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Does owning multiple banks credit card affect negatively?

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Old 14-01-2020, 11:44 PM   #1
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Does owning multiple banks credit card affect negatively?

I might be losing my job soon, like to know if I should probably sign up with all available banks to own them first before my NOA gets reduced dramatically..

Or it is bad for my personal credit score?
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Old 15-01-2020, 12:13 AM   #2
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I might be losing my job soon, like to know if I should probably sign up with all available banks to own them first before my NOA gets reduced dramatically..

Or it is bad for my personal credit score?
If you sign up for too many cards at the same time, it will affect your credit score. Banks see it as someone who might be potentially in financial trouble and hence is trying to open as many lines of credit as possible.
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Old 15-01-2020, 06:59 AM   #3
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If you sign up for too many cards at the same time, it will affect your credit score. Banks see it as someone who might be potentially in financial trouble and hence is trying to open as many lines of credit as possible.
But realistically speaking, it's not a big deal. My credit rating has always been top tier even when I applied for a few cards at once. There's a slight drop but nothing to worry about. After a while it goes back to normal.
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Old 15-01-2020, 10:51 AM   #4
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The question is more on why do you need to sign on many credit cards when you are going to lose your job. I don't get why it is a need to have many credit cards when you are potentially jobless.

If you don't need that many credit cards while you are holding a job , then why do you need now when you are potentially going to be jobless?
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Old 15-01-2020, 11:49 PM   #5
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The question is more on why do you need to sign on many credit cards when you are going to lose your job. I don't get why it is a need to have many credit cards when you are potentially jobless.

If you don't need that many credit cards while you are holding a job , then why do you need now when you are potentially going to be jobless?
Because I might potentially be needing to use some “future” money and just pay off the minimum payment while I tide over it.. 25.9% p.a. Still thinking..

Meanwhile just grab some cards and get its freebies. Not sure if it’s the right thing to do...
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Old 16-01-2020, 12:20 AM   #6
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Because I might potentially be needing to use some “future” money and just pay off the minimum payment while I tide over it.. 25.9% p.a. Still thinking..

Meanwhile just grab some cards and get its freebies. Not sure if it’s the right thing to do...
Don't do it, you are going down the path of no returns.
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Old 16-01-2020, 08:46 AM   #7
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Because I might potentially be needing to use some “future” money and just pay off the minimum payment while I tide over it.. 25.9% p.a. Still thinking..

Meanwhile just grab some cards and get its freebies. Not sure if it’s the right thing to do...
If you just want freebies then it is fine
But if you plan to just pay minimum payment , you are going to end up in the debt without money -> path to bankruptcy coupled with high cost interest rate.

If you really think you need money, take personal loan. At least you get less than half interest rate compared to credit card. Only use credit card when you are sure you can pay the bank back. If you can find low cost loan , better.

Best is of course to tighten the belt and control spending from now. Not at the point when you got no job.
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Old 16-01-2020, 10:05 AM   #8
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Because I might potentially be needing to use some “future” money and just pay off the minimum payment while I tide over it.. 25.9% p.a. Still thinking..

Meanwhile just grab some cards and get its freebies. Not sure if it’s the right thing to do...
...and this is why applying for many cards in a short period of time lowers your credit scores, ladies and gentlemen.
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Old 16-01-2020, 03:23 PM   #9
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UOB CashPlus is currently doing a promo. Gives you an interest-free line of credit for first 3 mths, at no processing fee. You can explore that. If I'm not not wrong, you can withdraw cash at no cost with that credit facility, at any UOB ATM. Even better than credit card in that sense.
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Old 16-01-2020, 03:29 PM   #10
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UOB CashPlus is currently doing a promo. Gives you an interest-free line of credit for first 3 mths, at no processing fee. You can explore that. If I'm not not wrong, you can withdraw cash at no cost with that credit facility, at any UOB ATM. Even better than credit card in that sense.
Interest free balance transfer you mean. Must apply for the balance transfer when applying the line of credit to enjoy the 3 month interest free. Dun anyhow withdraw yourself and incur high interest.
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Old 16-01-2020, 03:32 PM   #11
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Interest free balance transfer you mean. Must apply for the balance transfer when applying the line of credit to enjoy the 3 month interest free. Dun anyhow withdraw yourself and incur high interest.
Huh? Is that what it is? The T&Cs never mention anything about balance transfer, when i was reading it last night....
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