Advice please?

jonbg

I currently only have 3 cards all on MBNA (one is Abbey) with a combined credit limit of around £16000.
I am thinking about starting to stooze in earnest!
I know MBNA allow you to move around the credit limits between their cards (Ive done it in the past) although I'm not sure if that helps me.

I think I might have a problem in that my income is very low at the moment, less than £10,000 therefore will not get anywhere near the above credit limit on any new cards? and I read its not advisable to apply for more than three at once.

I am about to get my credit scores to see where I stand but I wondered if anybody had any advice on how I can best use the large credit limit I have to start off.
Also should I move all the limit to the Abbey (as that has free SBT) and close the other two?

all thoughts welcome

YorkshireBoy

I think that you will be declined for any (all?) applications that you make whilst you're carrying 1.6 x salary as "available" credit, especially with your £10K salary.

Even if you reduce the limit, with a £10K salary you may still not pass a new card provider's internal credit scoring system depending on your other financial commitments.

However, I wish you luck if you decide to go ahead.

rudedog_2

From what I read on other posts (you may need to search), co-op will match credit limits from other cards (although as yorkshireboy mentioned, it will be approval for cards that will be the problem)

Hope this helps....

jonbg

Thanks for your input.
I've just read my Experian report (for free :-))
I'm not really sure what I'm looking for?
there are many settled credit cards on there and there seems to be no untoward entries.
I now realise my limit with all three cards is £19700!
I have no mortgage or rent which would go in my favour.
As I work for myself is it dangerous/inadvisable to inflate ones income do you know?
Even on say £25000 a year can you explain how many cards avarage, people have going at one time to get these enormous stooze pots? I'm assuming it's basicaly applying for 3 new cards every six months or so.
My other option I've thought would be to negotiate a low rate for a year moving all the balance to one card then just pocket the difference from saving it. I think that would make me over £350 even after the SBT fee of £50!

jonbg

Thats interesting dog, thanks.
If I got accepted I could do the whole lot in one go!

rudedog_2

If I got accepted I could do the whole lot in one go!

Not sure what you mean by that.... just to be clear, co-op may match a credit limit on another card, not the total credit available on all 3 of your cards.....

Just making sure...

dog :cool:

jonbg

Sorry I thought I mentioned,
MBNA (two are MBNA and the other is abbey which is under MBNA) allowed me in the past to move the credit limit around between the cards.
A while back I put nearly all the limit onto the one card (16000 odd) and did a SBT for the lot.
I was not aware of stoozing at the time but MBNA sent me an offer of 0% for 9 months on one of my existing cards (wish they'd do that again!).
I decided I was going to take that and put it into premium bonds for that time.
When I rang to arrange it They would not allow it on the card in question due to a late payment black mark but suggested moving the credit limit all to the Abbey card which was offering me 6 months at 0%. not quite as good but I took it.
I've not heard mention of these 0% offers on existing cards much in what Ive read?

appreciate your thinking about it though