When to apply for new credit card?

nick_morris

Hiya,

My 0% purchases credit card is about to come to an end soon. Currently around 6k on it and earned a fair enough piece of interest off it the last 9 months. Anyway will be paying that off when it comes to an end.

My question is i want to maximise the amount of limit i can get for the new credit card, so is it best to apply for one now or wait a certain time after i've closed the other one? Not sure what looks better on my credit rating really. To throw a spanner in the works i will be moving soon so i am guessing best apply for it before that happens as that will shoot my credit score down i have heard.

Cheers,

Nick

Simon_Preston

You'll almost certainly be declined if you've just moved. So get that application in beforehand.

lcharm

These are the general rules of thumb I know which i'm sure MSE mainsite will say too

1.Never cancel a card before you know you've been accepted for another one unless you know you don't need a card

2.Yes definitely make your application before you move then you can change your address afterwards.

3. Never make for than 2 card applications within a 3 month period as it looks bad on your credit report. It's the credit applications and not the fact that you have a card or a cancelled card that the lenders will look at.

nick_morris

Many thanks for the replies. So the fact i already have a couple of credit cards already won't be counted against me too badly? I've never had bad debts or missed payments so got most things going for me really (i hope that counts as a plus!) but just can never tell with these companies how they react as nothing ever seems logical with them

lcharm

True, as long as you have no late payments like you said I see no reason why they shouldn't accept you. If you ring them ask if there is any criteria you need to meet too like salary etc... It may be worth going on Equifax or Experian to check your credit report. It's free for 30 days but something like £5 if you want to see your actual score.

TFD_2

lcharm wrote: »

...but something like £5 if you want to see your actual score.

Not that these mean sh*t.

sferguson91

I would have to agree with Icharm. Make sure you make your application before you move as although most of them don't hold this against you, some of them do.

Don't close down the card until the new one is up and running.

You have two options, you could apply for 0% on purchases on moneysupermarket with a MBNA platinum exclusive card

or

apply for a virgin 0% for 16 months with 2.98 fee.

johncolescarr

nick_morris wrote: »

Many thanks for the replies. So the fact i already have a couple of credit cards already won't be counted against me too badly? I've never had bad debts or missed payments so got most things going for me really (i hope that counts as a plus!) but just can never tell with these companies how they react as nothing ever seems logical with them

This is largely true, but I have found from experience that lenders are unwilling to lend large sums to people who already have credit available. If you don't need credit on certain accounts (for example, from a cash back credit card you pay off each month) ask for a reduction. This will give you a better chance of getting a larger credit limit on the new card. However, consider it carefully as in todays climate it is much harder to put that credit limit back on again if you need it