Best way to approach applying for 3-4 cards

David_Lindon

I'm looking to apply for 3-4 cards to do a bit of stoozing but my question is which is the best way to approach it. Either

Apply for one card, wait to receive it, do a BT and then apply for a second listing the first card and outstanding balance with the new provider and so on.

Or -

Apply for as many as possible at the same time and only list my spending credit card.

Which is the best way to do it?

CannyJock

I'd always recommend blitzing the applications, but being aware of the consequences.

Where are you planning to put your stooze pot to make a profit?

LongTermLurker

Agree with CJ ^^ - if you make 3 applications together, the first to check your credit file will see a clean file and, all things being equal, you'll be approved. The second will see that you've made a recent application for credit but won't see the credit limit that you're yet to be given, so you will likely be approved. The third will see two recent searches and may set off alarm bells or you may be approved.

On the downside, if you apply for the "wrong" cards you may screw your chances of getting any credit for up to a year when the previous searches drop off. Before applying, you need to assess your likelihood for being given lots of credit.

If you choose to get one card and then apply, the second lender may see that you have £10k available credit and decide that's your limit - you've then accrued a search for nothing. Repeating this can extend the problem.

Personally, 3 or 4 together sounds optimistic - I would suggest trying 2 or 3 and then maybe try another in 3-6 months time, especially if this is your first time - don't jump in too deep to start with.

CannyJock

If you're going to cook your credit report for the next 6 months, might as well turn the heat up full.

Put the cards in the order you can make a profit from them, noting who issues the cards so you can spread them about a bit, and then start filling in the application forms. When you hit a wall of rejections you'll know you're at your limit.

Make sure you've done your research, checked your profit calcs and have your stoozepot setup in advance. Where are you putting your stooze pot? What are you using for a mule card?

LongTermLurker

CannyJock wrote: »

If you're going to cook your credit report for the next 6 months, might as well turn the heat up full.

LOL you don't do things by halfs then, I see?

CannyJock

Was the quickest way to get my stooze pot up over £ 65K

Biggest problem right now is finding places to put it for a profit. I'm mostly spread over 6% accounts and 5-6% regular savers with fee-free and low-fee stoozes at the moment.

Hopefully the OP has his stooze pot all sorted out, otherwise you're just applying for cards that you can't make a profit out of.

bluu2k

Hello,

Please advise if I should apply for credit card(s) before or after we FTB complete our house purchase? The card(s) will be for spending only, not for balance transfer (don't want to pay fees).

Our circumstance: mortgage application was already approved by Natwest in mid-July but we then pulled out (independent surveyor spotted some major probs with the house). Now we have found and are ready to go ahead with another property. Just informed NW and waiting for them to arrange new valuation/survey.

Wonder if CC application(s) at this stage would effect lender's decision which might be made in the next 4-6 weeks?

Same question if we would want to go for balance transfer cards?

Side issues: NW in its mortgage approval pack says its offer is valid for three months (i.e, we should complete the purchase by exprire mid-October). As we now start over with a different property, will their new offer be valid for a fresh three-months period (i.e, from the date they approve our purchase of the second property) or remain expire by mid-October? Will they run another credit check on us before approving?

Many thanks and regards,

YorkshireBoy

bluu2k wrote: »

Please advise if I should apply for credit card(s) before or after we FTB complete our house purchase? The card(s) will be for spending only, not for balance transfer (don't want to pay fees).

I would wait.

Wonder if CC application(s) at this stage would effect lender's decision which might be made in the next 4-6 weeks?

Although the searches would be visible to NatWest, any facilities and limits granted would likely take longer to find their way on to your credit report (up to 3 months in my, albeit not recent, experience). Since mortgage lenders seem more concerned with debt, and affordability, rather than available credit, they may not be overly concerned (depending on your other circumstances) but it's one heck of a gamble with your house purchase at stake isn't it?

Same question if we would want to go for balance transfer cards?

Same answer as above...wait! Additionally, with BT cards, if the new lender is quick to register your account, and it's debt, and the old one is very slow in updating the cleared/settled balance, then you may appear (from the credit search) to owe twice as much as you really do!

As we now start over with a different property, will their new offer be valid for a fresh three-months period (i.e, from the date they approve our purchase of the second property) or remain expire by mid-October?

Surely NatWest are best placed to answer that question? Maybe it's in the small print? If not, ask them.

Will they run another credit check on us before approving?

Almost certainly.

LongTermLurker

bluu2k wrote: »

Our circumstance: mortgage application was already approved by Natwest in mid-July but we then pulled out (independent surveyor spotted some major probs with the house). Now we have found and are ready to go ahead with another property. Just informed NW and waiting for them to arrange new valuation/survey.

Side issues: NW in its mortgage approval pack says its offer is valid for three months (i.e, we should complete the purchase by exprire mid-October). As we now start over with a different property, will their new offer be valid for a fresh three-months period (i.e, from the date they approve our purchase of the second property) or remain expire by mid-October? Will they run another credit check on us before approving?

As YB says, speak to Natwest. I guess they made you an offer with a defined end date - you're going to go past that, so you need a new offer. If you speak to them nicely they may agree to extend it, rather than force you to reapply.

You will undoubtedly be hit by a new CRA search, and will also have to pay new fees for the new property (if their offer allowed for a free Lender's Survey on the first property, I doubt that will be extended to the second property as well)

bluu2k

LongTermLurker wrote: »

As YB says, speak to Natwest. I guess they made you an offer with a defined end date - you're going to go past that, so you need a new offer. If you speak to them nicely they may agree to extend it, rather than force you to reapply.

You will undoubtedly be hit by a new CRA search, and will also have to pay new fees for the new property (if their offer allowed for a free Lender's Survey on the first property, I doubt that will be extended to the second property as well)

Cheers. Prob is I am not patient enough to wait till after Bank Holiday to verify w/ NW. Hence, questions here first

Re new lender's survey, they already took my money for this coming purchase, just few hours after I talked with them. Fingers crossed that they will give out decision swiftly.

I have got some other questions about conveyancing firm Beaumont Legal which I put in a separate thread. Will be very grateful if you can help shed the light :A

bluu2k

Hi everyone,

Right after the Bank Holiday Monday, on Tuesday 08 Sep I called Natwest to get surprised with their verbal confirmation of mortgage approval, and today Wed 09 Sep the offer paperwork arrived :j

Unbelievable given that their survey team just visited our potential property on Thu 03 Sep :T:T:T

Since things move quickly, I am thinking of applying MBNA cards now, one for me and one for OH, and then do c/a transfers to avail ourselves with more cash as their offer is so good (no handling fee, 1.9% BT or c/a transfer).

Could you please kindly advise:

1. Is it wise to apply now, or should I wait till the Natwest loan is released for the house purchase, or sometime between now and then?

2. In filling MBNA application form, should I leave figures for bank transfer blank, or put a pretty high number (i.e £5K, £10K or more, etc.), or a figure closer to my/my OH existing max credit, or something else?

(I currently hold a Ulster CC, max credit £5K with current balance £3.7K, and Egg Money card paying off every month.)

3. Recently I was guaranted by Halifax a card with min £3k limit to spend which I did not take. Is it OK for me now to apply for a Halifax one after getting the MBNA one? Will Halifax reconsider its offer to me because of my MBNA application? Will it run a credit check on me? (I'm banking with Halifax)

Oh now I get excited again with stoozing game, but feel a bit cautious cos' don't want to mess up our house purchase process.

Many thanks,
bluu2k

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