REVENGE! Make Free Cash from Credit Cards

tek24hero

Hi everyone, I have taken advantage of the 0% on credit cards and have now got £25000 (spread over 6 cards) in an Alliance and Leicester Savings Account (5.1%). I did open a Cahoot Savings Account but they decided to close it after 1 week after I had tranferred money in to it (they said there were irregularities on my application - anyone else have that problem?).

My questions are as follows:

1. How many credit cards can you apply for - is it unlimited?

2. I have never missed any payments on loans etc - so will having all these CC give me a bad credit score?

3. Is it possible to apply for more CC when the 0% period ends so that the money in the Savings Account stays there. And would I need to cancel the existing CC's before applying for more?

4. In November my Mortgage Fixed Rate ends with Nationwide - I am looking opening a One Account - is it possible to Offset the Mortgage with the money from the CC's to reduce the length of the term?

5. I received my Barclaycard and the credit limit is a p!$$ poor £750 - is this due to me having all the other CC's or are they just being tight?

I look forward to any feedback.

Stewart

DiggingOut

Stuart,

your questions
1. Unlimited, but the more credit you have, the less likely you are to get new cards or good credit limits.
2. It will affect your credit score, but probably isn't too negative.
3. Yes, you can apply for more cards. Once a card is past it's 0% period, you may do well to cancel it.
4. Yes, this is possible -- but not necessarily best. It depends on rates, size of mortgage, and amount of savings. Check out the following: http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Mortgages;action=display;num=1086908881
5. Maybe a combination of both reasons. Lots of discussion on this on this board elsewhere.

Joe_Bloggs

@Stewart
Regarding point 3. Some forum contributers have managed to transfer credit limits between cards that have the same parent organisation prior to closing the older card . These members could probably persuade turkeys to vote for Christmas.

The hard part of credit card tarting is maintaining the 0%funds year round whilst applying for new 0% deals.

If you need to remortgage it might be wise to appear squeaky clean and get hold of you credit reports to verify that everything is as it should be.
J_B.

Suzz_2

I did open a Cahoot Savings Account but they decided to close it after 1 week after I had tranferred money in to it (they said there were irregularities on my application - anyone else have that problem?).

I've recently opened a Cahoot account and transfered £6000 of credit card money into it, from my current account, no problems.

It's odd that you have this trouble, as it is a savings account. Did you transfer money straight there from a card? I think they do run a credit check when they open your account... Maybe they thinks its odd someone being 'so much in debt' wanting to open a savings account. Have you asked them why?

sicker

Joe-Blogg, I was coming to the end of my 0% with Halifax one card so I phoned them up and quietly and pleasantly asked for advise. The nice lady signed me up there and then for another halifax one card which arrived to-day with a credit limit raised from £3500 to £4100.

p.s. I vote to save turkeys.

John

DiggingOut

Way to go, John! ;D

I think it is pretty much standard for MBNA to allow transfer of credit limits from one MBNA backed card to another.

Hobo_2

Sicker, !WOW! am i reading right, they close a Halifax One too open another Halifax One card! another 0% 9 mth then, no credit search?

it`s a Turkey SHOOOOOOOT