Card tarting - when to stop

caligarcia

Hello to all.

This is my first ever post so I don't really know what to expect.

I'm thinking about going for this HSBC 15 month 0%, well it's 14 months now.
But I have already balance transfers to &More and Capitol one, I'm spreading one amount over several cards so I don't pay interest.

Shall I go for it? it will mean I have 4 credit card accounts, I have a cahoot card but don't use it, in fact I don't use any of the cards they are just serving to clear debts, is 4 cards too many, do I risk being rejected and getting a bad rap on my credit rating/file/score whatever you call it.

I know you can't say "oh, go for it, it will be fine" I was just wondering if anyone has done the same thing.

Cheers

CLAPTON

your credit record will simply show that a credit search has been done and it does not show whether it was successful or not so you will not get a bad rap on your credit file.

do not however make too many applications in a short time because it will look as if you are looking for too much credit and /or are desperate.

4 cards isn't too bad but you may wish to close the cahoot if you dont use it.... dont just cut it up but phone them and actually cancel...and you never know they may make you a decent offer.

caligarcia

Thankyou, that's the answer I was looking for, I think I'll leave it for now as I was only going to transfer a very small portion of debt. I'm a sucker for a good deal.

What do you think about keeping hold of the cahoot card for emergencies? out of the 3 cards I have, it has the best rate for spending on as long as the balance doesn't go too high, but like I said, emergencies only.

Thanks again

furndire

Am I the only one here starting to see a downwards spiral ?
Split up the amount, but aim to start paying them off - the most expensive one first - the end of the 0% or whatever comes round a lot quicker than you think - (hide the cards and forget about them)
I found that to my cost a while back, and ended up paying interest for the first time ever:mad: - but luckily it was only once!!!
If all you can do is pay the minimum, you must remember to pay a few days before, to make sure the money gets to the card, set up a direct debit to do this(allow a week - its better to pay a day or 2 early than late) - if you don't some companies revert to their normal rates, as you have broken your agreement.

If you are just tarting but have the money sat in an account waiting to pay it off, don't touch it for anything, you never know what is round the corner, and that is when the evil spiral starts.

caligarcia

Sorry to keep you guessing. Here's my plan

The first transfer was from cahoot to &More because it is a life of balance deal of 3.9% which I worked out that I could pay off completly in 2 years. The purpose of the the Capitol one is to transer part of the debt to a 0% for 12 months with the intension of making regular substantial payments to each debt.

Sorry about the spelling folks!

Cheers

furndire

Sounds like you are well in control, good luck.