Time between cancelling/applying

englandexpects

I currently have a Northern Rock/Co-Operative Bank credit card, but am planning to cancel it since they will be introducing a £2 monthly fee. I was turned down for a credit card last year, which was probably down to my low income. So if I cancel my current card, how long should I leave it before applying for another one? I'm considering the Egg Money card. Thanks.

humfer

Do you know why you were turned down for the one you applied for last year? You should normally leave it a couple of months if worried about a spate of activity appearing on your credit history but you just have the one card, it may be worth applying for another one now. The rejection last year may just be down to something else. Also if you bank with one of the banks and have a current account, apply with them as they know you and you may have a better chance of getting a card with them

No_6

It took my co-op card 6 weeks to update my experian credit report
to show my balance as zero,
then another 6 weeks to show the account settled.

They're not the fastest. !
Balance paid and card closed within 2 weeks.

Regards
6

Moggles_2

The rejection last year may just be down to something else.

I agree. Obviously, you want to cancel this card to avoid the wretched fee, but there's no need to jump through hoops to close it down before you've signed up for the new credit card.

When did you last check your credit file?

englandexpects

Thanks for the replies. I don't know why I was turned down for the credit card last year. I could probably get the Natwest card with my account there, but they only do airmiles, which aren't much use to me as I never travel abroad! That's why I was hoping for a cashback card, as I always pay the balance in full each month. I've never checked my credit file - I'm 21 and the Northern Rock was my first credit card, so I didn't think I needed to.

humfer

englandexpects wrote:

Thanks for the replies. I don't know why I was turned down for the credit card last year. I could probably get the Natwest card with my account there, but they only do airmiles, which aren't much use to me as I never travel abroad! That's why I was hoping for a cashback card, as I always pay the balance in full each month. I've never checked my credit file - I'm 21 and the Northern Rock was my first credit card, so I didn't think I needed to.

You could try the free trial with one of the credit search companies, but that does take some hassle. You probably have nothing to loose then by applying for a Morgan Stanley card and seeing what happens. If this is refused then it is worth having a look at your credit history, but I would'nt worry too much at the moment. Oh and talking of cashback cards steer clear of GE as they are ultra picky