How many credit cards per year?

pazza2000

Hi,

I applied for two credit cards this year and got excepted. My rating must be ok to be excepted for both, i now pay them off each month -a few years ago i was a couple of months late but nothing serious....

Anyway, i would like to apply for another soon -just for the incentive which in this case is BMI miles. Should i wait a certain amount of time since applying for my last card??

Mikek_3

Please give them back or cut them up and close the accounts.They will end up costing you way more than you will ever make off them.Even with the best will to pay every month there is too much risk involved credit cards make money for banks not you.You will always lose they will win

Mike

splatt30

MikeK
Lots of people, myself included have made alot of money, and had alot of freebies out of credit cards. You can beat them at their own game, you just have to be a bit canny!

OP - sorry not sure about how many applications each year are acceptable. But I would say pick the reward scheme you will gain most from, use that card for all your spending and clear it in full every month to get the most of rewards. Therefore cancel the others unless there's a really good reason not to!

marksoton

It all depends on personal circumstance i guess. In the last 3 months i have applied for and been accepted for 4 cards.

( And in that time Mike i have probably made £250 from them. )

Mikek_3

Fair enough points ,For me I don't think it's worth the risk,I don't think any one that took out credit cards tought that they would ruin their lives with the levels of debt they are in now.the debt creeps up slowly and then it's too late for many.

Mike

Dabooka

Mikek wrote: »

Fair enough points ,For me I don't think it's worth the risk,I don't think any one that took out credit cards tought that they would ruin their lives with the levels of debt they are in now.the debt creeps up slowly and then it's too late for many.

Mike

And normally done so with eyes wide open. Mike, the individual has to accept some of the blame! It's not always the CC fault for offering the limits or incentives, the individual still needs to spend on the bloody things!

izools

Mikek wrote: »

Fair enough points ,For me I don't think it's worth the risk,I don't think any one that took out credit cards tought that they would ruin their lives with the levels of debt they are in now.the debt creeps up slowly and then it's too late for many.

Mike

Give it a rest mike. I like many others have felt the burn resulting from racking too greater debt on credit cards as I had to declare myself bankrupt a while back. I know how easy it is to be given credit, I was approved for my first mortgage when 19 years old and sat in a pub on a Friday afternoon half-cut.

Now with a history of bankruptcy and many (albeit satisfied) defaults I've already been given three credit cards this year.

How much to they cost me? Nothing. What do I gain?

1. Section 75 cover for all my purchases

2. An improved credit score that continues growing, which will save me money should I ever need to take out a mortgage, or loan, or mobile contract, or move banks. The better the score, the higher my chances of getting a low rate mortgage when the time comes.

3. Extra appreciation from my OH for being able to transfer his Vanquis balance to my Barclaycard and repay it at 6.9%. He has closed his Vanquis card. He now has no cards, and learned just as you and I it's not worth owing money on credit cards.

We're all relatively clever people on here Mike, some more so than others, and we are all more than capable of absorbing advice and insights from fellow members and making our own decisions, so I think I speak for everyone here when I ask in the best possible manner

Please tone it down, and let fellow members make their own decisions. They are not your choices to make

---Right. Apologies for the thread hijack OP, I just think it needed to be said---

anna42hmr

pazza2000 wrote: »

Hi,

I applied for two credit cards this year and got excepted. My rating must be ok to be excepted for both, i now pay them off each month -a few years ago i was a couple of months late but nothing serious....

Anyway, i would like to apply for another soon -just for the incentive which in this case is BMI miles. Should i wait a certain amount of time since applying for my last card??

just something for you to consider about if applying too soon for a new card, dont forget whilst credit card companies will look at the applications for other cards, they will also consider what other credit obligations you have on your file or have been applied for recently etc (ie phone contracts, bank loans, car finance, current account over drafts etc) so if you apply for to much credit over a small period of time, can look desperate or if you have too much available credit or debt listed they could consider you as too much of a potential risk

as for credit cards, i see nothing wrong and have been capitalising for years on 0% deals, (and therefore leaving my cash in a savings account earning interest) loyalty points (airmiles etc), or other benefits (ie free credit reports via capital one platinum card) and have never paid a penny in interest (set up full payment direct debit so you always pay off and dont incurr charges if not on a 0% deal)

exel1966

Mikek wrote: »

Fair enough points ,For me I don't think it's worth the risk,I don't think any one that took out credit cards tought that they would ruin their lives with the levels of debt they are in now.the debt creeps up slowly and then it's too late for many.

Mike

Risk ? What risk ? There quite simply are no risks with cards themselves, it's only when they fall into undisciplined hands !

If people spend beyond their own means and aren't disciplined enough to know when to stop then that's a risk they've created themselves. Credit cards are advantageous in so many ways, some listed above.

richardginger

Apply for as many as you want, as long as you can afford any repayments. As soon as they say no, give it 6 months before applying again. There are some good deals and freebies to be had.

exel1966

pazza2000 wrote: »

Hi,

I applied for two credit cards this year and got excepted. My rating must be ok to be excepted for both, i now pay them off each month -a few years ago i was a couple of months late but nothing serious....

Anyway, i would like to apply for another soon -just for the incentive which in this case is BMI miles. Should i wait a certain amount of time since applying for my last card??

Two applications in 11 months would not be considered a high number of applications for cards, but you need to take into account any other credit facility recently afforded to you. If none or minimal I'd certainley apply for the new card if you have a good rating, but then again that's very subjective. What you or I may think is good may not be looked upon as good by some lenders.

It really is all down to the indiviaduals rating and personal circumstance, there's no hard and fast rule for everyone. It's very possible to apply for maybe 5,7,8 cards simultaneously and be accepted for all (a well known stoozers ploy) with good limits.
Generally the higher the level of available/used credit or ratio of the two could lead to lower limits on new cards, not necessarily declines.