How Many Super Balance Transfer Cards Can I Have

mikeopvc

I got the virgin card with 16months 0% and used it for transferring into my current account, I have now used up nearly all the credit but still require further funds.

If I apply for another card ie. the MBNA platinum what are my chances of success?

Also if I am declined would it damage my credit score?

I know I could apply for additional credit on the virgin card but as I havn't had it for long I don't think they will say yes.

Swans1912

It depends on what you earn, how much credit you have available already, how much of your credit you have used.

If you have no other credit accounts, earn a fair wage with a good credit history - I don't see an issue.

mikeopvc

iKennett wrote: »

It depends on what you earn, how much credit you have available already, how much of your credit you have used.

If you have no other credit accounts, earn a fair wage with a good credit history - I don't see an issue.

I have no other credit accounts.

What sort of earnings would they expect of me, I'm self employed in the construction trade so how will they view that?

I have used 93% of my virgin card credit.

I think I have a good credit history.

Do you reckon I should give it a go?

Will it affect my score if they say no?

Paddy2eyes

The MBNA card may not be the best to apply for as the Virgin card is also issued by MBNA. They will take into account the amount of credit you already have with them and adjust accordingly.

mikeopvc

Oh I see, do you have any suggestions as to which other cards I could apply for. Bearing in mind I need to transfer to current account as there don't seem to be many that offer this facility.

clio

iKennett or anyone else...
How is it worked out for credit basing it on what you earn, how much credit you have available already, how much of your credit you have used. What is the percentage allowed against your earings is it 50% - 100% or less/more.

YorkshireBoy

mikeopvc wrote: »

II have used 93% of my virgin card credit.

If you've made your first minimum payment you can make another SBT of 95% of the remaining 7% credit available. Should take you to around 99.xx% used.

Should still be profitable, but run your figures through the calculator at www.stoozing.com/calc.htm to be sure.

Will it affect my score if they say no?

No such thing as a "score", at least not a meaningful one anyway. You'll (very slightly, and in the short term) damage your credit "rating" by incurring a credit card search, but all your credit file will show is that you applied for credit...NOT that you were declined.

I agree with the other poster; your chances of acceptance/reasonable limit with another MBNA card are slim (to none?). Why not go with the Egg Card? Similar fee and runs until 1st March 2010. Maybe they'll roll the offer over at the end of this month and it'll run until 1st April 2010? No guarantees though...it's a gamble, ie they could cut it back to 12 months only.

Do you have an Egg Money card? That would open far more options.

YorkshireBoy

Just to add, I believe the Post Office card has SBT capability.

Also, the M&S card, via the sterling travellers cheque loophole, will give you a 10 month 0% SBT for a 1% fee.

mikeopvc

YorkshireBoy wrote: »

If you've made your first minimum payment you can make another SBT of 95% of the remaining 7% credit available. Should take you to around 99.xx% used.

Do you have an Egg Money card? That would open far more options.

95% of the remaining 7% is very little so not an option.

I don't already have an EGG card so this too is not an option.

The post office card seems a good deal I might try for that.