Multiple applications

amstel2

Hello

I owe aprox £4.5K over 2 cards. I am paying them down & pay more than the min every month I have never missed a pymt. However, they are high interest & I would like to Trans the balances to a long term 0% card.

I have read several posts saying it is best to close the existing cards first. However, what if I am still turned down & then have no card at all (as I like to have one at least for emergencies).

I have also read that making too many applications in a short time can also harm your chances of getting a new card. So what I was thinking of doing was making 2 or 3 applications on the same day, one after another. Will the providers see these multiple applications immediately? I was thinking this would give me a better chance, obviously if I got multiple acceptances I would take the best one & decline the others. Also I thought if I could only get the £4.5K trans over more than one call I would be able to do this. Has anyone tried this?

Thanks

redcard

You can't close a card that has a balance on it :doh:

Don't see there being a problem applying for 2-3 cards on the same day, thought might make you look a b it desperate.

Though chances are if you're struggling to pay off £4.5K then any cards you'll be offered will have low limits due to affordability.

amstel2

redcard wrote: »

You can't close a card that has a balance on it :doh:

Don't see there being a problem applying for 2-3 cards on the same day, thought might make you look a b it desperate.

Though chances are if you're struggling to pay off £4.5K then any cards you'll be offered will have low limits due to affordability.

Not having a problem repaying but the interest rates are high. Ijust want to change the debt to interest free & save some money & repay quicker.

I thought you could close an a/c as long as you keep up the payments.

Thanks

bigadaj

amstel2 wrote: »

Not having a problem repaying but the interest rates are high. Ijust want to change the debt to interest free & save some money & repay quicker.

I thought you could close an a/c as long as you keep up the payments.

Thanks

You can't close the card, you can refuse an increase to your interest rate which you'll then continue to pay off the balance at your old interest rate.

Doing multiple applications close together makes you look desperate, make one application and see how you get on. If you're successful then use that even if it's a low limit to transfer some to 0%, meaning you can pay off the interest carrying debt more quickly.

JKSandy

Credit searches appear instantly so subsequent lenders you apply to will see them.

Maybe worth doing the MSE legibility checker first to see your chances, applying on a Sunday will likely be a referral with some CC companies rather than an instant decision.

eskbanker

JKSandy wrote: »

Maybe worth doing the MSE legibility checker first

Tried that but couldn't read it!

noh

JKSandy wrote: »

Credit searches appear instantly so subsequent lenders you apply to will see them.

Maybe worth doing the MSE legibility checker first to see your chances, applying on a Sunday will likely be a referral with some CC companies rather than an instant decision.

They may see the searches but they will not yet see the available credit if an application has been successful.
I have previously successfully applied for 5 credit cards online one after the other.

JKSandy

eskbanker wrote: »

Tried that but couldn't read it!

lol damn auto correct, damn it to hell.

DebtFree14_2

The OP needs to remember that even if accepted for a CC you are not necessarily told the limit straight away. You may only get offered 1000 for example. If you apply for 3 on one day and don't get any or you get all 3, Which I'm not so sure you would turn down it will have a severe affect on your credit profile.

My advice to you would be to pay one card off. Then ring the card supplier and ask for a special 0% rate on a balance transfer. Then transfer the other card to one you just paid off at the special rate. I do this quite often and its good at chiseling away at your balance whilst benefiting from 0%