Will many credit card applications count against me?

Q I am trying to transfer an existing credit card debt to another credit
card with a 0% interest rate for the first six months. There are a number of these around and I have made three applications. I was turned down by the first two on the grounds that I am not a home owner and I am self employed - therefore a risk. I later discovered that they are underwritten by the same company and the same rules applied. The third, the online company Egg, has accepted my application. However, I have just read about complaints from Egg card holders and money lost in transit. How big is the risk?

I intend to use the interest-free period to pay off my debt and do not
intend using it for other transactions. I have also been told that making too many applications (ie to the point where credit checks are carried out) does go against you. I'd appreciate any advice you can give me.

JB

A Different lenders use different criteria to decide whether to grant you a credit card, mortgage or personal loan. Some accept applications from people who have been turned down by other organisations because they employ a different method of credit scoring.

You can do a number of things to improve your credit rating - make sure you are on the electoral register, pay your bills on time and ask for a copy of your credit file to make sure your details are correct. You can do this by writing to the credit reference agencies. It is likely that being self-employed and not owning your own home means that some companies will give you a lower score than others. As for making multiple applications, this will count against you if you are continually unsuccessful. However, searches are only held on file for 12 months, so if you switch cards every six to 12 months, you are not going to rack up so many searches that lenders get concerned.

Online security is an important issue for internet companies and credit card providers. Mark Maguire, spokesman for Egg, says: "Using your card or bank account online is as safe as money in your wallet. Egg's systems have never been hacked into and no one has breached our security. It is important for people to use their common sense and not to store PIN numbers with their credit cards. If we find that your card or account has been fraudulently used and it is not your fault we will unconditionally repay all the money that you have lost. This also applies to purchases that you make online."