Applied for a credit card - DIdn't get the limit I wanted - Apply for another?

TheRed

Hi,

I've had a card with Barclaycard since May 2014. Limit is now £1400. Paid in full each month by DD, never late etc. Only other source of credit is a mail order account with a limit of £3,300 but a balance of 0.

No overdraft on my Santander or TSB accounts.

I'm looking to secure a low interest loan to purchase a van for work. I have the money but would rather the money in the bank earning interest etc.

So with that in mind I applied for a credit card almost 2 weeks ago and got accepted. The card's with MBNA (still haven't got the card yet, conveniently eating into the 12 months 0% period). They only gave me a limit of £1000.

MSE eligibility calc gives me a 95% chance for other purchases cards.

My questions are: Would the other lenders see my most recent application on my files immediately? And also, how much would that affect my chances applying again for another card so soon? I was thinking another Barclaycard given I have an established history with them.

john1002

Unfortunately barclaycard no longer offer more than one card anymore so only way would be to ring them and transfer your card to the one your looking at and maybe try to up your limit, it would seem you will only get a similar limit, MBNA are normally the most generous with limits so as they only gave you a small one it is unlikely you will get a higher one for your needs.

John

chuckley

nope, apply for the ones you're most eligible for in a short frame time. the more you space them out the more likely they'll show up.

mind you a new cc of a a month still isn't on my report... I applied for it 2 weeks after M&S turned me down.

TheRed

OK thought sod it, what's the worst that can happen, and applied for another card.

Went with Halifax. Didn't get the full 24 months, but 18 months and a £3000 limit will do me. Pending some mysterious final checks from Halifax.

tomxlisa

Nice one which card did you get, and did the eligibility checker give you a good chance before applying for it?.

TheRed

The 24 month 0% on transfers and purchases.

The checker gave me a 95% chance, but I think this was without my MBNA card being on my file.

They asked me what limit would I be looking for. Said 2500 and they gave me 3000.

£20.20 topcashback too.

Ebe_Scrooge

TheRed wrote: »

I have the money but would rather the money in the bank earning interest etc.

How much interest is it earning ? I'd be very surprised if the bank are paying a higher rate than what you can get a loan for. On that basis it'd be far more MSE to buy the van with the cash you've got. You can then put money back into the bank each month, equivalent to what you'd be paying on a loan, and overall you'll be up on the deal.

TheRed

Ebe_Scrooge wrote: »

How much interest is it earning ? I'd be very surprised if the bank are paying a higher rate than what you can get a loan for. On that basis it'd be far more MSE to buy the van with the cash you've got. You can then put money back into the bank each month, equivalent to what you'd be paying on a loan, and overall you'll be up on the deal.

I'm using credit cards for the borrowing. All at 0%, bar £1200 which is 0% but had a 1.9% money transfer fee.

My money is in 5% accounts and P2P lending at 4% and the like.

:money: