Credit Card Applications - Credit Score

[cobra kid]

We've applied for a Barclaycard with a 2 yr interest free period. I'm going to use it to buy a car hopefully sooner rather than later.

They've had technical problems getting applications through and it's been nearly two weeks now.

The question is - does my credit score take a hit if I apply for more than one credit card at once??

[Scabutz]

It can do. Repeated searches in a small timeframe looks like you a being turned down and going elsewhere. Or it just looks like you are suddenly applying for loads of credit.

[devnull]

As above, it can do, but then I did two mortgage applications last year - none of them showed up on my experian credit searches.

By the way - if you are planning on buying a card on a credit card, you might want to check with the vendor that they'll accept credit cards. I wanted to do the same and buy a car on a 0% card, but the dealer only accepted £500 on credit cards.

[cobra kid]

devnull said:

As above, it can do, but then I did two mortgage applications last year - none of them showed up on my experian credit searches.

By the way - if you are planning on buying a card on a credit card, you might want to check with the vendor that they'll accept credit cards. I wanted to do the same and buy a car on a 0% card, but the dealer only accepted £500 on credit cards.

Thanks. I spoke with the dealer and they were happy with it. To the extent that they suggested that I get the credit card company to directly transfer the funds to their account to avoid me paying a big charge.

[AlasdairMc]

cobra kid said:

Thanks. I spoke with the dealer and they were happy with it. To the extent that they suggested that I get the credit card company to directly transfer the funds to their account to avoid me paying a big charge.

Why would you pay a big charge? Card surcharges are now illegal - the cost of the payment is on the vendor, not you.

[supercommuter]

Also, i was told that having a credit card balance of more than 50 percent of the available credit is detrimental to your credit rating...not sure if that is still teh case..dyor

[captain_cynic]

AlasdairMc said:

cobra kid said:

Thanks. I spoke with the dealer and they were happy with it. To the extent that they suggested that I get the credit card company to directly transfer the funds to their account to avoid me paying a big charge.

Why would you pay a big charge? Card surcharges are now illegal - the cost of the payment is on the vendor, not you.

And that is why a lot of vendors flat out refuse to accept credit card payments on large purchases. 2-3% of the transaction going to the bank can be more than the profit they're making.

[cobra kid]

captain_cynic said:

And that is why a lot of vendors flat out refuse to accept credit card payments on large purchases. 2-3% of the transaction going to the bank can be more than the profit they're making.

Maybe he meant their charge then.

[konark]

Yes , he meant it would save HIM paying a large charge to the CC company, but said YOU.
.
Car dealer; lips moving=lying.

[POORCARDEALER]

That's why most car dealers wont accept credit or debit cards. Most are bank transfers only