Applyiong for credit cards & Credit ratings

lynzpower

Hi all

Right I have had a thought on making extra money. Im not sure on it so I wondered whether you thought it was a good plan or not?

I have got one b/card with a very low balance, im waiting for a paypal payment to clear in my account then the b/card will be closed

I have an egg card at 0% with a 2250 limit, balance about 1900

I have seen you get money for applying for CCs on quidco. I could get £20 for opening a marbles card, and if I cut it up, then surely job done? EDIT to say, dont you worry theres no way Ill be tempted to use them

A few moths later I could cancel the card

Am I missing something here? Will this affect my credit rating? IM not poor, but im not good- but ive had no probs getting new cards recently. I got the egg one and also a co-op one which i realised i didnt need then promptly closed.

Your thoughts?

PeachPickle

The way I understand it is, credit searches do their own bit of damage to your score. So I guess if you're sure you won't actually *need* to apply for credit for something for the next few months there's no real harm in it and you might make a few pounds

lynzpower

cheers peach pickle - I really dont know you know.

Im like this too but then again I always find something to baffle me every day !!! :rotfl:

PeachPickle

lynzpower wrote:

I always find something to baffle me every day !!! :rotfl:

It's only time to start worrying if you're looking for things to baffle you on purpose

Toto

Hi Lyn,

It's not a bad idea. We all know you can be trusted so you may as well get extra cash out of those darned cc companies.

I have earned loads out of the bingo sites etc. It feels so wrong actually spending money but I won £150 on bingo on £10 spend so that more than covered my outlay (I have also banked in savings other winnings). My quidco account is looking lovely (I hope they all pay). I recently changed all of my utilities and life insurance, £50 cashback on direct line life and it's cheaper. I felt a bit bad seeing as I will be cancelling it all when the house sells, but there was nothing saying I had to keep the utility/insurance supplier for any period.

It's the same deal with the credit cards, I personally wouldn't touch them any more than they would touch me. But, that is purely personal (I never want another credit card drop through my door, not even for cashback) But, you are far more advanced than me along the DFW road. So, go for it and enjoy making money out of the cc companies.

Catseyez

Lynz,

I too had the same idea very recently! Now that I'm down to one credit card and don't need to get anymore (balance will be cleared soon), I thought it'd be something worth taking advantage of.

I also have the same misgivings as you. There are quite a few experts on the credit card board who should be able to help, perhaps it's worth asking there?

scottishspendaholic

Hey Lynz,

I had this thought the other day - but was rejected for Marbles. Not really sure why as I've been a very good girl for the last 6 months and paid on time and my only balance is just over £1k on 0% til February 2007.

However, I moved house late last year and have a very new bank account - that's the only two reasons I could think of. However, I may be blacklisted somewhere as I've never had the courage to get my credit references done!

Good luck - let us know how you get on.

scottishspendaholic x