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

Moggles_2

dhassen wrote: »

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

I've held two or three brands of MBNA cards at the same time and, although you can't transfer balances, this lender is prepared to move credit limits between its cards. The OP would have to pay off/shift the balance of the Virgin card first though, before its credit limit could be moved to the new MBNA card and, in so doing, would lose the remaining months of Virgin's 0% promotion.

Moggles_2

Lucylu wrote: »

I am going to give the 'tarting' a miss and look at personal loans and perhaps lifetime balance transfers if they go up to £10-15k and try to keep the interest as low as poss. Any tips on these from you financially sound lot would be great...

The problem is the dearth of decent life-of-balance offers at the mo, now that the MBNA deal has been pulled.

Currently, the chief contenders are Barclaycard, Capital One & Citi and none of these is known for generous credit limits. Also, all three operate a rate-for-risk policy. This means they reserve the right to issue the credit card they deem most suitable from theirange. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file. Judging from posts to this board, this happens frequently, so it's important to consider first whether you’ve a realistic chance of being accepted.

That leaves First Direct (5.9 % pa for 60 months) and this lender is not known for good limits either. Still, could be worth a shot.

http://www.firstdirect.com/creditcards/gold_card_summary.shtml

YorkshireBoy

Lucylu wrote: »

...I couldnt do 30% deposit.

In your OP you said "I can...find the 5(£K) if thats better". That's 33% isn't it?

Staciep88

YorkshireBoy wrote: »

In your OP you said "I can...find the 5(£K) if thats better". That's 33% isn't it?

I think OP was saying that she can either get 3 cards with 5k limits or 2 cards: one of 10k and one of 5k

missbargain

As for tarting, the banks don't neccessarilly want someone who pays of their credit card on time. They actually want people who pay minimum or so amount, so that they have to pay huge interest.

My example: I have excellent credit history, so much so that I get sent unwanted credit cards by post (I have recently received the Harrods store card that I never asked for).

A few days ago I applied for Capital One 0% interest for 10 months with 14% APR. I got rejected but was instantly offered another card with 0% interest for 6 months and 23% APR!!!
You see, they want me to pay interest, and as I am unlikely to do so (as I always pay off my credit card on time), they were offering me a card where I would be more likely to lapse and have to pay huge interest. Needless to say, I rejected this card and applied again elswhere. I got Halifax card, 0% interest for ten months,15% APR. I also got much higher credit from them then initially I got from Capital One.

So, that is the problem with tarting. You won't get your card if you have poor credit history, but you probably won't neccessarilly get the card YOU WANT if you have excellent credit history (because they can't make money out of you).
I think that they want someone with very good credit history, so someone who can pay of their debts, but with paying lots of interest in the meantime.

However, there are so many banks out there offering deals, it's worth to try.