzard

Kev64 wrote:

I did get a report once in Feb 2003, but to be honest it was a load of gobbledegook - and I wasn't sure what I was looking for.

What benefit is there in getting another report ? I mean, in practical terms, what good is another twenty pages of gobbledegook going to do me ? Surely, at the end of the day if my credit score is pants, then it's pants. Having a wad of A4 telling me the same thing seems rather pointless

Thanks for the replies so far.

if you need help deciphering it im a sure you will find help on here !

also if it is pants it may not be entirely down to your actions, what if someone has reported the wrong information ?

is best to check and make sure,

also over the last year or so the reports are a lot more user friendly and come with a handy little guide to help you understand what it all means !

Kev64

Ok - I'll get another one done. Next question - do I need to go to both Equifax and Experian, or is it identical information ? ....and I've noticed on Equifax's website they offer a £9.95 report as well as the standard two quid one. What report do I need ?

It's such a relief knowing I can come here for advice - when you're fending off bills you can't pay and taking the phone off the hook the world can seem a very lonely place.

rprinter

"taking the phone off the hook"

if you're getting loads of unwanted 'number withheld' calls BT can block them, the caller gets a message saying 'subscriber does not accept withheld number calls' or suchlike. A quieter life for £4 a month. And some of those CC co's can really try and harrass you over the phone. Specially MBNA.

If a BT customer you can arrange it by dialling 100

r

file_wizzard

No the reports will differ from agency to agency, not all lenders report to the same agency’s so you are better to get one from all 3

Experian
Equifax
Call Credit

Don’t bother with the expensive £9.95 ones the statutory £2 is more than sufficient for what you need and contains exactly the same information

you can also get a "free" instant report from the online services, providing you then cancel the service within the first month

Also im sure many people on here will relate to you on your last comments !