Best Way of Being Accepted for New Credit Card?

c0lc0l

Hello,

I was hoping for some advice about the best course of action for me to take to be accepted for a new credit card.

The situation is this:

I currently have 4 credit cards, each with an available credit limit of £2000 totalling £8000 credit limit across all 4.

I currently have balances of £1900, £1800, £1800 & £1600 totalling £7100 across the 4 cards (yes, i know, silly boy running up those debts).

I now also have at my disposal £4000 of cash in my current account that i intend to use to reduce my credit card debts, and was then hoping to transfer what ever debt i have left onto a new 0% balance transfer card to pay off as best i can with no interest.

When i have used the money to clear some of my debts i will be left with £3100 balance across 2 of the cards.

Now, i was wanting to get a 0% virgin balance transfer card to shift that £3100 onto but want to know if it would be a good idea to cancel the 2 cards i clear off before i apply for the virgin card? And if so, how long a time period should i leave between the cards being cancelled off and applying for the new one? Or will having 4 cards with 2 of them at a zero balance not effect my application? I was thinking if i left the 2 cleared cards running it may limit the amount of new credit offered to me as my overall available credit amount would be high? Or will it look better to leave the 2 cleared balance cards open to show i dont use all the available credit open to me?

Thanks for any suggestions :beer:

chanz4

you will really need to close some of the cards, its a lot of available credit to you .

CLAPTON

make sure you use your money to pay off the CCs with the highest APR.

it's difficult to say whether closing CC has much effect.. many people have 10 or more CC and have no difficulty in getting new ones

thriftymomma

I would wait at least until the reduced/paid balances actually show on your credit file, as at the moment, you must have a large portion of your credit available used.
In some cases, this could take up to 8 weeks as they tend to be reported in arrears.

c0lc0l

Thanks, i hadn't thought about the time it would take for my credit file to reflect the cleared balances. Yet another thing to consider.