How many credit cards can you apply for?

sinofrench26

So I applied for a MBNA credit card on 21st march and they took away the promotional balance transfer which is fine.  But I thought I had 18 months on purchases at 0% but now they are stating its a standard rate of 20.93% p.a.  I decided to pay off the balance to avoid any interest added.  But I need a credit card that has 0% on the purchases for a year so I can get a car/add a deposit and pay off slowly.  I don't have any other debt but worried its only been 4 months since I applied for MBNA?  I also, applied for car finance today and it was approved but I need the deposit of only £1500.

Can I apply for another credit card as I found one which has 0% on shopping for 20 months ?  Or will it hurt my credit score?  

D3xt3r5L4b

You can apply yes. Or save up and wait. 

sinofrench26

D3xt3r5L4b said:

You can apply yes. Or save up and wait. 

So it won't hurt my credit score?  
Also when a credit card says 0% on shopping for 20 months.  That means I can use that card to pay the car deposit then have 20 months to pay it off?

sinofrench26

sinofrench26 said:

D3xt3r5L4b said:

You can apply yes. Or save up and wait. 

So it won't hurt my credit score?  
Also when a credit card says 0% on shopping for 20 months.  That means I can use that card to pay the car deposit then have 20 months to pay it off?

Can I apply for it tonight?  Or should I wait until tomorrow as the car finance was today who did a credit check?

D3xt3r5L4b

Your credit score isn’t used in any lending decisions so that’s irrelevant. For what it’s worth it will probably drop due to the applications but it doesn’t matter. 

sinofrench26

D3xt3r5L4b said:

Your credit score isn’t used in any lending decisions so that’s irrelevant. For what it’s worth it will probably drop due to the applications but it doesn’t matter. 

Why is that?  Is it because I don't have any further debt on any credit cards currently?  Or after my credit will recover?  Or the drop insignificant that its not worth worrying about?

D3xt3r5L4b

Why is what?
It will drop due to the searches and when the accounts are opened as “credit scores” react negatively to changes.

But like I said it’s irrelevant anyway as NO ONE sees the fairytale numbers and ratings but you. 

sinofrench26

Thank you ☺️ 

MalMonroe

Why don't you do a 'soft search' here on the MSE site? At the right hand side there's a list of things you can check, loans and credit cards eligibility. It's easy to do a quick check. 

As everyone always says on here, your credit score means nothing as no lenders can see it. And you will find that scores can differ widely anyway, depending on which credit agency you look at - Experian, Totally Money, Clearscore, etc. 

If you want to apply for a credit card, then all hard searches will be recorded on your credit report. It doesn't really matter if you do it tonight or not. The car loan you've applied for will be on your credit report and then any credit card you apply for also.  Waiting a day won't affect anything.

It sounds like you are a good payer so I don't see any problem with a credit report. You took out an MBNA credit card and paid it off. You didn't fall behind with payments. There doesn't seem to be a problem here.

If the card says zero percent for twenty months when you use it for purchases, then that's exactly what will happen. I don't understand how MBNA is allowed to retract an offer once it's started. 
 
Seems like you'll be fine, go for it!

PS paying the deposit on a credit card is sensible because if anything goes wrong you will be able to make a claim under Section 75. 

coachman12

Entirely agree with all that Mal said above. You have a good record. Go for another card, especially as 4 Banks are currently offering 0% interest for  25-28 months ( which is better than the 1 year you mentioned in your post). Good luck.

floppydisk1

Once you get say 4 cards ( or hard searches ) recorded on your credit file, slow down a little as lenders might interpret it like you are desperate for credit. Apply for any  0 %  purchase card that offer longest period you can get ( try lenders own website eligibility checker - that is a soft search- one that other lenders can't see  - and apply for one with the highest probability of being accepted), once you get what you need and want, avoid more hard searches for few months as you might know exactly what you are doing but every lender can interpret your credit file data in a different way and you might be refused any future credit facilities  if there are too many searches in a short time. Couple of credit card searches, mobile phone or insurance companies in space of 2 - 3 or 6  months   - that's ok and by no means excessive, applying for say 8 credit cards and 2 loans in a space of 6 weeks will definitely put a dent in your credit file