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  • FIRST POST
    • WGGRACE
    • By WGGRACE 2nd Jul 18, 10:28 AM
    • 11Posts
    • 0Thanks
    WGGRACE
    Multiple MBNA cards?
    • #1
    • 2nd Jul 18, 10:28 AM
    Multiple MBNA cards? 2nd Jul 18 at 10:28 AM
    Hello there,

    I've just bought a house and am looking to get a 0% spending card to help with a few bits we need to buy. Currently waiting for experian etc to update everything to my new address so everything matches properly before I start applying for things!

    At the moment the longest 0% deal available for spending is from MBNA. I already have an MBNA card (0% balance transfer card I got when a previous 0% spend card expired). I have about 2.5k left on the card, have never missed a payment and have a big chunk of the 0% period left.

    Will this affect my chances of getting a 0% spending card with MNBA (or affect my credit limit)? Is there some way I could reduce my credit limit on the balance transfer card to increase chances of getting a decent limit on the spend card?

    Thanks in advance for your help!!
Page 1
    • zx81
    • By zx81 2nd Jul 18, 10:32 AM
    • 18,055 Posts
    • 19,272 Thanks
    zx81
    • #2
    • 2nd Jul 18, 10:32 AM
    • #2
    • 2nd Jul 18, 10:32 AM
    Lenders will take existing liabilities into account when you apply for additional credit.

    What are your total limits and debts?
    • WGGRACE
    • By WGGRACE 2nd Jul 18, 10:41 AM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    • #3
    • 2nd Jul 18, 10:41 AM
    • #3
    • 2nd Jul 18, 10:41 AM
    Mortgage 110k
    Credit card 2.5k

    That's it

    Apart from potentially some utilities but this would be under 100 total I think.

    I previously had a Halifax CC too which has now been paid in full for several months.

    Limit on the MBMNA is just over 5k (I don't need or want any of this over the 2.5k I owe them) and the limit on my Halifax card is just under 3k.

    Should I think about cancelling the Halifax CC first?
    • Penelopa.Pitstop
    • By Penelopa.Pitstop 2nd Jul 18, 10:43 AM
    • 330 Posts
    • 129 Thanks
    Penelopa.Pitstop
    • #4
    • 2nd Jul 18, 10:43 AM
    • #4
    • 2nd Jul 18, 10:43 AM
    I'm not sure you will be allowed to transfer from MBNA to MBNA unless you plan to take money transfer from new card. It's possible that MBNA will consolidate your credit limit. They did it to me, cut limit on my old card and moved rest of it to new card. I had to ask them to move the limits between the cards.

    • zx81
    • By zx81 2nd Jul 18, 10:44 AM
    • 18,055 Posts
    • 19,272 Thanks
    zx81
    • #5
    • 2nd Jul 18, 10:44 AM
    • #5
    • 2nd Jul 18, 10:44 AM
    No. Your limits are very small, so unless your income is also very low, leave them as they are.
    • WGGRACE
    • By WGGRACE 2nd Jul 18, 10:47 AM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    • #6
    • 2nd Jul 18, 10:47 AM
    • #6
    • 2nd Jul 18, 10:47 AM
    How low is very low?

    I'm in the mid to high 20s....
    • zx81
    • By zx81 2nd Jul 18, 10:49 AM
    • 18,055 Posts
    • 19,272 Thanks
    zx81
    • #7
    • 2nd Jul 18, 10:49 AM
    • #7
    • 2nd Jul 18, 10:49 AM
    That'll be high enough not to be rejected immediately on affordability.
    • WGGRACE
    • By WGGRACE 2nd Jul 18, 11:03 AM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    • #8
    • 2nd Jul 18, 11:03 AM
    • #8
    • 2nd Jul 18, 11:03 AM
    So keep the Halifax CC for now then even if I'm not using it?
    • zx81
    • By zx81 2nd Jul 18, 11:06 AM
    • 18,055 Posts
    • 19,272 Thanks
    zx81
    • #9
    • 2nd Jul 18, 11:06 AM
    • #9
    • 2nd Jul 18, 11:06 AM
    Yes. Otherwise you'll looked fairly stretched on a single card from the only lender who will trust you with credit.
    • WGGRACE
    • By WGGRACE 2nd Jul 18, 11:16 AM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    Ok, thanks for the advice!

    Worth checking as it seems a little counter-intuitive to me! One certainly doesn't feel stretched owing 2.5k with over 2.5k spare but I appreciate the lenders have a different way of looking at things

    End of the day it's good news as I should get at least something and as long as I don't miss any payments I'll be able to borrow more should I need to as I go on.

    One last question - when would you close the Halifax CC? At what point does the downside of using up my credit limit outweigh the positives of stable financial relationships/having more than 1 lender wiling to lend to me?

    The rate is rubbish now so I don't intend on ever using it - I get better rates spending on my mbna balance transfer card!
    • WGGRACE
    • By WGGRACE 2nd Aug 18, 3:33 PM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    So here I am again with a little follow up question.

    I didn't close any old cards so still owe about 2.5k on a total credit limit of over 7.5k.

    Didn't get another MBNA card in the end but a Barclaycard; which has given me a pitiful 800 credit limit which seems utterly pointless and no use for what I had planned with it. Should I ask to increase immediately or will this raise alarm bells?

    Seems an incredibly pokey limit to someone with a 6 figure mortgage and 7.5k of credit already which isn't very heavily utilised...
    • TadleyBaggie
    • By TadleyBaggie 2nd Aug 18, 10:10 PM
    • 2,860 Posts
    • 2,169 Thanks
    TadleyBaggie
    Should I ask to increase immediately or will this raise alarm bells?
    Originally posted by WGGRACE
    It's very unlikely they would be willing to increase the credit limit in the first 6 months.
    • WGGRACE
    • By WGGRACE 3rd Aug 18, 9:41 AM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    Thanks for your reply.

    Feeling a bit snookered now; what's the smartest way of increasing my 0% credit?

    Could apply for another 0% spending card but could look desperate. Would it be smart to reduce the limit on either of my existing cards (0% bal trans card and one i dont use) to increase the likelihood of a decent credit limit on the next 0% spending card? Or will i end up using too much of my available credit?

    It's an absolute minefield.

    For clarification I'm not struggling financially or anything as I have more savings than my CC debt it just makes life cheaper to keep the savings earning high interest and spend on 0% cards...
    • WGGRACE
    • By WGGRACE 9th Aug 18, 11:26 AM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    Shameless self bump.

    Applied for a MBNA 0% card and turned down.

    Apparently stuck with my poxy 800 now.
    • foxy-stoat
    • By foxy-stoat 9th Aug 18, 11:43 AM
    • 2,440 Posts
    • 1,352 Thanks
    foxy-stoat
    Shameless self bump.

    Applied for a MBNA 0% card and turned down.

    Apparently stuck with my poxy 800 now.
    Originally posted by WGGRACE
    Patience - buy your fuel and food on the barclaycard and clear it in full when the statement comes in. In 6 months apply for a higher limit, takes less than 1 minute online - you may get it increased or may not but it will be an indicator if your credit file is in better shape.

    Also, you can get the pointless credit score number online with barclays if you want, so not totally pointless.
    • WGGRACE
    • By WGGRACE 9th Aug 18, 12:18 PM
    • 11 Posts
    • 0 Thanks
    WGGRACE
    Patience.
    Originally posted by foxy-stoat
    Indeed!

    My plans for world domination currently on hold!
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