New credit card application - advice needed!

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Hi

I currently have around £6500-£7000 of debt spread over 3 credit cards, with a total credit limit of £10400. One of the cards I currently have is the Virgin credit card, with the 0% interest due to run out next month, but around £2200 left on it (£3100 limit). Therefore, I need to shift the balance before I get start getting charged interest. I'm going to apply for another 0% card, but ideally I want to put all 3 debts on the one 0% card, so it is easier (and cheaper!) to manage and pay off.

My question is, if I ask for a £7000 credit limit on the new card, am I more likely to be refused than if I asked for £3000? I'm thinking it's going to be fairly unlikely for me to be approved for another credit card, due to the total credit I have available to me, but I would be cancelling probably 2 of the cards if I was able to shift all the balance (the virgin card and also the santander card as I have had endless problems with them over my current account and dislike them lots!!). I checked my credit report last week and it looks pretty good - lots of green "satisfactory"s and no missed payments...

Any help would be greatly appreciated! I need to apply for a new card but don't want to harm my rating by asking for too much, and then finding it even harder to be approved for a new card.

Thanks

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  • katie07
    katie07 Posts: 180 Forumite
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    Oh yeah, and another thing - I've recently been linked financially to my partner as we now have a joint account and rent together (so on the electoral roll at the same address). He thinks his credit rating is really bad, but we haven't checked it on Experian or anything yet. Is it likely this will also prevent me getting approved for a new card? Our joint account has never been overdrawn..
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Why would having only one card be "cheaper" to manage?

    You can't ask for a particular credit limit. You can ask for particular balance transfers, but whether you get them will depend on how they assess you.

    You're not linked just to your partners management of the joint account; you're linked to the management of all his accounts over the last 6 years. What's his credit history like?

    Depending on your income, and other financial circumstances (and those of your partner), you may find it's better to apply for a couple (or even 3) cards in quick succession to give yourself a better chance of getting the £7K required.
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
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    Why would having only one card be "cheaper" to manage?

    You can't ask for a particular credit limit. You can ask for particular balance transfers, but whether you get them will depend on how they assess you.

    You're not linked just to your partners management of the joint account; you're linked to the management of all his accounts over the last 6 years. What's his credit history like?

    Depending on your income, and other financial circumstances (and those of your partner), you may find it's better to apply for a couple (or even 3) cards in quick succession to give yourself a better chance of getting the £7K required.


    The OP has 3 credit cards and a partner to whom he or she is linked with a bad credit rating. You are suggesting that he or she applies for 3 credit cards in quick succession??? It takes some considerable time for CRAs to update their records. The OP would be seen as apply for 6 credit cards in total. I can see a few refusals on the way here.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 6 November 2010 at 12:33PM
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    BLT wrote: »
    You are suggesting that he or she applies for 3 credit cards in quick succession??? It takes some considerable time for CRAs to update their records.
    Searches as reported to the CRAs almost instantaneously. Credit accounts (including limit granted) are reported a short while after the account is opened.

    My suggestion ensures that although the second and third lenders might see the searches, they won't see the credit accounts and credit limits when they make their searches.

    It's a technique I've used many times before; the 'record' was 5 applications in a lunchtime! All bar one were accepted, with the last one giving the highest credit limit!

    The damage to the credit file could be quite severe in the short term, but being as the OP won't need to apply for further credit for up to 16 months that shouldn't be too much of a concern?
    The OP would be seen as apply for 6 credit cards in total.
    Not sure why that would be the case. Please explain.
  • katie07
    katie07 Posts: 180 Forumite
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    Why would having only one card be "cheaper" to manage?

    Because I'm currently paying interest on 2 of the cards, so putting them all on one 0% card would mean 0% on all 3 debts....

    Thanks for the advice, but as BLT said I'm not sure applying for 2/3 cards in quick succession would be a particularly good idea....?! The reason I asked the question about asking for 3000 or 7000 credit limit was so that I wouldn't get refused straight off the bat for such a minor reason and therefore having to have more than one search on my file.

    But basically you're saying I should put down all the balances I want transferred, and see what they say...assuming they can just say "no we don't want to take all that, we'll give you half"? If so, that sounds good to me! Thanks
  • chattychappy
    chattychappy Posts: 7,302 Forumite
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    YorkshireBoy's technique is a good one and it worked for me a while back. If the rating is stuffed, it's stuffed anyway. If not, then sure, each search knocks it back a bit, but if you open an account and wait long enough to see that the limit is not generous enough then it could be knocked back even more as subsequent searches after this delay will show that credit as being available to you.
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
    edited 7 November 2010 at 6:17AM
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    Searches as reported to the CRAs almost instantaneously. Credit accounts (including limit granted) are reported a short while after the account is opened.

    My suggestion ensures that although the second and third lenders might see the searches, they won't see the credit accounts and credit limits when they make their searches.

    It's a technique I've used many times before; the 'record' was 5 applications in a lunchtime! All bar one were accepted, with the last one giving the highest credit limit!

    The damage to the credit file could be quite severe in the short term, but being as the OP won't need to apply for further credit for up to 16 months that shouldn't be too much of a concern?Not sure why that would be the case. Please explain.

    The OP already has 3 credit cards. These will remain on her credit record for at least a month or two after she has applied for the new ones, as the balance transfers will not have taken place.

    Therefore she has 3, she applies for 3 to transfer her balances to, this would mean that if approved she would have, for a short period, 6 credit cards. I would assume that any financial organisation is going to look askance at anyone who has 3 cards, and applies for another 3 in quick succession.

    I understand your comments regarding financial organisations seeing the searches but not the accounts, and I note that you managed to apply for 5 in the space of a lunchtime, however I suspect that was a while back and not undertaken in recent times. It's a whole new financial world out there
  • bengal-stripe
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    .......the 3 old ones would be closed quite soon after the new ones are opened; again, no biggie being the OP won't be applying for new credit for a while....

    Well. That might be the intention at the moment………..but we all know what can happen to the best of intentions.

    There is always the risk, the OP will end up with twice the current debt.
  • katie07
    katie07 Posts: 180 Forumite
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    There is always the risk, the OP will end up with twice the current debt.

    Oh no, don't worry about that, that is definitely NOT going to happen!! My intention here, and for the last 12 months or so, has been to pay off the debt and not increase it. I've learnt from my past mistakes already!! :-)

    Thanks for all the advice guys.
  • BLT_2
    BLT_2 Posts: 1,307 Forumite
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    Nope, its as recent as last week....

    You obviously don't know what you're talking about here.

    The format advvised is a tried and tested winner in cases of doubt. :D

    I bow to your greater knowledge :D My views were based on posts which I had originally read on the board and taken as gospel.

    Obviously I need to adopt a selective reading approach. :D
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