One or two banks? ...

FishrT

Hi all,
I was wondering if anyone could help me out with this decision.
My credit card is not with my main bank. My main bank is offering me a balance transfer deal. Should I take it? If yes, what will happen to my existing credit card? What should I do with it? If no, why?
*Note: Both banks are well established and the card is not a low rating kind of thing. Disregard what the deal might include. My question is mainly focused on the impact on my score if I do this.

PeacefulWaters

I had eight credit cards at the last count.

You can never have too many back ups. Unless you're prone to building up debts.

System

FishrT wrote: »

Hi all,
I was wondering if anyone could help me out with this decision.
My credit card is not with my main bank. My main bank is offering me a balance transfer deal. Should I take it? If yes, what will happen to my existing credit card? What should I do with it? If no, why?
*Note: Both banks are well established and the card is not a low rating kind of thing. Disregard what the deal might include. My question is mainly focused on the impact on my score if I do this.

Everybody should have at least two current accounts and two credit cards!

A4445

I have numerous cards and 2 bank accounts :rotfl::rotfl:

tempus_fugit

At the last count I had 9 current accounts, several saver accounts and 4 credit cards.

Ben8282

FishrT wrote: »

. My question is mainly focused on the impact on my score if I do this.

What impact do you imagine it will have on your score?
Best thing for you is to continue to pay interest on your balance in case your score drops a point or two when you take out the new card. Better to protect your score than save the interest.

firely2327

FishrT wrote: »

Hi all,
My main bank is offering me a balance transfer deal. Should I take it? If yes, what will happen to my existing credit card? What should I do with it? If no, why?
QUOTE]


I would say take it if the interest you'd pay is lower than the card you currently have, a no-brainer. If you have debt built up and don't pay off your full balance monthly, then I personally would be tempted to ditch the old one then, to avoid temptation of building up even more on another card. Otherwise holding on to it doesn't seem like a bad idea; good to have a backup.

FishrT wrote: »

Hi all,
My question is mainly focused on the impact on my score if I do this.

I don't know what impact having multiple cards would have on your score, sorry!

wiseonesomeofthetime

Ben8282 wrote: »

What impact do you imagine it will have on your score?
Best thing for you is to continue to pay interest on your balance in case your score drops a point or two when you take out the new card. Better to protect your score than save the interest.

Careful. OP may not detect your sarcasm and take it as actual advice lol.


Many still don't get the fact that credit scores are fictional.


Mine are rated as poor, but I don't care.


I know it's because of switching banks numerous times for offers and for the numerous credit cards applied and accepted for in my stoozing portfolio. I'm good now for two years, so the CRAs may increase my fictional score by then. Who knows, or cares?

wiseonesomeofthetime

FishrT wrote: »

My question is mainly focused on the impact on my score if I do this.

Don't worry about your fictional score.


Focus on your credit history and utilisation.


Multiple cards should not affect your rating if managed correctly.


If on promotional rate I make minimum payment plus £1 to avoid marker.


If not on promotional rate, I pay off IN FULL.


I currently have six active credit cards. Three on promotional rates.


Instead of paying those promotional cards in full, I place money in interest bearing accounts for my benefit. Not major money, but all helps.


Per previous advice, look for the card whose rate is right FOR YOU.


Good luck.