Credit card applications - how often is too often?

Sarah_Clews

Hi,

I'm wondering if anyone can help me...

I am self employed, and was hoping to use a 0% purchases card to provide cash flow for a project. I would need about £2k to spend.

I've applied for a couple of cards before I realised that these applications would affect each other. I've had 4 applications in the last year.

Is this why I've been rejected?

Other possible factor is that I've got 22 linked addresses on my Experian report!

Is the plan of 0% over for me? Don't particularly want to have to ask the bank for a loan, as we are about to remortgage!

Any advice gratefully recieved!

Sarah.

stephane_2

Having only 4 searches within the last year is not a lot and it would not be the reason, linked address either, I've got over 100 & has never stopped me getting credit.
Are you on the electoral roll?
Is it your first credit card? If it is then this is probably why you getting declined, simply because you don't have any account management to show, part maybe from a current account. If you've never had credit card before then your best bet would be your bank to start with and see what they say, otherwise unfortunately you would have to go with a sub-prime credit card like Vanquis, Capital One, Barclaycard Initial, those cards are designed for those with very poor credit history or no history at all, interest will be very high and limit very low, the best way to use those cards is to spend a little each month then pay the balance in full when statement is issued, then after 12 to 18 of running the account you should be eligible for a card with a better rate.

PNPSUKNET

how long have you been self employed for?

Sarah_Clews

Thank you for the advice!

I've been self-employed for 9 years, was last on PAYE in 2007 - part-time job while studying.

lisyloo

It could be the amount of available credit you have as a proprtion of you income.
CAn you tell us what % this is.
I've heard it's starts to get difficult around 30%-40%.

Curt.

stephane wrote: »

Having only 4 searches within the last year is not a lot and it would not be the reason, linked address either, I've got over 100 & has never stopped me getting credit.

:shocked:

How does this end up happenning? I saw one other person's report and it was showing like 40+ linked addresses and he only ever lived in 3 houses!!

!!!!!!?

onlypaddy

Curt. wrote: »

:shocked:

How does this end up happenning? I saw one other person's report and it was showing like 40+ linked addresses and he only ever lived in 3 houses!!

!!!!!!?

It can be that each company will link each address that you have on file to the others in an individual entry - e.g. if you have an account with Bank A and 4 addresses (1 current [1] and 3 previous [2,3,4]) it will link each of them together:

Bank A links: Address 1 - Address 2
A) 1-3
..1-4
..2-3
..2-4
..3-4

Etc.

Apply this to each company you have an account with and the list can get very big, very quickly. Doesn't really have any bearing on applications though. Its mainly just a tracking database to make sure you're giving consistent info