Multiple Catalogue Accounts

MegaBucks

Hey,

Last year I tried to get an account with Kays, but was turned down. (might of been due to the fact I had a DMP). Since moving to a new address, debt free (No DMP woohoo) so I thought I would try kays again which I was successful with a £750 credit limit. I have 3 defaults on my credit history from 2006 and wanted to build up my rating again. I'm currently doing the prepaid visa card which I aid £60 and just leave it over the year. I took a CC out with Vanquis, despite their high APR, i make payments in full so there is no %. I thought having more credit on your file will look good, and if you can keep it under control your onto a path of correction. I then took out another account, Littlewoods, they gave me £800 limit. I then got into some frenzy mode then took out 10 accounts, additions, marshallward etc, all with 750-800 limits. And what was most appealing to me was the £30 pounds off your first order if you spend £60.

Is it bad to have so many accounts? Even though i have so many, I wont be using them, or If i do, they will be used to purchase bargin items. I just thought if i managed these accounts, It will look great on my file.

Any suggestions?

Enfieldian

Hmm....

I dont know if it is a great idea.

In theory that number of accounts all being managed corretly would help your credit score to increase quicker, however the flip side is that other lenders may see you as "over commited".

I recently opened accounts with Marshall Ward (£250) and Littlewoods (£650) and spent about £200 with MW. As part of it was a BNPL (Buy now pay later) deal my Experian only shows a bance of £16.

At about the same time as I opened the accounts Barclaycard reduced my limit from £850 to £400, after I had paid of £600 in one go.

The letter that I received a week later stated that "as responsible lenders, Barclaycard act on information received from CRAs regarding other commitments..." this would make me think that they decided to reduce my limit as I had £850 available from elsewhere.

I don't think it was a coincidence, so be careful.

dzug1

MegaBucks wrote: »

Hey,

Last year I tried to get an account with Kays, but was turned down. (might of been due to the fact I had a DMP). Since moving to a new address, debt free (No DMP woohoo) so I thought I would try kays again which I was successful with a £750 credit limit. I have 3 defaults on my credit history from 2006 and wanted to build up my rating again. I'm currently doing the prepaid visa card which I aid £60 and just leave it over the year. I took a CC out with Vanquis, despite their high APR, i make payments in full so there is no %. I thought having more credit on your file will look good, and if you can keep it under control your onto a path of correction. I then took out another account, Littlewoods, they gave me £800 limit. I then got into some frenzy mode then took out 10 accounts, additions, marshallward etc, all with 750-800 limits. And what was most appealing to me was the £30 pounds off your first order if you spend £60.

Is it bad to have so many accounts? Even though i have so many, I wont be using them, or If i do, they will be used to purchase bargin items. I just thought if i managed these accounts, It will look great on my file.

Any suggestions?

It depends whether you can resist the temptation (as so many on here can't) to max out all the accounts and surprise surprise find yourself unable to pay.

smartpicture

MegaBucks wrote: »

Even though i have so many, I wont be using them, or If i do, they will be used to purchase bargin items.

Oh-oh, alarm bells ringing! Maybe it's just me, but that sounds exactly like my argument to OH about how much money I'm saving, when what I'm actually doing is spending money...

The_Pedant

Barclaycard act on information received from CRAs regarding other commitments..."

How could they do this though without searching your credit record? Whenevee I've checked mine, the only enquiries on record have been in response to requests for credit/mortgage etc. I've never had any requests for what I'd consider to be 'day to day' banking.

Anyone able to shed any light on this?