Applying for multiple cards

1456810

Comments

  • The_Urbanite
    The_Urbanite Posts: 359 Forumite
    First Anniversary First Post
    SuzieSue wrote: »
    It depends how much you earn. You have a lot of credit already so you are less likely to get high credit limits on future applications.

    Those are the tip of the iceberg - got a fair amount more on other airline/hotel points credit cards. I'll give it a go and hope not to get a flurry of rejections!
  • SuzieSue
    SuzieSue Posts: 4,096 Forumite
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Those are the tip of the iceberg - got a fair amount more on other airline/hotel points credit cards. I'll give it a go and hope not to get a flurry of rejections!

    I would reduce the credit limits of any cards you don't use much and wait a couple of months and then apply for more cards.

    Have you checked your credit rating on Noddle or Experian (you get free access to your Experian rating if you have a Barclaycard)?

    I got slightly less credit than you did on your 0% purchase cards but my credit ratings on Noddle and Experian went down to poor. I also had other cards for points with quite high credit limits.
  • Any updates to this thread, seems to have gone quite- I am looking to do a multiple apps in a month or so and would like anyone to post up their experiances as other previous posters have done......
  • SuzieSue
    SuzieSue Posts: 4,096 Forumite
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Any updates to this thread, seems to have gone quite- I am looking to do a multiple apps in a month or so and would like anyone to post up their experiances as other previous posters have done......

    Further to my earlier post (#34) last year, my husband applied for 6 0% BT cards all on the same day a few weeks ago and was accepted for all of them most with decent credit limits (between £5k and £12k).
  • Sad_Dad
    Sad_Dad Posts: 878 Forumite
    First Anniversary Name Dropper First Post
    I applied for 8 cards today for my wife who is a 'homemaker' with a small income. I used the MSE eligibility checker to select the cards she was most likely to be accepted with.

    One instant rejection from the Post Office.
    Waiting to hear from M&S, Sainsburys (3k estimated CL) and Barclays (she already has a card with them with 8.5k CL so I'm hoping she is accepted and we can merge the limits).
    Accepted for Tesco, Halifax, Bank of Scotland and Santander (she has current accounts with all 4 of these).
    Halifax credit limit is £2200 whereas Bank of Scotland have given her £5500 even though the application form/questions are exactly the same. The higher BoS limit could be because she has 3 vantage accounts that have had high average balances until recently.
  • Mogley
    Mogley Posts: 250 Forumite
    I have applied for quite a bit of credit in the last few months and so my experience of credit card applications is as follows:
    up to 11/04/17 - no credit cards. My previous credit included a bank loan for £5.5k paid in full. Credit at the time included HP car finance £8.5k, furniture finance £360 and joint mortgage £700/month (£132k). I have a financial association with my OH who has credit and store cards that are paid in full.
    On 11/04/17 - Two credit card applications
    MBNA - 0% purchases for 29months. £7.5k limit. To be used for slow stooze.
    Virgin - 0% on money transfer for 32months. £8.3k limit 2.5% fee. To be used to pay car finance.
    I was surprised at these limits for my first applications.

    07/07/17 - A money transfer offer came in from my MBNA card, 0 fee , 4.9%APR. I decided to apply for Balance transfer cards to quickly build a stooze pot.
    Tesco BT Card - 0% zero fee for 24months. £8.1k limit.
    11/07/17
    Barclaycard BT - 0% zero fee for 24months. £11k limit.
    12/07/17
    Halifax BT - 0% zero fee for 14 months. £2.4k limit.
    This was advertised/promoted at 27 months but they offered me the reduced promotional period. I saw this as a warning about applying for any further credit.
    18/07/17 - I bank with Co-op and thought I would stand a good chance so....
    Co-op BT - 0% with 1% fee for 24 months. £7.5k limit

    Total credit limit = £44.5k
    Balance on all cards (today) = £32.1k
    Salary = £48k/yr

    I shall wait and see how this effects my credit profile however I am not planning on applying for any major loans or re-mortgaging in the next couple of years for it to cause too much concern.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
  • ben166
    ben166 Posts: 11 Forumite
    Hi Suzie

    Long-time to reply, but finally here it is.

    My credit score dropped to very poor a month after applying for them all, but now (1 year on) is back to good!

    I have tried to reduce sombre of the balances abit to around 70pc credit utilisation, that helped boat my score.

    Still sitting on 40k of stoozed cash earning between 2 and 5pc.

    Once I've closed a couple of the other cards and paid down and my score is excellent again, i will repeat the application splurge.
  • swindiff
    swindiff Posts: 863 Forumite
    Name Dropper First Anniversary First Post Newshound!
    After starting this thread off with over £50k stooze pot it is now pretty much all paid off, just £4k left for another 2 years. As I paid them off it just wasn't worth the effort trying to do it again due to the reduced interest rates on all my accounts and the reduction in duration for the 0% BT cards.
    If interest rates go back up and Cards get better again I will probably give it another go in the future, but at this moment in time it does not seem worth it to me.
  • MallyGirl
    MallyGirl Posts: 6,611 Senior Ambassador
    Photogenic First Anniversary Name Dropper First Post
    I am the same - down to £20k from £80k. A couple of years 0% left to run and then I will be done - the offers just aren't there in the same way
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • I have to read you services briefly that is more informative for me. This would helped me a lot. i would be awared for your new updates. Thanks alot.
    Research your options and apply for the one card that best suits your needs, and for which the odds are greatest that you will be approved. Dear Darryl, It is generally not a good practice to apply for multiple credit cards at the same time, if you care about your credit score
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.8K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards