Best time to apply?

rawkinrich

Hi,

My credit report (which is nearly 2 months out of date) is showing that I only use about 20% of my available credit. When it updates, it should be more accurate (more like 60/70%).

I'd like to apply for a Tesco credit card - when will be the best time to apply? My rating should be very good, though I'm concerned that its out of date.

Any thoughts?

Cheers

stephane_2

What is your credit history like?
What other debt have you got?
What are the cards you've got, credit limit, balance, provider?
Annual income?
Using 60% to 70% of your available credit will be seen negatively by most lenders.

rawkinrich

Hi,

I've had a lot of credit accounts in the past but have all been managed well. I have a £2500 loan and a £2500 overdraft limit. I'm on a good wage (£2x,xxx a year).

Would it be better to apply while the used credit us low (which is just my overdraft?)

Cheers

BugsyBrowne

rawkinrich wrote: »

Hi,

I've had a lot of credit accounts in the past but have all been managed well. I have a £2500 loan and a £2500 overdraft limit. I'm on a good wage (£2x,xxx a year).

Would it be better to apply while the used credit us low (which is just my overdraft?)

Cheers

Apply for tesco then mate,let us know the outcome.

stephane_2

Going regularly into your overdraft will not play in your favour, but if your number of searches is low then you can always try....the worse they can say is no

opinions4u

Sometimes I think people get too tied up in worrying about the information on their credit file and the potential outcomes.

Ultimately, different card issuers will interpret the data in different ways. So there is no generic correct answer.

KingElvis

Yep, if you feel you're up to the card, the apply..if you have "doubts", best to steer clear.

rawkinrich

I guess the main question in this scenario is: Is it best to apply when the 'total credit used' is either a low % or high %?

KingElvis

Most things I've read and heard say it's best between 10% and 30%

Again, could be complete tripe but that's what I've gathered from my months on here.

Elvis

Ralphy101

I know you want a Tesco card.

But why dont you try the barclaycard pre -application check - to see if you would get a barclaycard.

This doesnt leave a mark on your credit rating, and gives you a % as to the likelyhood of acceptence.

rawkinrich

I'll give that a look, thanks!