Too many credit cards? aka "The Credit Card thread"
- Thread starter robfosters
- Start date
Moving balance around.
I pay off 100 a month and just move the rest to a new card. Sometimes you even get cashback for it
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Man of Honour
I generally always have a 0% going for stuff like car insurance now it's basically a grand a year, prefer being able to pay it monthly without taking their terrible apr
Man of Honour
Hang about, I do self assessment and don't put in anything to do with credit availability. What's it got to do with it? Is it to do with your specific employment status and potentially taking a loan against a limited company?
Man of Honour
So you just keep opening them and keep getting big credit limits, seemingly unaffected by your total available credit?
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as always, the "loyal" customers are the ones that get royally shafted
Yeah I open a new one. Go on the credit check websites and they say "guaranteed approval" so I open another.
My credit limit is over 70k!
No I don’t enter credit availability, but I’m self employed so I was just stating that as a factor.
But yeh, my available credit is silly based on the few cards I have - I was surprised that Amex initially offered me a limit of £20k and they give me an increased offer every 6 months or so!
I have RBS and I get credit reports for free. It is better than others I've used as it gives context. Right now it says to improve my score I should fix...
2 accs using over 50% of balance
Be on the electoral register for 78 months
Stop applying for credit
In the good news section it says...
AMEX open for 12 years
Significant total credit limit available
No missed payments
Only using 32% of available credit
In total I have RBS (10k), Amex (20k), BarclayCard (6k), Monzo Flex (5k), Tesco (6.3k), PayPal (£3.85k) in addition to like £670k mortgage debt, lols.
Sounds like you've been blind to a pretty significant opportunity / offers.
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Man of Honour
That's the kicker I've missed then. I shall close no longer!
Unless they're likely to be a staple 0% offerer, e.g. M&S, Tesco, MBNA. They are always on the list, so worth rinsing and closing so you can do them again in 12/18months.
My limit is 62% more than income too. Seems like between 50-70% more than income is the average
Commissario
Free stuff.
Well, nectar points. Which means free stuff. Others collect Avios or get cashback.
You get excellent buyer protection with credit cards under section 75 of the consumer act
IMO At a minimum you should have one for consumer protection when making large purchases.
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I have a perfect credit score and have done for years, don't need to be faffing around with multiple cards for that.
I'm not really a serial consumer so I suppose all these 'opportunities' are lost on me.
Daftest thing I've ever heard. Do you not buy things?
Credit score is irrelevant and impresses no one.
I used to have two about ten odd years ago but never used them not even once and when they expired I never renewed them.