Will my plan affect my credit rating negatively ?

Olive_8

Hello, seeking advice on the below situation, I am very new to all this!

I was hoping to move £8,500 debt (5,500 on the CC & 3,000 overdraft, TSB) onto a 0% BT card, and was on Monday, accepted for a virgin money (32 months @ 0.59% fee) card, however only for a balance of £2,200 (still something!). I am wondering if I should try to open another 0% balance transfer card to cover the remaining credit card balance & my overdraft. I was thinking of going for one with a longer 0% time & a higher initial fee so that I can get a bigger credit limit - does this make sense? And can I apply for more than one credit card in the same week!?!?

I then plan to use my TSB a/c as my business account and set up a basic or current a/c with virgin money as my personal account (I have recently registered as self employed). I am determined to get my debt problem sorted !! But I feel a bit lost as how to proceed given I didn't get the full amount! Any help & advice would be so appreciated )

Olive

DCFC79

Olive_8 wrote: »

Hello, seeking advice on the below situation, I am very new to all this!

I was hoping to move £8,500 debt (5,500 on the CC & 3,000 overdraft, TSB) onto a 0% BT card, and was on Monday, accepted for a virgin money (32 months @ 0.59% fee) card, however only for a balance of £2,200 (still something!). I am wondering if I should try to open another 0% balance transfer card to cover the remaining credit card balance & my overdraft. I was thinking of going for one with a longer 0% time & a higher initial fee so that I can get a bigger credit limit - does this make sense? And can I apply for more than one credit card in the same week!?!?

I then plan to use my TSB a/c as my business account and set up a basic or current a/c with virgin money as my personal account (I have recently registered as self employed). I am determined to get my debt problem sorted !! But I feel a bit lost as how to proceed given I didn't get the full amount! Any help & advice would be so appreciated )

Olive

For business purposes your meant to use a business account, whether the bank will close the personal account if its used for business purposes I don't know, im just warning you what could happen.

Why are you in your OD ? Make sure you correct it.

Your credit rating isnt seen by lenders, your history is.

vacheron

I have just applied for five 0% BT cards with a 0% transfer fees. Three in quick succession about 5 weeks ago. Then another two cards about 2 weeks later.

I got accepted for all 5, all with about the same limit. apart from one of the first (Santander) which was about 60% of the others. I have since cancelled one card but it will still be showing on my credit report for a while.

The cards were: Tesco, Santander, Barclaycard, Virgin Money and Bank of Scotland).

So from my personal experience, and contrary to the accepted wisdom, applying for numerous previous cards has made no difference to my chance of acceptance of the later cards.

For info, the total credit limit on the 5 cards equals my gross annual income.... and I thought those silly days were supposed to be behind us!

boo_star

vacheron wrote: »

I have just applied for five 0% BT cards with a 0% transfer fees. Three in quick succession about 5 weeks ago. Then another two cards about 2 weeks later.

I got accepted for all 5, all with about the same limit. apart from one of the first (Santander) which was about 60% of the others. I have since cancelled one card but it will still be showing on my credit report for a while.

The cards were: Tesco, Santander, Barclaycard, Virgin Money and Bank of Scotland).

So from my personal experience, and contrary to the accepted wisdom, applying for numerous previous cards has made no difference to my chance of acceptance of the later cards.

For info, the total credit limit on the 5 cards equals my gross annual income.... and I thought those silly days were supposed to be behind us!

The accounts may not have shown as being opened if you did it quickly enough.

Granted the searches should be there, but they may have taken a more relaxed (and sensible) stance on this, given that every lender has different criteria and people like to shop around.

Olive_8

vacheron wrote: »

I have just applied for five 0% BT cards with a 0% transfer fees. Three in quick succession about 5 weeks ago. Then another two cards about 2 weeks later.

I got accepted for all 5, all with about the same limit. apart from one of the first (Santander) which was about 60% of the others. I have since cancelled one card but it will still be showing on my credit report for a while.

The cards were: Tesco, Santander, Barclaycard, Virgin Money and Bank of Scotland).

So from my personal experience, and contrary to the accepted wisdom, applying for numerous previous cards has made no difference to my chance of acceptance of the later cards.

For info, the total credit limit on the 5 cards equals my gross annual income.... and I thought those silly days were supposed to be behind us!

Oh my gosh thank you thank you for this reply Vacheron - I feel much more confident about applying for more until I can cover the TSB balances ! Thank you

mwarby

The credit rating is for using

As long as you don't long term increase available credit, balances and percent of credit used, the impact if any will be fairly shirt term

Olive_8

mwarby wrote: »

The credit rating is for using

As long as you don't long term increase available credit, balances and percent of credit used, the impact if any will be fairly shirt term

Thanks for this Mwarby ! So do you mean as long as I close the cards once the 0% is up or I have paid off the debt ???...