Is a second credit card advisable?

[Deleted User]

Not really.
Bankrupts get a max 999 score.
People with a 999 score also get declined a SIM contract.
People with a 300 score get a £300k+ mortgage.

Go figure

Willing2Learn

AJGuy wrote: »

Understood, but it gives the OP a good idea if her credit file is getting stronger.

The problem is that a credit score does not necessarily accurately reflect on the borrowers likelihood of successfully applying for credit.

As an example, I only have a 'fair' credit score, due to making multiple credit applications over a short period of time. Yet I am able to get credit very easily...


As another example, we have had MSE members posting that they cannot get credit when their Experian credit score is 999 (ie the maximum possible).

AJGuy

Well I’ll withdraw my sentence regarding credit score and replace it with “likelyhood of being accepted for further applications”

[Deleted User]

I’m definitely not a her, but thanks:money:

Doshwaster

It's always useful to have a spare/backup card for emergencies when you need the extra credit, when there is a problem with your main card or you lose it. Also different cards can have different uses.

My main card is a cashback one. The credit limit isn't massive but enough to cope with a normal months spending.

I then have travel credit card which I only use overseas as it has no foreign exchange loading.

I have one spare card which never leaves the house. I just keep it alive by putting my Netflix subscription on it and clearing it every month by direct debit. It has a fairly high interest rate but also the biggest credit limit of all of my cards and the one I've held the longest. It's just there for emergencies such as if I lose my wallet.

Sarahhull

Can I ask a question? My friend has an unused credit card, completely paid off. However, she's just been charged £24 for the privilege of having it. Is this a common penalty for NOT using a card? Sorry to ask this here, but I can't work out how to start a new thread....
Thanks

[Deleted User]

If she chose a card with an annual or dormancy fee, then it would be a common penalty,

If not, then it wouldn't be.

System

Doshwaster wrote: »

It's always useful to have a spare/backup card for emergencies when you need the extra credit

My concern with this is that 95% of the posts in the debt forum start with someone using credit for an "emergency". Never use credit for an emergency. That's what emergency funds are for,

Doshwaster

beany_bot wrote: »

My concern with this is that 95% of the posts in the debt forum start with someone using credit for an "emergency". Never use credit for an emergency. That's what emergency funds are for,

The emergency funds are then used to pay the credit card bill which was used to pay for the emergency. If you need to book a last-minute flight or have an unexpected car repair then it makes sense it put the immediate payment onto a credit card then transfer the money from the emergency savings fund when the bill is due.

System

Doshwaster wrote: »

The emergency funds are then used to pay the credit card bill which was used to pay for the emergency. If you need to book a last-minute flight or have an unexpected car repair then it makes sense it put the immediate payment onto a credit card then transfer the money from the emergency savings fund when the bill is due.

On paper. Yes.

But for someone needing emergency funds. That is a very dangerous and fiddly game to play.
Personally I think if someone can't afford to pay a bill or similar then put the the credit card away. Use only money you actually have.