declined for 0% card, should i apply for another?

kernowbeetle

Hi,

I had £4500 on barclaycard and £4000 on tesco credit card both now ended the 0% and gone up to 17-18% apr.

I wanted to transfer one or both to a different 0% card so applied for virgin money but was refused (despite high eligibility on the MSE calc).

Around about the same time barclacard offered me 0% BT until august next year so I transferred over the tesco debt to that.

Question is, I still have the £4500 on barclaycard which isn't on 0% - would it be worth applying for a different 0% card or will it affect my credit rating badly enough that I should wait another 6 months and put up with the additional interest?

Thanks

[Deleted User]

You could try one more. But I'd stop after that.

HappyMJ

I apply for cards every 3 months. You could apply for another one straight away if you want. Just applying will affect your credit rating already so you may as well try again now and see. If refused for the second time wait 3 months. Check your credit report make sure it's all okay.

Nasqueron

You need to post your (approx) income and available credit plus any other debts and then people can give you a better idea of whether you are likely to get any more credit . While it's not a 100% rule, if you have debt of say 50% or more of your income then they may be more reluctant to offer you especially as you haven't been able to clear these 0% deals in time.

Assuming you have around £8500 of debt (with 0% on £4000 of it) then you should close the Tesco card (they might offer you a BT when you try and close), wait a month or two for the agencies to update and then try again so you have less credit exposure

Anthorn

Let's forget about applications and concentrate on credit searches. The rule is a max of two in six months. But credit searches are not the whole story: There is also the percentage of available credit used and the length of accounts. If you're constantly chopping and changing rolling credit and bank accounts or maxing out your cards that could spell disaster. But I'd say if in doubt go for it.