How many applications at once?

woosutt

I'm feeling very confused so wonder if anyone can help!

My 0% offer on my virgin card has run out this month. I am on low wages so my husband is going to apply for the next 0% card in the hope he'll have a better chance of getting accepted.

A couple of questions:

If he applies for a card online and gets declined there and then, can he apply for another credit card straight away (ie. within the same 24 hours) without the last search showing up?

We need to transfer £7800 so we're aware we may need to apply for 2 cards to do this. Is it wise to apply for 2 cards straight after each other?

Any tips on the best 0% card to apply for? Are there any that are notorious for rejecting people?

Been wondering if a LOB be a better bet. Am i right in thinking that LOB cards are known to give very low limits?

Many thanks for your help!

Moggles_2

While Martin recommends spacing out credit applications, there is at least one argument in favour of applying for two cards at once.

If, for instance, you make two applications the same day, each lender sees only their competitor's credit checks. If you submit those same applications at intervals, providers not only see the credit checks, but also your available credit increasing with each successful application. So your credit rating could look temporarily worse after the second application, than if you had applied for them together.

The drawbacks with this strategy are that, assuming you're successful, you'll have to fork out two BT fees in the same month. Also, your 0% promotions are likely to expire together, so I would keep this in mind when making your selection, unless you're prepared for another blitz in X months time to pay off any remaining balances. This would not apply to life-of-balance cards of course.

Moggles_2

Originally Posted by woosutt
Any tips on the best 0% card to apply for?

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

GeorgeUK

Moggles wrote: »

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

Good point - can't do a BT to another in the MBNA stable

Volcane

I blitzed the applications earlier this year with various degrees of success (some pleasant surprises).

See this thread for more info : http://forums.moneysavingexpert.com/showthread.html?t=846565

YorkshireBoy

GeorgeUK wrote: »

Good point - can't do a BT to another in the MBNA stable

Not directly, no, but could do indirectly via a money transfer, ie a balance transfer from a current account.

Staciep88

I applied for 3 cards in 1 day once - bit naughty I know but I needed 0% BT like yourself. I got accepted for all 3 Like mentioned above it depends on what cards you already have, I know that the following are offering good deals at the moment on Balance Transfers;

Natwest, Barclays, Virgin, Egg, Mint, Capital One, these the ones I can remember now but if you go onto the main site and look under the credit card section there is a list of cards there also. Good luck x

GeorgeUK

Do all MBNA cards do " super balance transfers"?
Not looked into it, but didn't think there were that many.

Be good if they did.
Better if they did paperless statements as well though.

NickX

GeorgeUK wrote: »

Do all MBNA cards do " super balance transfers"?

Yes all MBNA run cards offer the Super Balance Transfer (SBT) facility.

Also Egg, Egg Money and the Post Office Card.

In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at balance transfer rates. However, this is the least satisfactory option because the cheques cannot be requested and, unless they are already in your posession, you don't know precisely when they are going to drop through your letterbox.