We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Credit Card application questions
PRINCE$$
Posts: 84 Forumite
in Credit cards
Hi all, just have a few questions re: applying.
I have just cancelled one of my credit cards as I didn't owe any money on it and it had quite a high limit. I am assuming this will make me more likely to get a higher limit on a new credit card as I have less credit available. Is this right? I have read a few posts that seem to be contrary to this logic. And when will it show on my credit report that it's been settled up? Basically, last time I applied for a new card I got an absolutely worthless credit limit and I though this was because I already had a lot of credit available. Or maybe it's just the company??
Also, I've never been on the electoral role so I'm going to sign up before I apply for anything else as it's not helping my credit rating. How long should I wait afterwards for this to affect my rating?
Any help appreciated
Thanks
Princess
I have just cancelled one of my credit cards as I didn't owe any money on it and it had quite a high limit. I am assuming this will make me more likely to get a higher limit on a new credit card as I have less credit available. Is this right? I have read a few posts that seem to be contrary to this logic. And when will it show on my credit report that it's been settled up? Basically, last time I applied for a new card I got an absolutely worthless credit limit and I though this was because I already had a lot of credit available. Or maybe it's just the company??
Also, I've never been on the electoral role so I'm going to sign up before I apply for anything else as it's not helping my credit rating. How long should I wait afterwards for this to affect my rating?
Any help appreciated
Thanks
Princess
0
Comments
-
I'm no help to your question, but just want to say :hello: and welcome to MSE.com and I'm sure someone come along in a little while and answer this properly!
0 -
Thanks
My very first post. Next I will have to get my head around doing cool smileys.0 -
PRINCE$$ wrote:Hi all, just have a few questions re: applying.
I have just cancelled one of my credit cards as I didn't owe any money on it and it had quite a high limit. I am assuming this will make me more likely to get a higher limit on a new credit card as I have less credit available. Is this right? I have read a few posts that seem to be contrary to this logic. And when will it show on my credit report that it's been settled up? Basically, last time I applied for a new card I got an absolutely worthless credit limit and I though this was because I already had a lot of credit available. Or maybe it's just the company??
Also, I've never been on the electoral role so I'm going to sign up before I apply for anything else as it's not helping my credit rating. How long should I wait afterwards for this to affect my rating?
Any help appreciated
Thanks
Princess
I'm not 100% sure but I think they only update the electoral role a couple of times a year so if you have recently sent off your form then I would wait a few months.
As for the other bit...I think it depends on the company, plus your "closed" account will still show on your credit file for a while yet. If you have no credit then it can count against you because your new credit company cannot see how you handle your finances - does that make sense??
Sorry to not have been more help
Bagpussx0 -
It will go into a big mixing pot. Say for example you earned £50,000 a year and your limit went from £1000 to £2000 it would have a different impact to a £12000 a year earner going from £3000 to £2000 if that makes sense.
Every company, account and card is different.0 -
Thanks everyone that replyed. I'm still not entirely sure if I did the right thing cancelling my card or not but I will no doubt find out. I still have 2 other credit cards so I'm hoping it wont be a problem. Dont want to pay extortionate interest rates so will get myself on the electoral role, wait a bit then hopefully all will be fine.0
-
PRINCE$$ wrote:Thanks everyone that replyed. I'm still not entirely sure if I did the right thing cancelling my card or not but I will no doubt find out. I still have 2 other credit cards so I'm hoping it wont be a problem. Dont want to pay extortionate interest rates so will get myself on the electoral role, wait a bit then hopefully all will be fine.
If you aren't using a credit card and it isn't likely to be of use to you in the future, it's always good to cancel it. Firstly for the reason you gave, that it will reduce your "available credit" which is taken into account when new lenders look at you. Secondly it means some fraudster can't start using it somehow.
Just to correct an earlier point, the electoral roll is updated more often now. This time of year is the general update. I don't know exactly how long it takes this time of year, but I would think you should be showing on the electoral roll within a couple of months if you get yourself added.
The most important thing for you might be not to do too many credit applications within a short space of time, as that can hit your credit rating.Indecision is the key to flexibility0 -
Hi Princess
Welcome to MSE & the credit card boardwhen will it show on my credit report that it's been settled up?
You don't say which card's involved. As with almost everything else, this varies between lenders, but it can take up to two months, so allow lots of time. Once settled, the card persists on your credit file for six years.I've never been on the electoral role so I'm going to sign up before I apply for anything else as it's not helping my credit rating. How long should I wait afterwards for this to affect my rating?
Well done. Everyone's credit score improves no end once registered. If you type "electoral roll" and the name of your council into google, you'll be directed to the relevant pages on your local authority website. Most local authority websites are set up so you can register online or download a form. The majority include an explanation of how the register is compiled and when your name will appear.People who don't know their rights, don't actually have those rights.0 -
Thanks guys
Called up the council and have electoral forms on the way. They didn't know exactly when it will show up but he saidOctober at the earliest so I will wait a few months.
The card I cancelled was a Sainsburys CC, will have a look at my credit report in a month or so and see what it's saying.0 -
Called up the council and have electoral forms on the way. They didn't know exactly when it will show up but he said October at the earliest so I will wait a few months.
A few months? October is 12 days time!
The period before your name is added to the register varies during the calendar year. Obviously, I don't know where you live, but in England & Wales, there is a blind spot from mid-August until mid-October. This is because a borough-wide audit is undertaken in August and the register is updated in October.
Btw, for those who miss the boat, it's possible to register each month from early December until mid-August, using the rolling register procedure.People who don't know their rights, don't actually have those rights.0
This discussion has been closed.
Categories
- All Categories
- 346.6K Banking & Borrowing
- 251.4K Reduce Debt & Boost Income
- 451.4K Spending & Discounts
- 238.8K Work, Benefits & Business
- 614.3K Mortgages, Homes & Bills
- 174.8K Life & Family
- 252K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards