New cards Vs existing card deals
stphnstevey
Posts: 3,224 Forumite
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?
Is this a poor strategy?
Should I take the risk of ending and restarting?
0
Comments
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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.0 -
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?0 -
You won't lose the limits on any existing cards.
And if declined, you simply have a search on your file.0 -
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 so0 -
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.0 -
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