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cymruchris

sbooth42 said:

Thanks everyone but l don’t have the best credit score so lve been given very low credit limits. Is it bad to have lots of credit cards to pay it off? 

If you mean - should you apply for lots of low limit cards to cover the debt - then no - don't! You could try one more single application - and if that gets turned down - you need to focus on how to address the debt. Multiple 'HARD' searches for credit cards - as in when you have made the actual application - count as a negative on your credit file if more than a couple appear over the space of 6 months or so. It screams 'desperate for credit' which throws up the red flags and everyone says no.

binao

sbooth42 said:

Thanks everyone but l don’t have the best credit score so lve been given very low credit limits. Is it bad to have lots of credit cards to pay it off? 

Having lots of cards is self limiting to getting more.

Would you give a card to some one with several cards already.

The applicant might go on a mad spending  spree cos he/she got the sack.

As already said in my earlier  post, and by others above, times  a'changing.

[Deleted User]

binao said:

sbooth42 said:

Thanks everyone but l don’t have the best credit score so lve been given very low credit limits. Is it bad to have lots of credit cards to pay it off? 

Having lots of cards is self limiting to getting more.

Would you give a card to some one with several cards already.

The applicant might go on a mad spending  spree cos he/she got the sack.

As already said in my earlier  post, and by others above, times  a'changing.

No
Having loads of cards is only limiting based on how the card companies score you. Plenty of people on here have multiple cards. I had 3, one I had for 20 years with limit of around £5000, a Sainsbury's one with about £3000 and a Barclays BT card with about £8000 holding around £4500 of decreasing 0% balance, I applied for, and got, a new one from my current bank with around £5000 limit to use for another BT offer in December

binao

Deleted_User said:

binao said:

sbooth42 said:

Thanks everyone but l don’t have the best credit score so lve been given very low credit limits. Is it bad to have lots of credit cards to pay it off? 

Having lots of cards is self limiting to getting more.

Would you give a card to some one with several cards already.

The applicant might go on a mad spending  spree cos he/she got the sack.

As already said in my earlier  post, and by others above, times  a'changing.

No
Having loads of cards is only limiting based on how the card companies score you. Plenty of people on here have multiple cards. I had 3, one I had for 20 years with limit of around £5000, a Sainsbury's one with about £3000 and a Barclays BT card with about £8000 holding around £4500 of decreasing 0% balance, I applied for, and got, a new one from my current bank with around £5000 limit to use for another BT offer in December

 Yes.
OP said, "don't have the best  credit  score ".

I have several cards and a high score.

Looks  like your score is high. Not forgetting that the banks don't  actually use your credit score.

OPs problem is that banks change the criteria on a daily basis,  (covid), and the more he applys for cards, his chances decrease. He looks desperate.  Not good.

[Deleted User]

binao said:

Deleted_User said:

binao said:

sbooth42 said:

Thanks everyone but l don’t have the best credit score so lve been given very low credit limits. Is it bad to have lots of credit cards to pay it off? 

Having lots of cards is self limiting to getting more.

Would you give a card to some one with several cards already.

The applicant might go on a mad spending  spree cos he/she got the sack.

As already said in my earlier  post, and by others above, times  a'changing.

No
Having loads of cards is only limiting based on how the card companies score you. Plenty of people on here have multiple cards. I had 3, one I had for 20 years with limit of around £5000, a Sainsbury's one with about £3000 and a Barclays BT card with about £8000 holding around £4500 of decreasing 0% balance, I applied for, and got, a new one from my current bank with around £5000 limit to use for another BT offer in December

 Yes.
OP said, "don't have the best  credit  score ".

I have several cards and a high score.

Looks  like your score is high. Not forgetting that the banks don't  actually use your credit score.

OPs problem is that banks change the criteria on a daily basis,  (covid), and the more he applys for cards, his chances decrease. He looks desperate.  Not good.

I don't have a high score as I don't have a score at all. I think last time I looked I was middling along, perhaps above average. It's simply pointing out that it's incorrect to state that having lots of cards is self limiting, it's one factor of many

binao

cymruchris said:

sbooth42 said:

Thanks everyone but l don’t have the best credit score so lve been given very low credit limits. Is it bad to have lots of credit cards to pay it off? 

If you mean - should you apply for lots of low limit cards to cover the debt - then no - don't! You could try one more single application - and if that gets turned down - you need to focus on how to address the debt. Multiple 'HARD' searches for credit cards - as in when you have made the actual application - count as a negative on your credit file if more than a couple appear over the space of 6 months or so. It screams 'desperate for credit' which throws up the red flags and everyone says no.

Well said.

Totally agree.

The banks will / are becoming less generous and more adverse to risk.

Good look OP

sbooth42

@cymruchris
Sorry lm not very good on understanding credit cards! So if l stick to my old one and pay more than the minimum payment will my interest go down? 

[Deleted User]

The more you pay off, the less you owe, the less interest you pay..

cymruchris

sbooth42 said:

@cymruchris
Sorry lm not very good on understanding credit cards! So if l stick to my old one and pay more than the minimum payment will my interest go down? 

Yes - the quicker you get the balance down to zero - the less interest you pay. As a short term measure - and be realistic here - are there any gadgets around the house you're not using that could fetch a few £ if you sold them? Are there any boxed and new items that you've bought that you've never used? Anything you can sell that you're not using can hit the debt. You might lose a bit of value over what you paid for them - but if they've never been used - will you ever use them? Better to have £'s in the bank than stuff in the cupboards.

 Also consider all the 'packages' you're on. Do you NEED to be on the packages you have? Could you trim Sky if you had it? Could you do without Netflix for a few months? Could you change broadband provider to get on a lower package? There are lots of ways you could change a few things that might allow you to save a few pounds, and put that into your debt instead. 

The longer you leave the balance at a higher level, the more interest you will pay, and the balance will be very slow to reduce if you stick to minimum payment only. 

sbooth42

@cymruchris wow thank you yeah l was actually thinking about that last night! I have a few things that l could sell that l never use and too many clothes lol! So l guess l better start selling! Thanks for the advice 🙂