How many CC applications at once?

agme28

Hi

My current credit card deals needs changing as my 0% on balance transfer and purchases expires next month. Ideally, I want one new card for 0% balance transfer and one for 0% purchases. I have just applied for an M&S credit card with 15months 0% on spending. A decision will be made within 48 hrs.

I then tried to apply for a Virgin 22 month 0% balance transfer card but was rejected straight away. Could this be due to my M&S application? How long should you wait between applying?

Thanks
Abi

Tixy

I'd think it would be unlikely be due to the M&S application (or certainly not to that alone). But without knowing more about your finances it would be difficult to say.

Who is your existing card with? presumably its not also backed by MBNA?
How much do you earn?
What is your current level of unsecured debts?

agme28

My current credit card is a Halifax one and has a balance of around £700. I also have an older Tesco Clubcard credit card with nothing on it anymore.

I am a private tenant but am currently unemployed. I have a credit account with Very which was opened within the last month. The balance on that is currently £0.

Tixy

Almost certainly the Virgin decline will be because you are unemployed.

I'd be surprised if any mainstream lender will accept you and give you a 0% deal whilst unemployed.

agme28

I have a regular guaranteed income through welfare (lone parent) - or do they not take that into account?

Tixy

Most won't, though a few might (but very unlikely for 0% cards).
Benefits are meant to be just the basic amount people need to live on, so if you already have debts then its unlikely any new potential lender will want the risk of you running up more debt with them and being unable to repay it.

KingElvis

agme28 wrote: »

I have a regular guaranteed income through welfare (lone parent) - or do they not take that into account?

Benefits and welfare are at the whim of goverment and public opinion...would you lend money based on that?

I doubt you'll find any 0% cards with no job....sorry

balmk

Have you contacted Tesco to see if they have any offers for existing customers?

agme28

balmk wrote: »

Have you contacted Tesco to see if they have any offers for existing customers?

No, what kind of deal would they be likely to offer? I have never cancelled their credit card.

koloko

deleted deleted deleted

Tixy

agme28 wrote: »

No, what kind of deal would they be likely to offer? I have never cancelled their credit card.

Phone them and ask if they have any balance transfer offers at the moment available to you as an existing customer and see what they say.
Some credit card providers will offer repeat 0% deals, or low life of balance transfers. Tesco used to often do this type of deal for existing customers with no balance on their accounts, although people are generally reporting that these have dried up a lot in the last 6months or so.

But nothing to lose by phoning to see.