Getting another credit card - good idea or not

Getting another credit card - good idea or not

Author
Discussion

mathewb

Original Poster:

301 posts

181 months

Thursday 16th December 2010
quotequote all
I already have a Mastercard but I'm now tempted to get a BMI credit card instead so I can rack up miles on stuff I'd be buying anyway. I pay off my CC bills at the end of each month; affording it is not an issue.

My question: is it bad for my credit rating to have more than one credit card (even if you're only using one of them on a day to day basis)

TheEnd

15,370 posts

194 months

Thursday 16th December 2010
quotequote all
It's the opposite, the more credit cards you have, the better score you get (provided you are paying them off anyway)

sinizter

3,348 posts

192 months

Thursday 16th December 2010
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Get it.

I have three active ones - two with cashback, and another used in other cases. Amex, Mastercard and Visa.


No problems at all. Good for your credit score if you use some of the balance and then pay it all off at the end of the month. But you probably don't want more than three or four, as it can then have a detrimental effect on your credit score. Something do with funds available versus income.

mathewb

Original Poster:

301 posts

181 months

Thursday 16th December 2010
quotequote all
Thank you for the advice guys. I guess I'll go ahead with it. Might as well get something out of these purchases as my current Mastercard comes with pretty much bugger all benefits.

jagman21

195 posts

230 months

Friday 17th December 2010
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rewards are an excellent reason to get a credit card, as long as its 'normal' expenditure, thing you were gonna buy anyway, and you don't use to to borrow or fund a lifestyle that is not suited to your income.

I have a tesco credit card and used the points to buy a Omega Seamaster watch from goldsmiths, for practically free. Nice treat!

TheCoolerKing

347 posts

168 months

Tuesday 21st December 2010
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Providing you are a responsable type I'd do for CR alone.

If you're not then best leave it alone.

Although the days of credit card limits being raised £3k every few months are long gone. Good old Halifax and there responsible lending, I had a gold card and in the space of 12 months had a 14k credit limit. My balance never went over 2K. My fried with A platinum card could have bought a house with his CC. Absolutle madness.

So just how it would improve your CR i'm not sure, still shows it must be reasonable good if you've been offered one in the first place.

sinizter

3,348 posts

192 months

Tuesday 21st December 2010
quotequote all
It will have to be pretty good to get an Amex. Egg less so - but still needs to be good.

You could always get a copy of your credit file from the 3 main providers or sign up for a 30 days trial with CreditExpert if you want to have a gander at your file.

There is no universal rating, only what the company takes out of your file - and this is something they will not really discuss with you.

TheCoolerKing

347 posts

168 months

Tuesday 21st December 2010
quotequote all
sinizter said:
It will have to be pretty good to get an Amex. Egg less so - but still needs to be good.

You could always get a copy of your credit file from the 3 main providers or sign up for a 30 days trial with CreditExpert if you want to have a gander at your file.

There is no universal rating, only what the company takes out of your file - and this is something they will not really discuss with you.
If you want it for free make sure you cancel or you will contiue to get billed, that is essentially what the free trial banks on, people not being bothered or forgetting to cancel.

Edited by TheCoolerKing on Tuesday 21st December 12:37