Multiple BT Cards?

Hi all,

I've recently accrued a sizeable debt after an aborted relocation attempt.
I got a job in Maidenhead which came with a sizeable increase in salary.
My wife and I moved our two kids down into a rented house with the plans of renting out our house back in Scotland.
However, as we had the help to buy on our home, we weren't able to rent it.
So we moved back to Scotland and I commute down for my shift rotation and stay in a cheap room.
Unfortunately, we now have ~£10k credit card debt and a £15k Zopa loan.

I'm currently able to service the minimum payments on everything but I'm paying almost £150 pcm on interest on the card debt.

I'd like to do a BT on that debt but I don't think I can get a single card with a sufficient balance to move it to. Can you get more than one BT card and what are the pitfalls in that in terms of your credit score etc?

Thanks in advance. :)

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    You can apply for as many cards as you want. Your acceptance level will depend on your credit history and circumstances.

    Your credit score isn't a factor used by lenders.
  • So should I just start looking at the eligibility calculators and start applying?
    I thought any refusals would hit my credit file and impact my ability to apply for more credit?
  • Voyager2002
    Voyager2002 Posts: 15,244
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    airchie2 wrote: »
    So should I just start looking at the eligibility calculators and start applying?
    I thought any refusals would hit my credit file and impact my ability to apply for more credit?


    Indeed. If the calculator indicates that you have a low chance of getting any particular card, do not apply for it. Some card issuers (NatWest for instance) allow you to enter the information that you would use for an application and indicate whether or not they are likely to accept you, again without you actually having to apply and so getting a 'hard search' on your credit record.

    You should also be aware that once you have some cards, with some money available, you will be seen as a greater risk and so your chances of acceptance will decline. I have attempted to obtain many interest-free BT cards for a significant debt (unlike you, I was able to start getting the cards before spending the money). After getting a couple of cards I applied for the Nationwide 'Select' credit card, and since I have banked with Nationwide for a long time they gave me a credit limit of 6,500. Immediately I found that I could not get any more cards, while some existing cards reduced my credit limit. Fortunately this was only a temporary effect, and now I have found it possible to get some credit limits increased.
  • 18cc
    18cc Posts: 2,120 Forumite
    If all else fails another avenue to explore might be to get a personal loan from your bank or elsewhere if you are able to

    you will find probably that the interest rate is significantly less than that on your credit card
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