Approved for a 0% Balance Transfers can I apply for another? (How many credit cards can I apply for in a short time?)

Tekuza on 24/07/2018 - 08:06
Last edited 24/07/2018 - 08:08

Hi OzBs,

I have an AMEX $18,000 credit card debt and have been approved (on 19/07/2018) $8,000 and transferred $7,450 with ANZ (18 months 0% balance transfer incl balance transfer fee) . I was planning to agreesively pay $2,000 to the AMEX each month and pay the remaining $9k by 6, months. However I want to ask if I can apply for another card and if so which provider might be more likely to approved and transfer the remaining $9k so I can get 0% interest? Will I most likely be declined because I just applied and got approved for the ANZ?
I want to ask for advice here then hurt my credit score and I'd rather pay the aggressive $9k then detriment my credit score as I want to buy my first home/investment late this year or early next year.

Thank you for your advice in advance

Financial

Comments

  • chumlee on 24/07/2018 - 08:37
    +1

    It will take more than 1 paragraph of information to give you worthwhile advice.

    What's your credit score (check with eqifax)?
    What's your income?
    What's your monthly expenses?
    Married, single, kids?
    How many cards do you already have and what are the limit?
    Any other loans you have?

    • Tekuza on 24/07/2018 - 10:49

      Hi Chumlee,

      My credit score is (not sure which is the official equifax one) Getcreditscore: 547 CreditSavvy: 724 = Average 635
      My income is $160k+ pa
      My monthly expenses $2,757
      Single no kids
      I have 2 cards 1 x Amex ($18k limit balance $9k, 20.74% interest plan to pay in 6 months) 1 x ANZ ($8k limit balance $7,450 0% interest for 18 months and plan to pay $250 per fortnight and once Amex is paid use the $2k to make further payments to get balance to $0)
      No other loans or liabilities.

      I can actually pay more to my AMEX per fortnight if i really want but I'm trying to build up the savings history in preparation for the home loan.

      Thank you.

      • chumlee on 24/07/2018 - 11:11
        +1

        Banks mostly use getcreditscore as this is Equifax. Normally 500 is the cut off point so you are close.

        • Tekuza on 24/07/2018 - 11:41

          So would your recommendation be to apply for another card or not? I'm just thinking that the interest would be between $600-$800 for the 6 months and think if I can get a 0% interest can use that interest to put toward the debt.

        • chumlee on 24/07/2018 - 12:01
          +1

          @Tekuza: one more time amy be fine

      • starburstyellow on 24/07/2018 - 16:13
        +1

        in preparation for the home loan.

        I wouldnt apply for another card if I were you.

  • Zedsdeadbabyzedsdead on 24/07/2018 - 09:28
    +1

    42

  • HighAndDry on 24/07/2018 - 10:19
    +1

    How many credit cards can I apply for in a short time?

    You can apply for as many as you want. Generally though, the more you apply to, the bigger the hit to your credit score especially if you're declined. I think (but I'm far from the most knowledgeable on CCs on OzB) the general rule was to wait 6 months before applying for a CC if you've been declined. I can't remember what the timeframe was if you're approved.

  • Eeples on 24/07/2018 - 10:34
    +1

    Hammer the AMEX and pay $415/mo over 18 months on the ANZ.

  • [Deactivated] on 30/07/2018 - 21:20

    Wow you built up a lot of debt! In light of that it’s particuarly ambitious to also want to save for a house. Not to mention that as a person who has built that level of debt I recommend you limit the amount of potential debt you can get into in the future by having fewer/no CCs.

    I would pay off the CC (Amex 1st) debt as quickly as possible, then save what you can.

    The other thing to consider is that for any home loan they will ask for the total of all your credit limits as these are potential liabilities. Currently your potential liability is 18k + 8k = 26k. You’ll want to have fewer cards to lower this limit.

Login or Join to leave a comment
Login Join