best deal required? too many cc's not good?

dynamikz

Hi

I need some help. I have a virgin credit card & the 13 months 0% interest has just finished.

I have about 5k on it and my statement tells me next month i'll be charged an estimated interest of £59.58 :eek:. I really need to move the card to another 0% deal .

I've had a look around and these two offers stood out.

Abbey "Zero" Card - No fee - N/A - 2.25%618.9%Low minimum payments.
Ulster Bank Gold - No fee - N/A - 3.00%617.9%Min salary £20K

Question I have is : What are the dangers (apart from the obvious; failing to switch in time) of going for the abbey card first up and then 5 months later going for the ulster bank. I currently have two other credit cards alongside the virgin one (the other two have nothing on them). Does this somehow effect your credit file, having lots of cards?

Is it easier to just go for the something like the halifax which charges a balance transfer fee of around 3% (my case = 150quid) but the interest free offer runs for about 13 months?

Finally, ive just moved back into my old address after about 12 months at a different address; i think according to the electoral roll (well council tax) i am stil listed at the other address (looking to change this soon as get a minute) but will this have an effect on my application? looking to do an online application tomorrow morning.

many thanks for your help.

HamiltonL

Minimum payments on the Abbey Zero should be just a fiver (unless you have PPI or cash interest) until the BT/purchases 0% expires. Not sure if that will sway you as well as the 6 months max 0% and no fee.

dynamikz

HamiltonL wrote: »

Minimum payments on the Abbey Zero should be just a fiver (unless you have PPI or cash interest) until the BT/purchases 0% expires. Not sure if that will sway you as well as the 6 months max 0% and no fee.

thanks. it will do, however im just concerned whether having too many cards would be an issue...i..e if i go for the abbey i will then have 4 cards, and then after 5 months; going for the ulster, i will be on my 5th !

Moggles_2

dynamikz wrote: »

I'm just concerned whether having too many cards would be an issue ie if I go for the Abbey I will have 4 cards and then after 5 months, going for the Ulster Bank Gold, I will be on my 5th!

Well, the national average is five, so we're told

Which credit cards - besides Virgin - do you have at the mo?

YorkshireBoy

Max credit limit on the Ulster card seems to be £3K (possibly lifted to £3,600 on activation).

The number of 'active' cards *will* go into the credit score mix, so fewer would be better. That said, if fewer means you appear maxed out then more cards could be better...providing your income and other circumstances will support it.

There is the danger that in 5-6 months time 0% deals might be a thing of the past. If they're still around, they may have 5-6% BT fees. Then again, you may find it's very much 'as you were'.

Electoral Roll and (paying) Council Tax are not linked at all.

The Electoral Roll information from a credit search is the way they verify that you are who you say you are. I wouldn't (possibly) waste an application without first ensuring I was on the Electoral Roll at my current address.

As you appear to have left the transfer too late to avoid interest on your current card, maybe a longer 0% (with fee) card or a LOB card would be a better option?

dynamikz

ok well with just 3 cards im well below the average at the minute then I have a mint and a barclaycard gold also.

YorkshireBoy wrote: »

Max credit limit on the Ulster card seems to be £3K (possibly lifted to £3,600 on activation).

Can I ask where you got this info? On the site it says min of 3k (http://www.ulsterbank.co.uk/ni_01a.asp?id=PERSONAL/CREDIT_CARDS/GOLD)

The number of 'active' cards *will* go into the credit score mix, so fewer would be better. That said, if fewer means you appear maxed out then more cards could be better...providing your income and other circumstances will support it.

There is the danger that in 5-6 months time 0% deals might be a thing of the past. If they're still around, they may have 5-6% BT fees. Then again, you may find it's very much 'as you were'.

thanks for this info

Electoral Roll and (paying) Council Tax are not linked at all.

The Electoral Roll information from a credit search is the way they verify that you are who you say you are. I wouldn't (possibly) waste an application without first ensuring I was on the Electoral Roll at my current address.

As you appear to have left the transfer too late to avoid interest on your current card, maybe a longer 0% (with fee) card or a LOB card would be a better option?

That means I should still be on the electoral roll at current address? I used to live here before, moved out for about 12 months , now back? How exactly does one check ? and how does on register to move if not linked with council tax?


thanks

YorkshireBoy

dynamikz wrote: »

Can I ask where you got this info?

From the same place you got the "two offers" from in your OP (but didn't reference ), the forums at www.stoozing.com (unless you got it from their sister site www.makesenseofcards.co.uk?).

Most people on the forums there report being given the same £3K credit limit, regardless of income and other circumstances. They say they'll look to increase it but want bank statements, life stories, etc...and you don't have time for that if you go there first.

That means I should still be on the electoral roll at current address? I used to live here before, moved out for about 12 months , now back? How exactly does one check ? and how does on register to move if not linked with council tax?

Your credit reports (from Experian, Equifax, & CallCredit) will confirm if/where you're registered.

Contact 'Electoral Services' at your local council for further information.

Staciep88

Hi there, I just wanted to mention that Barclays are offering a set interest for the life of the balance. i.e- until its cleared. That way there is no time limit, you dont have to keep changing and your only charged a small amount of interest per month. Take a look at it. Just another option for you