Getting another credit card - good idea or not
Discussion
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)
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)
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.
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.
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!
I have a tesco credit card and used the points to buy a Omega Seamaster watch from goldsmiths, for practically free. Nice treat!
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.
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.
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.
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.
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.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.
Edited by TheCoolerKing on Tuesday 21st December 12:37
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