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Spacin out your loan-credit card applications?-HOW FREQUENT TO APPLY ??



  • scott_lithgows
    I applied for 6 cards on the same day and got 5 of them!
    I have a deep burning indifference
  • exel1966
    exel1966 Posts: 4,978 Forumite
    First Post First Anniversary Combo Breaker
    When stoozing was more prevelent/easier it wasn't unheard of to apply for multiple (eg 6) cards simultaneously and be accepted for all with reasonable limits. However, that would be applicable to those with 'perfect'/excellent histories.
    I personally have done 5 and got all five with decent limits. CRA's did not update in real time then and I'm pretty sure they still don't to a degree now, though creditors of course are now taking fewer risks and dishing out less cards/lower limits, but it seems to affect those with a poorer history more than those who've kept very 'clean'. Doing this though will, in the short term have a detremental effect to your credit rating, but if you weren't to apply for future credit for perhaps another 6-12 months then that detrement would soon be reversed, though bear in mind available credit against used is a huge contributary factor in any decision to grant future credit.

    It's all going to come down to your personal history and how strong it is or put another way how low you are as a risk at the moment of application, regardless of what me/anyone else here puts about likeliehood or what they've managed to achieve in the past. The granting of credit and the criteria for being accepted is very fluid at the moment and will continue to be so for quite a while yet.
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