Scared Stiff

sj1953

Hi I am new and just addressing my finances which is long overdue, I am considering applying for a new 0% card to do a BT and am worried that I will be declined I have checked my Credit Rating and it looks Good would you go ahead?:eek:

12bdebt3

It can't hurt to apply once if you have a good credit rating, make sure you apply only once though. I've only ever been rejected for 1 card and that was an egg card, never tried again.

bobbydrake50

You can apply more than once without hurting your credit report too badly. We really need more details though - income/current debt/any late/defaulted payments etc otherwise we couldn't even guess if you might be accepted. Even if you were declined that wouldn't show on your credit report - it would just show as a search.

sj1953

I had a late payment on Barclaycard less than 6 months ago but really wary about the amount of searches I might incur looking for the one who will accept me

redpete

sj1953 wrote: »

I had a late payment on Barclaycard less than 6 months ago but really wary about the amount of searches I might incur looking for the one who will accept me

I don't understand why people are so worried about this. Does anyone know how much weighting lenders put on the number of searches compared with things like income, existing debt, available credit, late or missed payments...?

jon_boy75

dont be scared of applying for credit, just dont make too many applications as it makes you look desperate

also, a handful of missed payments over the years will not be too damaging as far as most lenders are concerned...they're concerned with repeated, back to back missed payments

andyg99

What is an acceptable amount of searches do people think? On experian they show how many in the last year and in the last 3 months. Do lenders look at the year ot just 3 months?

jon_boy75

andyg99 wrote: »

What is an acceptable amount of searches do people think? On experian they show how many in the last year and in the last 3 months. Do lenders look at the year ot just 3 months?

it varies from lender to lender, as to what they deem acceptable

they will look at the year (especially nowadays). I believe 4-5 every 6 months is acceptable, but really the lenders will never disclose their criteria

hopefully the whole system will change soon, so we wont be penalised (scored down) for searching around for the best deal...only a few card companies do soft searches (barclaycard + someone else) at the moment

andyg99

Ok thanks for that:)