Trying to shift MBNA balance

rosiedee

Hi,
I'm trying to shift an MBNA balance which is currently at 19.9%. I've applied for and got three new cards recently all at 0% for varying times, none have got a great credit limit, all below £1000, but hey, every little helps. I'm now down to £2200 on MBNA. Have just applied for a Tesco card at 0% online, it said couldn't give immediate decision and would contact me within the next 10 days. My question is if my application is declined should I refrain from applying for any more cards for a while?

GeorgeUK

You can usually apply for 3 cards within a 6 month period before your credit score is adversley affected. Having alot of requests for credit is a short space of time will show you as a possible bad risk as you are requesting alot of credit.

Definately no more cards for 6 months in my opinion.

Salary etc is also taken into account but definately no more credit applications. Mobile phone contracts and even requesting a catalogue can add a credit check to your history so please be careful.

rosiedee

Thanks for your reply George

CannyJock

On the flip side of the argument, I got 5 new cards in January and 3 in February to build up my stooze deck, so it can be done against the general recommendations.

If you're only credit requirements are to sort out existing debt then I'd be tempted to apply to get the balance of your MBNA card all on 0%. Then keep your MBNA card at nil balance and don't cut it up. If you've not paid off the other cards by the time their 0% periods are up, call MBNA and ask them for a new 0% offer and balance transfer the debt back to MBNA.

Look at the list of card issuers on www.stoozing.com/issuers and make sure that you apply to different providers. You're not guaranteed to get any of course, but I'd say it's worth a shot.

rosiedee

Thanks for your reply CJ.

Moggles_2

Originally Posted by rosiedee
If my application is declined, should I refrain from applying for any more cards for a while?

Well, it depends how many credit cards you have active in addition to the MBNA card and the three you've just applied for.

Tesco is not known to score harshly so, if you do get turned down, it may be time to call it a day for a bit.

The fact that three lenders have handed you credit limits of under £1000 suggests that your total exposure to debt in relation to your income is cause for concern.