How many credit cards is too much?

Herbalus

I have 3 credit cards totalling £14k limits. Utilisation is close to full on all so roughly £13.5k outstanding (house renovations). I pay just over the minimum payments each month as they're all 0% and I have the money in the usual 'savings' accounts, so no affordability issues.

Now they're all full I have had to start using a debit card, which I normally only use for cash withdrawals as my current account pays interest. Nationwide just rejected my application for a new 0% CC, so perhaps my file looks a bit stressed with 96% of credit utilised! Any experience from you all about lenders who might still be willing to offer another 0% card?

My cards are Santander 123, Post Office, and Halifax. Salary is £30k.

chattychappy

Perhaps your income relative to your outstanding balance is the main issue.

As for number of cards, I have 9 or 10. Probably only half are being used. 2 are on BT/purchase deals, 3 or 4 I use occasionally or for specific purposes.

YorkshireBoy

My utilisation isn't as high as yours (although my [stoozing] debt is nearly 3 times yours!), but the total limit on my 9 cards was well over twice my salary.

I threw in a speculative Barclaycard application recently (fee-free 0% BT) and was surprised to be given a £12K limit.

If they have a decent 0% on purchases card maybe give them a try?

[Deleted User]

Perhaps paying just over the minimum each month is the problem, increase the payment on them all by £50 a month over the min. then re-apply in a few months time

Chrysalis

YorkshireBoy wrote: »

My utilisation isn't as high as yours (although my [stoozing] debt is nearly 3 times yours!), but the total limit on my 9 cards was well over twice my salary.

I threw in a speculative Barclaycard application recently (fee-free 0% BT) and was surprised to be given a £12K limit.

If they have a decent 0% on purchases card maybe give them a try?

thats interesting given they dont even offer a fee free card on their website.

I see now there is choice of many cards, I just applied now for fun and also got approved, no idea of limit tho.

YorkshireBoy

Chrysalis wrote: »

thats interesting given they dont even offer a fee free card on their website.

Not sure where you're looking, but try here...

https://www.barclaycard.co.uk/personal/credit-cards/platinum-low-fee-balance-transfer

I first found out about it on this very website...

http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#nofees

Chrysalis

yeah after I did the pre check it showed me various different cards and i seen the one's with 0 fee. On all the cards I had 9.5/10 chance of success.

Although I ended up picking the one with 0.45% fee which is still really low as it offered longer balance transfer period and 0% purchases.

Its been accepted but I dont know the limit yet.

Chrysalis

I dont know yet if I have the full 0% interest period (card I applied for says they shorten it for some applicants), the limit is disappointing only 3.5k. Was expecting higher for some reason.

swindiff

Shame Barclaycard want a payment of 2.25% per month

YorkshireBoy

swindiff wrote: »

Shame Barclaycard want a payment of 2.25% per month

In my case above, some of the Barclaycard limit was used to settle a balance on a Sainsbury's card, who also want 2.25%.

It's all free money though!

adindas

I already have Barclay Platinum. I just tried the MSE checker and I have got the chance 95% to be accepted on 0% BT card ?

Does Barclay allow people to apply the second creditcard, any opinion and especially persona; experience will be very much appreciated ...