any credit card whizzes here?

[Kevin Hodge]

i have an interest free credit card but the interest free period is running out in a few months, rendering it kinda useless. is there any reason not to go ahead and get another interest free card? will it screw up my "credit score", will i be denied it because i already have a card? cant seem to find info on this :|

[newbs16]

I think they usually just transfer whatever you owe on to another card.

[Kevin Hodge]

Originally Posted by biscuits

Does this help?

martain

thanks


its not so much that i need to transfer a balance, my purchases will be paid off by the time my current interest free period runs out. its just that i cant buy anything interest free in the meantime, since i'd only have a month or so to pay it up


i guess i could use the eligibility calculator thing there and if having a card already is an issue, itll show up


i always seem to think up the stupidest stuff that no answer exists for x|

[Kevin Hodge]

Its ok, i think a certain amount of telepathy would have been required to solve it


i just use it for things like...harumph. i dunno if you know this but a lot of the time when you get insurance, like house insurance or something, they actually charge you interest on your policy for the year. so if i pay it in one go on my credit card i avoid the interest payments, and can pay it back at my leisure (because paying for insurance is surely the definition of leisure)


out of interest (saying interest all the time is giving me odd brain zaps), had your crisps been paid off at a rate of 5p per month or what?

[newbs16]

You would probably be allowed two cards, or maybe the one card would be 0% on balance transfers and new purchases

[Kevin Hodge]

Originally Posted by newbs16

You would probably be allowed two cards, or maybe the one card would be 0% on balance transfers and new purchases

yeah ive been reading a bit and i do think its "ok" to have more than one but im suspicious. i dont really know what "ok" means in this context, it might mean "it would be ok but you didnt use your old card enough so attempting to get a new one will ruin your credit score forever"

stupid annoying financial robots that run the world

[José Raúl Capablanca]

I don***8217;t think it would hurt your credit rating to pay off and keep your current card and apply for a new one , having available credit that you***8217;re not using looks good in your credit file. there is a couple of good free apps to check your credit file , Noodle shows Callcredits information and Clearscore shows equifax, you would be able to gauge your chance of being accepted, but if you have an interest free deal you***8217;re credit score is probably pretty good

[Kevin Hodge]

Originally Posted by biscuits

Yes, the man on the phone told me that I'd paid it back at the time and that they wouldn't have let me get away with it for that number of years.

bollocks! thats precisely how these lizards make their money!

[Kevin Hodge]

Originally Posted by José Raúl Capablanca

I don’t think it would hurt your credit rating to pay off and keep your current card and apply for a new one , having available credit that you’re not using looks good in your credit file. there is a couple of good free apps to check your credit file , Noodle shows Callcredits information and Clearscore shows equifax, you would be able to gauge your chance of being accepted, but if you have an interest free deal you’re credit score is probably pretty good

[genovese]

Regardless of applying for a new credit card or not, check your credit score out first. You can do this for free with Noddle, Clearscore and a couple of others.

Your credit score/credit rating will impact what cards you can get and at what rates of interest. Good score means you'll get the card AND the advertised special interest rate. Poor to medium score and you'll still maybe get the card, but you won't get the special interest rate, you'll get a higher one. Piss poor credit score and you won't get the card at all and they may do a pop up on your screen of a laughing emoji

Check your credit score first, make sure its all ship shape and theres no errors on it. If theres errors get em fixed, it'll improve your score and you'll be cooool.

In your position hodgeman, yes get a new interest free card if your current one is ending. But check your credit score first, regardless.

Tomorrow, the first law of thermodynamics!

[Toxic]

I'm on about my 5th interest free credit card

I took out 2 and money transfered the lot to buy my car, I already had 2-3 going on the back burner for a holiday and some stupid shit when I was a teenager/early 20's and had no income

If you stick my name in Experian, I was still 998/1000 the other month. I dont think its a problem having a load of cards as long as you keep on top of them.

[gregarious_introvert]

It actually helps your credit score if you have more cards, as this means (as long as you don't go mad) that you're borrowing a lower percentage of the total credit available to you; should you choose to join one of the sites which shows your credit rating (Experian/Clearscore/Totallymoney/Noodle etc.), they will also show your eligibility for certain types of card.

Applying for another card will cause your rating to drop temporarily (because of the hard search) but this effect lasts only a couple of months, so in theory you could obtain a new card every three months quite easily - just don't apply for more than one at once, as this could make the CC companies suspicious of your motives. It's also worth considering PayPal credit, as any purchase of £150 per more made by that means is interest-free for 12 months (to be paid in equal instalments).

Ironically, I used to have a low credit rating because I wasn't borrowing anything - I couldn't even get a mobile telephone contract or a quarterly payment meter for gas and electricity (unless I was living somewhere which had credit meters when I moved in), but by applying for additional cards at regular intervals, I now have six credit cards, 5 bank accounts, PayPal credit and a few online accounts which offer interest-free purchases - all of which I've done in the past three years (three years ago, I had no credit cards at all) so it does seem that the more you "borrow" (I pay my balance each month, I've never paid a single penny in interest), the more credit-worthy you become.

[Kevin Hodge]

Originally Posted by gregarious_introvert

It actually helps your credit score if you have more cards, as this means (as long as you don't go mad) that you're borrowing a lower percentage of the total credit available to you; should you choose to join one of the sites which shows your credit rating (Experian/Clearscore/Totallymoney/Noodle etc.), they will also show your eligibility for certain types of card.

Applying for another card will cause your rating to drop temporarily (because of the hard search) but this effect lasts only a couple of months, so in theory you could obtain a new card every three months quite easily - just don't apply for more than one at once, as this could make the CC companies suspicious of your motives. It's also worth considering PayPal credit, as any purchase of £150 per more made by that means is interest-free for 12 months (to be paid in equal instalments).

Ironically, I used to have a low credit rating because I wasn't borrowing anything - I couldn't even get a mobile telephone contract or a quarterly payment meter for gas and electricity (unless I was living somewhere which had credit meters when I moved in), but by applying for additional cards at regular intervals, I now have six credit cards, 5 bank accounts, PayPal credit and a few online accounts which offer interest-free purchases - all of which I've done in the past three years (three years ago, I had no credit cards at all) so it does seem that the more you "borrow" (I pay my balance each month, I've never paid a single penny in interest), the more credit-worthy you become.

awesome post, cheerzzz

[Kevin Hodge]

Originally Posted by biscuits

Kevin, DON'T.

You'll make me start worrying that the bailiffs will come round to get my dirty crisp money from me. I don't want to be on a Channel Five documentary.

Oh no.. I can feel a little seed of worry begin to germinate.

lol you just called me kevin like its my name. i still get called old usernames from years ago by some people


what i mean is, although he didnt money that way from you, thats how they make money from EVRY1