MONEY TRICKY TRICKS : ALL THE CREDIT CARDS YOU COULD EVER WANT

As discussed in chapters one and two it is possible to build up an excellent credit rating which will allow you to borrow large sums of money from banks.

Providing that you always make agreed payments in full and on time you can then move on to building up a large collection of credit cards. Start with a Visa and Mastercard from all the banks that you have borrowed from. Then apply for cards from any other banks which provide credit cards.

Quite often you will find banks advertising credit cards at a preferential interest rate. The advertising usually concentrates on the concept of using that particular bank's card to consolidate all your borrowings from other sources which have a higher rate of interest.

When you apply for a card advertised as being a handy way of paying off all your other cards and overdrafts the issuing bank will assume that you are going to use their card as an alternative to the cards you already have. Because of this they will be keen to issue their card with the minimum of fuss. However, once you have obtained their card you are under no obligation to cancel the cards you already have.

As mentioned in chapter two, apply for and obtain as many cards as you can get. Providing you have kept to your repayment agreements on all loans and cards there is no reason that you should be refused any new cards for which you apply.

I now only use three major credit cards and two store cards. This is because I have managed to accumulate working capital and tend to use current account overdrafts when needed. However, in the early days of needing fast cash for business investments I used over 20 credit cards.