credit cards:2 Questions.

[cutekids]

firstly,if i've applied for a number of credit cards all at around the same time, will it affect my credit-rating if i haven't signed the "agreements"?
secondly,if i've quoted a figure online to a potential credit card company to transfer a balance but haven't yet signed the agreement,can they still pay that figure off?

1 - yes if the credit check you for the application which is highly likely.

2 - no, they have to have a verbal or written agreement to do so.

...if 'they' doh

thanks,stgeorge.do you think-if i don't sign the agreements-they will look like refusals then?

?

Hmm, just wondering now if the application was online.

Do you mean you have applied for a new card and quoted 'x to be paid to y' as part of the application? If that is the case then they would class that as your acceptance to pay it as and when you are accepted for the new card.

Does that make sense?

I think if you accapt one, it will just look like what it is..........that you were shopping around.

yes,st george,unfortunately it does!!! problem is,my hubbie paid off one from the other online during application.he was accepted and he rang to find out his credit limit which was great cos it covered the balance transfer.however,in the meantime,whilst ringing to close another account which i've hardly used, i was offered an extra 6 months 0% interest on bank transfers and i actually transferred the amount on to them! so if we've doubled-up what happens?

yes, if you apply for a lot then it will affect your credit rating i'm afraid.

cutekids - so you have paid off the same balance twice from 2 different sources?

Then the one you have paid off should now be in credit to the same amount. If you are closing that account either ring them and explain and ask them to transfer one back or - probably easier - ask for the credit balance back in a cheque. Then use that to pay off the new credit card that you don't want.

Phew.

phew!!!exactly!thanks hairymclary.
apparently,-have just made general enquiry-my hubbie's bank won't do anything until an agreement is signed.if he decides to take out the credit-card then he will have to let them know first not to transfer any money out.
got myself into a right pickle over cards recently as i've been doing the "credit card tarting" (martin lewis -money saving expert!).unfortunately,one of the cards i applied for has been "referred" (which is scaring me a bit!)so,in panic, i looked for a few other cards with 0% interest on bank transfers and-although accepted-wasn't given much credit limit on any of them. my hubbie applied to this particular one and they gave him a good limit but,as i said,in the meantime while i'm closing down old accounts,one of them offered me this extension.obviously, i snapped it up as it meant instant cover for 6 months.however,now i'm worrying that my credit will have "run out" next time i need a card.i'm not a bad debtor,just always managed to get 0% interest cards.don't know what i'll do if i get refused next time though.if anyone's got any good suggestions???!

If you have made a lot of applications recently then the best thing is probably to just leave off for awhile, let your credit rating settle.

If you have had acceptances for cards, even with low limits, you might as well take them as long as your are regimented enough to actual USE the cards.

Credit ratings can be lowered for multiple applications but, strangely, the more credit you have available but don't actually use the better your rating gets.

thanks for that.
does anyone know why an application can be "referred"? I have rang the company who told me the only thing I can do is write to GE Capital Bank but,in the meantime,i'm panicking as to why this has happened. Apparently,my application is going through "checks"???Could I be in trouble over something?

Doubt it - possibly just that the rash of applications has appeared on your credit file so they refer up to a human to look at it rather than an automatic acceptance/refusal by the computer.