Applied for 3 CCs in a week

ChrisJ1988

Hello all,

I have often wondered what happens if you apply for multiply cards within a short time (about a week) So i did it and wanted to report what happened as others might find it useful.

Firstly my basic details so you can judge if this is useful to you or not...

Male, 28 years young, £12k outstanding CC debt with £20k available credit, £78k mortgage debt, £60k income, 550 credit score according to clearscore.com

Virgin money 0% interest on purchases 24 months - £7500 credit limit
Halifax 0% no balance transfer fre 24 months - £3500 credit limit
AA 0% no balance transfer fee 22 months (i think) - £3900 credit limit

I applied for all the cards within less than a week of each other, had no problems getting any of them. Hope this helps others wondering what they might get.

Thanks,

Chris.

[Deleted User]

A credit score means nothing, I hope you have no intention of using all that credit? If you don't what was the point? Just to prove you could? WOW

mistakehappens

Curiosity killed the cat, I guess the proverb just doesn't apply to Cats only...
ChrisJ1988-was curious to find out what happens when you apply for so 3 cards in quick succession, he applied - he got them

End of story :rotfl:

chattychappy

"Hi my name is Veronica a new member so please be kind to me"

Gives us this tone:

venison wrote: »

.. I hope you have no intention of using all that credit? If you don't what was the point? Just to prove you could? WOW

Oh dear... As for "the point"... the OP clearly didn't know all his applications would be accepted. Perhaps the OP does wish to obtain a large amount of credit and indeed has the means to pay it back. Or wants a facility in excess of his actually borrowing in order to maintain a good utilisation ratio. Perhaps a spouse or savings act as a backup. I found the OP's experience interesting. Plenty of waffle and speculation on lending decisions here, so real experience is informative.

Anyway: OP, the way it works is this. Searches get recorded instantly with the CRA, but the results of an application are not recorded at all. Once an account is opened, they are reported monthly.

So, on your second application, only the first search is shown. On your third search, on the previous 2 searches are shown. Had you spaced your applications out, then the later search(s) would have shown the accounts open in respect of the earlier search(s). Seeing more credit available may have been either positive or negative (hence waffle/speculation).

Some years ago I did a similar thing. Used the credit to finance law studies. I obtained more credit than I needed in order to have a buffer. It worked very well, though in the event I got some well paid work so the debts didn't persist for long.

ChrisJ1988

I thought people might find it interesting to see what happens and what kind of credit limit they might get should they apply for the same cards., obviously everyone already knows and doesnt care. I wont bother sharing my experiences in future. I have every intention of using "all that credit" £15k sat in my bank earning me interest is better than not.

Coveredinbees!!!!

I would spend it all too and pay it off at the end, free money in the bank.

Paul_1977

You have a good income, why not spend it.

Personally I would just save and then spend.

darkidoe

ChrisJ1988 wrote: »

I thought people might find it interesting to see what happens and what kind of credit limit they might get should they apply for the same cards., obviously everyone already knows and doesnt care. I wont bother sharing my experiences in future. I have every intention of using "all that credit" £15k sat in my bank earning me interest is better than not.

Interesting experiment. Interesting to see how credit applications doesn't follow logic once again. You will want to be careful with so much financial leverage though. Avoid falling into a hole you dug yourself.

Chrysalis

I appreciate your test, dont worry not everyone hates what you did.

Also in the era of cheap/free credit why not use it over savings?

Superscrooge

ChrisJ1988 wrote: »

I thought people might find it interesting to see what happens and what kind of credit limit they might get should they apply for the same cards., obviously everyone already knows and doesnt care. I wont bother sharing my experiences in future. I have every intention of using "all that credit" £15k sat in my bank earning me interest is better than not.

It is interesting reading other peoples experiences. So don't be put off sharing them.

I've always restricted myself to two credit applications in a month. So the fact that you applied for three credit cards in a month and got accepted for all of them is definitely of interest to me.

No_6

Used the 2 and 3 applications at once a few times and always
worked out well with good limits for 0% purchases and 0% BT's.
Just make sure you have the money to pay off when the 0% deals end.
Free money to have in good interest paying bank accounts.