Credit card application myth...true?!

nocturne_sa

Howdy folks!

New to the forum and i must say its very informative. I just had a quick question regarding credit card applications... I was once told by a bank manager that one should NEVER apply for a new credit card within 6 months of your last credit card application because your application will automatically get rejected even if you have an impeccable credit history.

So is this true or was he talking rubbish. I want to apply for a new card and its only been 2 months since i got my last one. Any advice/comments will be much appreciated.

Cheers!

sicker

You can apply immediately to another lender. The 6 month gap is probably for re-application to a previously held card of the same company.

random_fat_bird

I'd say it's tosh, as I applied for two cards within days of each other and was accepted for both. I'd avoid going on an application bender though, as each application registers on your credit file, and too many searches can be detrimental in the short term.

SarahNeedle1872

I applied for two cards within the space of 10 minutes and was accepted for both..... I would suggest that the 6 months applies to when you close an account with a certain lender then re-apply with them.

HTH

Paul_Herring

nocturne_sa wrote: »

So is this true or was he talking rubbish. I want to apply for a new card and its only been 2 months since i got my last one. Any advice/comments will be much appreciated.

It will depend on a number of factors, some of which may be relevant:

1. How many credit applications you've had in the past 6 years.
2. How many credit applications you've had in the recent past (your bank manager's 6 months for example.)
3. The total amount of credit you have.
4. The percentage and/or absolute amount of credit you've used
5. The current financial climate.

Different CC suppliers will weight each of the above points differently, but I think the overriding one at the moment will be the last one - i.e. how eager they are to have more borrowers on their books.

In general your bank manager's advice is overly simplistic, but not totally wrong.

Snooze

nocturne_sa wrote: »

Howdy folks!

New to the forum and i must say its very informative. I just had a quick question regarding credit card applications... I was once told by a bank manager that one should NEVER apply for a new credit card within 6 months of your last credit card application because your application will automatically get rejected even if you have an impeccable credit history.

So is this true or was he talking rubbish. I want to apply for a new card and its only been 2 months since i got my last one. Any advice/comments will be much appreciated.

Cheers!

Applying for the same card within the same company - quite possibly.

Applying for cards with different companies - definitely not.

I've had 5 different credit cards accepted in the space of a 1 month application period.

Rob