How soon to apply for another mbna card?

Maestro.

Hi all, quick question. I recently applied for and successfully obtained an mbna fluid credit card. I applied for it because I needed to transfer a balance off my BOS credit card which currently sits at quite a high APR (23.9) and isn't long off finishing the 0% purchases period.

My long term goal, ever since I started building credit with a vanquis card, is to acquire an amazon card as I have worked out I could rack up between £20-30 per year in vouchers which would be nice to have at Christmas time. My question is, how soon is too soon when it comes to applying for the amazon card. I only applied for the fluid card about a month ago, and I'd rather wait than flunk a credit check.

geekonthepc

It's not only timing but also how much credit you're now in reach of. What are your credit limits on your existing cards, and how does that proportion to your income?

Obviously timing is a big factor - I would always personally leave at least 3 months between applications regardless of whether I was successful or not. You want to at least see the accepted fluid card on your credit report - my reason being is because you want lenders to see you were accepted for the card you applied for.

I'm also thinking credit limit : income as lenders will start to get put off if your credit limits are high compared to what you bring in (they may question why you need the credit).

Simple answer to your question is at least 3 months in my opinion (or, at the very least, not until the Fluid card is showing as active on your report).

guesswho2000

Seems a bit soon, especially if Fluid was your first MBNA product - they'll probably want to build up some history first.

I took out the MBNA platinum in October and was approved for the AAdvantage Amex/Visa last week with a similar limit, so seven month gap. I expect most lenders would want to see at least six, though I did have a Virgin card prior to these (with flawless history, albeit closed a few years ago now).

Maestro.

I earn 18k a year and have a total of 7,250 available credit across products (that actually seems an awfully big number now I add it up) - I am only using about £1355 of that at the moment which is at 0%. Overdraft is virtually never used, and when it is, it's very brief.

I think I will leave it then, probably apply closer to Christmas.

[Deleted User]

Yu cold always ask mbna to convert your current card to an Amazon one.

StuC75

If you open another account, MBNA are likely to split your credit limit between the accounts (maybe with a little extra?) since they will have scored you and determined there balance to you on initial application.

I know this because when I just had the MBNA Platinum card and applied for the Virgin card, they called to check why was wanting another account - in my case to keep balance transfers and regular spending separate \ use alternative to keep offers coming.. They were fine with this and just slightly reduced the Credit limit on the first account... Just to clarify cannot move balances between accounts - but that suits my strategy fine..

guesswho2000

StuC75 wrote: »

If you open another account, MBNA are likely to split your credit limit between the accounts (maybe with a little extra?) since they will have scored you and determined there balance to you on initial application.

I know this because when I just had the MBNA Platinum card and applied for the Virgin card, they called to check why was wanting another account - in my case to keep balance transfers and regular spending separate \ use alternative to keep offers coming.. They were fine with this and just slightly reduced the Credit limit on the first account... Just to clarify cannot move balances between accounts - but that suits my strategy fine..

Indeed, and another strategy reported by some is that, if you're declined, calling them up and offering to reduce the limit on one sometimes leads to an accept, though I can't confirm this myself.

geekonthepc

Maestro. wrote: »

I earn 18k a year and have a total of 7,250 available credit across products (that actually seems an awfully big number now I add it up) - I am only using about £1355 of that at the moment which is at 0%. Overdraft is virtually never used, and when it is, it's very brief.

I think I will leave it then, probably apply closer to Christmas.

Yeah I'd say that is fairly high for most people - I wouldn't want to have any more than 50% of my annual income available in credit, just seems too much of a trap to fall into.

They may or may not accept you, but to be honest I'd say your limit is high enough compared to your income. Just my opinion though

Maestro.

It's not that I want more credit its just that having the amazon card will make me a small amount of money per year. When the time comes I might call my other providers and have them reduce my available credit, particularly mbna. I agree the amount is quite high, i admit i "forgot" quite how high as i just don't use most of it. I'd rather not close other accounts if i can help it as having more than one card can be favourable in case of emergency, for good history etc.

StuC75 - your aim with separate cards was basically the same as mine re balance transfers /spending. I have no intention of getting into debt etc.