Help - Best time to apply for new card

sarat07830000

Hi there, I have a balance on a credit card that I want to transfer for low interest rate. I have no credit problems but did move house/mortgage on 3 december 2008. Is it better to wait for 3 months before applying for credit score or would it be ok to apply straight away?

Moggles_2

Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks and make as few changes beforehand as practicable. Being with the same employer, bank and current address for a while all help when applying for market-leading balance transfer cards.

Are you on the electoral roll at your current address? If not, I would register your details and wait until your electoral status shows on your credit files

For more tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

mrbigd

Moggles wrote: »

Are you on the electoral roll at your current address? If not, I would register your details and wait until your electoral status shows on your credit files

I applied 5-6 days after moving house and not being on the Electoral roll at the new address was not a problem at all.

Moggles_2

Why put yourself at a further disadvantage though? Registration is free, after all. Lenders score us differently, but everyone's rating improves no end once enrolled.

When you apply for credit facilities, bank accounts etc.or to the credit reference agencies, ensure your address matches the details as they appear on the electoral register and you'll avoid all the inconvenience of sending documents through the post as proof of residency, because your ID can be checked electronically using the electoral roll.

More importantly, your electoral roll status can mean the difference between acceptance and rejection.