Signing up for two new cards - Is it advisable?

Stevey

We currently have two cards that between them have around £4500 on them. They are Accucard and Marbles.

We are looking at a strategy to reduce the debt and are considering the following...

Having previously not been the best at switching cards once the interest free period is over for BTs, we would like to get one card with 9 months Interest Free for BTs and put a certain amount on it, which will then direct debit our account and clear that amount in the 9 months.

We would then put the rest on another new card, the Texaco 3.9% life of balance card.

That way we get the best of both worlds when we switch.

Does anyone foresee any problems with this? What are the issues of applying for two cards at the same time, when you already have two cards?

Thanks in advance for your thoughts...

deemy2004

I generally apply for 4 at the same time

Should be no problem applying for 2 (subject to your credit history)

student100

The Texaco card is a "co-branded" Accucard (i.e. it's operated by Accucard in disguise). I'm not sure, but you may not be allowed to hold two Accucard cards, even if one is a co-brand.

JMU-95

deemy2004 wrote:

I generally apply for 4 at the same time
Should be no problem applying for 2 (subject to your credit history)

So, saying your like me..... 'more often accepted than not, but sometimes declined' ......

To improve your chances of getting accepted: Is it generally better to apply for 4 on the same day (before each company is able to advise the Credit Reference Agencies of any declines), then wait for six months if you get any declines; or is it better to apply for one every couple of months.

mmmmmh, me thinks I've answered my own question. Comments welcome though.

Galstonian

I personally would aim for a maximum rate of 1 application per month (less in practice) but others report some success with the machine gun approach.

deemy2004

LOL

The machine gun approach is very tempting ....

deemy2004

JMU-95 wrote:

So, saying your like me..... 'more often accepted than not, but sometimes declined' ......

To improve your chances of getting accepted: Is it generally better to apply for 4 on the same day (before each company is able to advise the Credit Reference Agencies of any declines), then wait for six months if you get any declines; or is it better to apply for one every couple of months.

mmmmmh, me thinks I've answered my own question. Comments welcome though.

Yep, thats the approach I take, hit them hard and fast with 4 apps, get at least 2, maybe 3. then go and hibernate for at least 4 months.

Martinslovechild

student100 wrote:

The Texaco card is a "co-branded" Accucard (i.e. it's operated by Accucard in disguise). I'm not sure, but you may not be allowed to hold two Accucard cards, even if one is a co-brand.

Accucard in turn is owned by Lloyds TSB, so it's anybody's guess as to whether you could own several Accucard-based cards (e.g. More Th<n, Texaco) as well as Lloyds TSB-based cards (e.g. Advance).