Will Getting Another Credit Crad Effect My Score?

clarabell1984

I currently have 2 credit cards: RBS on interest free until end of Aug 2006 and Sky card interest free until end of Jan 07. I am just waiting for the balance of my holiday to be charged to my RBS in mid July and pay that and the whole card will be cleared and I will defo have paid off my sky card by Jan07. I am considering taking out a brand new credit card somewhere else after this so that I can have possibly up to another year interest free ( I hate paying interest!). But what I need to know is, will this effect my creit score in anyway? I got my RBS card in Sep last year and my sky card in April(ish) this year. I've heard that applying for a lot of card in a small space of time can effect your rating. Is this true? I am only 21 so I don't know how this all works.

dazed

You will get credit checked again for any new credit card or loan. This will show as a search on your credit file. When they search they will see any limits on other cards and see the balance also. It may be worth calling your existing credit cards and asking them if they can do you any deals. If not then apply for another and move the balances and close the other accounts. The exposure (the amount of POSSIBLE debt you could have) MAY effect the decision but they will seethat you are looking to transfer the balances if you put them on the application.

hth

clarabell1984

dazed wrote:

You will get credit checked again for any new credit card or loan. This will show as a search on your credit file. When they search they will see any limits on other cards and see the balance also. It may be worth calling your existing credit cards and asking them if they can do you any deals. If not then apply for another and move the balances and close the other accounts. The exposure (the amount of POSSIBLE debt you could have) MAY effect the decision but they will seethat you are looking to transfer the balances if you put them on the application.

hth

I will only have one outstanding balance of no more than £1500 left on my sky card once I close my RBS so not much really debt and also I wouldn't be transfering a balance.

dazed

clarabell1984 wrote:

I will only have one outstanding balance of no more than £1500 left on my sky card once I close my RBS so not much really debt and also I wouldn't be transfering a balance.

Just the credit check then so no worries imo

clarabell1984

Is it best to apply for a new card before I close RBS or after then?