Applying for a new 0% credit card

newbie5a

Hello all,


This is the second thread I have started on MSE so I hope some of you more experienced users may be able to help me.


Over the past twelve months I have been using a new credit card with a 0% interest rate on purchases (from NatWest). This is due to end in January 2013 and I would love the flexibility of having something like that again. What is the best thing to do in this case? Should I go ahead and apply for another credit card which matches or betters this offer right now or should I clear my current credit card balance first and close this card before applying for a new one? I am conscious that having lots of credit to my name may impact upon how much new credit I am given by any new card issuers - I may be wrong with this assumption but it niggles away at the back of my mind.


Any advice would be welcome - particularly if this is something other people have done before.


Some of you may have seen my first post (on the savings forum) where I discuss considering balance transferring my current credit card balance (around £3k) in order to help me save. Although I could clear this debt now, is it wise to do a balance transfer purely to help me save or am I best to wipe this debt clean now if I am able to?


Thanks

sfax

Apply for a new card now and and if you get knocked back, consider closing the account that you have or lowering the credit limit and reapplying in a few months (when your credit report is fully up to date for the changes)

The prospective lender will consider lots of factors such as your payment history, time at current address, existing credit limits, amount of debt, salary. Therefore you won't get a definitive answer in advance of an application

newbie5a

sfax wrote: »

Apply for a new card now and and if you get knocked back, consider closing the account that you have or lowering the credit limit and reapplying in a few months (when your credit report is fully up to date for the changes)

The prospective lender will consider lots of factors such as your payment history, time at current address, existing credit limits, amount of debt, salary. Therefore you won't get a definitive answer in advance of an application

Thanks very much.