Quick credit card advice

Shadowness · 23 Jan 2018 at 14:02

Just a quick question as to what to do in my situation.....

At the moment, I have 3 main credit cards. (not including a company card in my name too).

All of them are paid off, or have so little on them, I could pay them off now if needed.

I wish to make a relatively large purchase, that is within the credit limit of one of my cards, but.....I would like to pay it back over a longer period of time, interest free.

So, is it bad to apply for a new card, that comes with 2 year interest free on purchases etc, when I have a few cards already?

Can you have too many cards, even if they all have 0 balance?

I generally have a very good credit score, even the cards I have at the moment keep writing me to tell me the limit has increased. I've never been declined for anything like this either, if that makes a difference.

Technically I know if could completely cancel the older cards which I rarely, if ever, use. But I've heard mixed things about even cancelling cards.

Thanks for the help!

McBain · 23 Jan 2018 at 14:13

Define bad? Providing you're managing your current cards/accounts properly then taking out a new credit card with a 0% interest free period is unlikely to impact you much at all.

I'd probably cancel one you aren't using and take out the new one, job done.

crinkleshoes · 23 Jan 2018 at 14:15

The more credit you have and don't abuse, the better your credit score will get.

So no harm in getting another card... just try to find one that you're sure will accept you first... because a rejection would be a hit on your rating.

Shadowness · 23 Jan 2018 at 14:17

ok thanks.

Bad....as in.....it looks potentially bad on a mortgage application that you have many cards (even if all at 0).

Without sounding silly.....how do you now if one will accept you before you apply?

McBain · 23 Jan 2018 at 14:19

Some places do pre application checks that provide a likelihood of acceptance without a full search being added to your credit report. Pretty sure these are called 'soft searches/checks'?

Check https://www.moneysupermarket.com/credit-cards/ and the likes.

On Holiday · 23 Jan 2018 at 14:19

I'd sign up here:
https://clubs.moneysavingexpert.com/creditclub/dashboard

It's free and will give you a good indiciation of acceptability, current reputation and what might be negatively affecting that.

Scrutinize · 23 Jan 2018 at 14:46

Virgin Money card has 25/28 months interest free on purchases. If you have Noddle or Experian you can go via their credit matcher portal for recommended cards for pre-screen and pre approval. I have found Experian works best.

neil_g · 23 Jan 2018 at 19:49

Don't know why you'd want so many cards that aren't being used? Just cancel 1 or 2 and get some new deals.

Experian Credit Matcher gives a good idea on acceptance for different cards/loans etc

Puzzled · 23 Jan 2018 at 19:54

Best to cancel them if you aren't using them, that way you can sign up as a new customer later on for better deals.

ErNciLator · 23 Jan 2018 at 20:06

Your 3 cards probably already have good balance transfer offers already outstanding / available (as they'll be aware you have 3, and already looking to encourage to bal transfer). I'd suggest putting it on any 1 (without best bal transfer offfer), then transfer the balance over to another within the first month (so no interest on original card).

You might pay maybe 2-3% for the balance transfer fee, then free interest for 24,36 or 48 months.