Can I apply for 2 credit cards at the same time?

Lucylu

Hi there,

I really need advice on getting £15,000 to buy a new car and I read on this site that its possible to get loans on 0% interest cards and juggle them (tart) when the 0% is due to run out. I would transfer both balances to my current account to pay for the car then pay the cards of like a loan.

My problem is that I need to make the 3 applications at the same time to get £15k (£5k credit on each card) to get the car in the next 3 weeks, is it possible to do this?

I can get 2 cards for £10k and find the 5 if thats better. Please please can someone offer me some advice on the best way to get £15000 quickish with little interest.

Very very much appreciated

Lucy

Moggles_2

Which credit cards do you have at the mo?

Lucylu

I only have 1 currently which is virgin. Only 1500 on that now and 0% to April 09. (is that what you meant, I am new to this).

Lucylu

To add to my last reply, this is an old card that I have had over a year.

Moggles_2

Unless you have held other credit cards - besides your Virgin - over the last 6 years, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity.

You probably need to be more concerned about actually getting a second credit card, rather than trying to select the best 0% cards for a car loan.

Lenders launch these 0% promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. Your chances of being handed the credit limits required are pretty remote, tbh.

Lucylu

Oh sorry I misunderstood what you meant. Over the years I have had 2 personal loans and paid them off quickly and 3 other credit cards which were all paid off quickly too. My credit limit should be good because of that.

Do you think I should get a personal loan or a life balance card?

dhassen

you can apply for 2 credit cards at the same time. I'd be concerned about getting the full 15K you need though. What will you do if you apply for 2 cards and you get accepted for both, but they only give you 1500 limits each? That means you only have 3K of available credit, meaning you can't get the car you want and your chances of gettin a good rate loan will be reduced.

Are you aware that only certain cards allow you to transfer money directly to your current account also? There's a list of them here: http://www.stoozing.com/sbt.php

Seeing as you already have 1500 oweing to Virgin (MBNA), i can't see you getting an amazing credit limit from another MBNA card (although they are normally quite genourous).

Moggles_2

Lucylu wrote: »

Oh sorry I misunderstood what you meant. Over the years I have had 2 personal loans and paid them off quickly and 3 other credit cards which were all paid off quickly too. My credit limit should be good because of that.

Okay, it's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

What's the credit limit on your existing Virgin card?

Staciep88

dhassen wrote: »

you can apply for 2 credit cards at the same time. I'd be concerned about getting the full 15K you need though. What will you do if you apply for 2 cards and you get accepted for both, but they only give you 1500 limits each? That means you only have 3K of available credit, meaning you can't get the car you want and your chances of gettin a good rate loan will be reduced.

Are you aware that only certain cards allow you to transfer money directly to your current account also? There's a list of them here: http://www.stoozing.com/sbt.php

Seeing as you already have 1500 oweing to Virgin (MBNA), i can't see you getting an amazing credit limit from another MBNA card (although they are normally quite genourous).

My words exactly.

Are you not able to get a good finance deal? I am picking up my new car on Saturday and got a great deal. Also Vauxhall offers 0% finance with a 30% deposit - maybe something like this would be suited better?

dhassen

Staciep88 wrote: »

My words exactly.
Also Vauxhall offers 0% finance with a 30% deposit - maybe something like this would be suited better?

Good deal that, loads of car manufacturers are doing that at the moment. Shame about the 30% deposit though eh!

Lucylu

Its £6k on the Virgin card. Iv paid of £11k in the last year and a half so that will look good. That was a personal loan and the best part of this Virgin Card.

Maybe I am being to ambitious when I am new at this tarting game ;-)
Good point dhassen I may not get the credit limits I need in which case I have stuffed up my credit score and have no money for the car. If I had more time it wouldnt be as bad.

Doah so confusing, I just dont want to pay lots of interest....