New cards Vs existing card deals 29 June 2019 at 8:53PM in Stoozing: free cash from credit cards 6 replies 5.2K views

stphnstevey

I have been mainly renewing existing deals as I am at max credit and don't think will get another card or as big a credit limit again. However generally paying 3% on BTs Vs no fees on new cards

Is this a poor strategy?

Should I take the risk of ending and restarting?

[Deleted User]

If you can get cheaper borrowing, you should do so. There's no such thing as absolute'max credit'.

But have a longer term strategy to clear the debt.

stphnstevey

Deleted_User wrote: »

If you can get cheaper borrowing, you should do so. There's no such thing as absolute'max credit'.

But have a longer term strategy to clear the debt.

Even at the risk of losing the high credit limit and possibly a declined application for a new card?

[Deleted User]

You won't lose the limits on any existing cards.

And if declined, you simply have a search on your file.

stphnstevey

Deleted_User wrote: »

You won't lose the limits on any existing cards.

And if declined, you simply have a search on your file.

But I have been declined new cards previously, I suspect for having too much credit available. I was even declined for a 2nd card with an existing CC.

So it seems the only way out of the spiral is to cancel a card that has no deals, reduce my existing available credit and then apply again in 3m or so

[Deleted User]

What limits and debts do you have and what's your income?

Look at the wider picture, including your three credit files, to determine the best strategy.

fwor

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