Successful application, limit too low- apply for a 2nd?

Reachforthestars

Ok so I've just been approved for a virgin card 0% interest on purchases for 27 months, the limit is £3500. This is a good starting point, however I was hoping for closer to £5000, would it be likely if I applied for another card say barclaycard or mbna etc that I'd get another couple of grand? Then be able to use both the cards as needed? And will it be ok to just go ahead and do that now right after the virgin one? Thanks so much for the help.

[Deleted User]

We can't tell you. All that we can reasonably say is your chances of success are probably lower than before the Virgin application.

Reachforthestars

Ok, how come they would be lower is it because the amount of available credit I now have is higher? But it was a successful application so that should go in my favour?
I have a couple of store cards that I'm not fussed about one had a 1000 limit and the other a 4000, do you think if I canceld one or both of those that I would have more chance of getting another 0% interest card? Thanks again.

[Deleted User]

It's because they will see you are applying for credit elsewhere. They will not know whether you were successful or not - only that you are credit hungry, and therefore could present a higher risk.

If you have other credit you don't need, then close it and perhaps give it a few months.

Reachforthestars

Ok, I've seen others mention on here about applying for a few in succession- due to the fact they will be unable to see the other application been so close together, had seen others had done this but wanted to check others opinions before doing anything rash. thank you

Ben8282

Reachforthestars wrote: »

Ok, I've seen others mention on here about applying for a few in succession- due to the fact they will be unable to see the other application been so close together, had seen others had done this but wanted to check others opinions before doing anything rash. thank you

I think lenders are getting wise to this.
Here is a quote from an e-mail received immediately after a successful application:


[FONT=Arial, Helvetica, sans-serif]We're processing your application [/FONT]
[FONT=Arial, Helvetica, sans-serif]Your application reference number is: xxxxxxxxxxx[/FONT]
[FONT=Arial, Helvetica, sans-serif]Thank you for applying for one of our credit cards. [/FONT]
[FONT=Arial, Helvetica, sans-serif]We just wanted to confirm that we'll now start processing your application and we'll contact you in 2-4 working days with a decision. There's nothing more for you to do as we'll take care of everything. [/FONT]
[FONT=Arial, Helvetica, sans-serif]Please don't apply for another card while you wait to hear from us as we won't be able to process your application. [/FONT]
[FONT=Arial, Helvetica, sans-serif]Yours sincerely, [/FONT]

GingerBob_3

"Please don't apply for another card while you wait to hear from us as we won't be able to process your application. "


Does that mean "another card with us" or "another card with anyone" ?

Ben8282

GingerBob wrote: »

"Please don't apply for another card while you wait to hear from us as we won't be able to process your application. "


Does that mean "another card with us" or "another card with anyone" ?

I assumed 'another card with anyone'. Although this e-mail mentions getting back to me with a decision, I already knew that the application had been successful and had been informed of the (generous as it happens) estimated credit limit before I received this e-mail. It would make very little sense for me to have gone ahead and applied for a second card with the same provider at that point.

I would add that no additional credit search was made so just how they would have found out if I had applied elsewhere I don't know. But anyway I didn't.

YorkshireBoy

Reachforthestars wrote: »

I have a couple of store cards that I'm not fussed about one had a 1000 limit and the other a 4000, do you think if I canceld one or both of those that I would have more chance of getting another 0% interest card? Thanks again.

Some advice. You seem to be posting many loosely related questions in new threads.

For example, I told you earlier today that your Argos card zero balance might not be showing for at least a month, and maybe 2-3 months. If you'd have said earlier today you also had another £4K storecard, and wanted £5K on the new credit card, then people may have asked your income and possibly suggested a different route.

You'd be far better posting up your situation in full, ie what the plan is, what your current debt is, what your total available credit is...all in one place.

That way you'd be able to take in all the advice and formulate a plan. For example, you'd have been better banging in 2 applications within seconds of each other today...just in case the first wasn't offering a high enough limit...and hoping the second couldn't see the first's search. This is a technique I've used many times successfully at the height of my stoozing activities, sometimes submitting 4 or 5 applications within seconds of each other...and getting them all.

Reachforthestars

Sorry about the multiple posts, I'm literally asking for advice as I'm going along, I see what your saying. Made new posts thinking I'd get relevant replies. I really do appreciate the help.

Reachforthestars

On clearacore it states my total credit is £9300 this is a combination of store cards/PayPal. States I have £272 to pay, but I've paid Argos £114 and payment for currys and PayPal nit showing yet from last month. So in reality it's more like £70 outstanding. I've cancled dortothy Perkins card which is £1000 which obv won't show yet, I was going to keep the debhenams card with £4000 as I may be able to get bridesmaids dresses from there, they often have offers for 0% interest for so many months with certain amounts spent- I'd have to check.
Accepted to virgin tonight for £3500 after yesterday and all day today researching. Ideally I'd of liked closer to £5000 a little more would be a bonus to fall back on. It is for our wedding, this can be paid back within 6-12 months, liking the extra time some cc are offering as a back up.

My income is £20289 part time employment, my partners is £31000, we have a mortgage for £496 a month and 2 children.

Not sure whether to try and go for another now or leave it a few months, I'd would like to know where I stand with how much I'm able to spend/how much I have to fall back on where our savings don't manage to cover.
But might be best to wait a few months before trying again, it's tempting to apply again now but want to be careful about this.

What's the worst that can happen with a second application though now, get declined- effecting credit score, then I would leave it a good few months, get accepted maybe a low limit but should be enough to bump it up with the other cc. Or leave it and reapply in a couple of months with a similar scenario? My credit score obtained off the check on here is 998 and affordability good. Clearscore 493/700.