Applying for multiple cards

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  • swindiff
    swindiff Posts: 848
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    Me too lol
  • I'm struggling with your strategy here?...
  • swindiff
    swindiff Posts: 848
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    That's ok. I'm not.
  • Rock_007
    Rock_007 Posts: 65
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    edited 11 February 2017 at 10:09AM
    Hi,
    this is quite informative and cleared a lot of questions that were in my mind.
    still there are few queries i though maybe some one here might give us some useful reply....

    1) is anyone has got any idea about the CCJ(county court judgement), as my wife is looking to apply for loan near future and she has got a hearing in court next week, i understand if the CCJ comes against you and if you pay the amount with 30 days it won't affect the report, here i am a bit confused as if we pay within 30 days does the CCJ doesn't appear at all on the report or it will appear on the report and then we need to ask the court to remove it...( we are hoping to win the case but this is just in worst case scenario)
    also any idea how long after CCJ issued, it takes to appear on the credit report.
    2) is anyone have every applied for multiple application for loan ( does it work in a same way as for credit card)
    3) also i heard that doing multiple application within an hour will flag the credit agency as a fraud (i am not sure how truth is it)

    any help greatly appreciated ....
  • SuzieSue
    SuzieSue Posts: 4,095
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    Pauluss wrote: »
    to the folk here to have done the multiple applications on the same day, can i ask how bad a hit did your meaningless noddle score and clearscore went down by, was it just a blip or did it drop like a rock to the floor ?

    My credit rating on Noddle sank to very poor at one stage but is now creeping up and is between poor and fair.

    It doesn't matter as I knew I wasn't going to apply for a mortgage or any other loans in the near future
  • swindiff
    swindiff Posts: 848
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    Jut thought I would do an update almost a year on from creating my stooze pot

    My total transfer fee for all the cards I applied for was £733.60. I have been siphoning off all of the interest to a single account since I started, that account now has £1600.14 in it.

    That is a profit of £866.54. I have a couple of Nationwide savers accounts due to mature in the next month or so which should add about another £300 to the pot.

    Most of the current accounts I hold have had their interest rate cut, but they are all still returning a worthwhile amount, and the good thing is that the 0% rate on 6 of the credit cards I have does not run out until 2019, so although there was a fair sized outlay for balance transfers in the 1st year, subsequent years are all profit :)

    Assuming interest rates don't drop further I estimate that I will have cleared around £4k once all the 0% balance transfer rates come to and end. Well worth the bit of time it initially took to set up all the standing orders and direct debits.
  • edinburgher
    edinburgher Posts: 13,425
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    Were 0% BT cards less commonly available at the time, or were they just not offered to you?

    What was the percentage return on the funds stoozed? £800+ doesn't seem very impressive considering the credit card limits that you were bandying about in the OP.
  • SuzieSue
    SuzieSue Posts: 4,095
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    Were 0% BT cards less commonly available at the time, or were they just not offered to you?

    They were but they had shorter periods. I took out 6 cards at around the same time as the OP all with zero BT fees. The longest was Barclaycard which gave me 23 months. The others ranged from 12 months to 22 months with most around 18 months.
  • redux
    redux Posts: 22,976
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    First time Ive seen this thread.

    I'm a bit surprised you went for quite so much at the start, as the margins between cost and what could be achieved on savings rates would tend to narrow as you end up using the slightly less competitive ones.

    It might be interesting to come back to this in a couple of years time, when these offers have run their course, and see whether it is worth recycling it all for a bit longer, and indeed how possible.
  • edinburgher
    edinburgher Posts: 13,425
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    I've started a similar experiment, might be worth starting my own thread as I am planning a slightly different approach to OP
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