does being turned down for a card effect your credit rating?

jojitsui

I am trying to take control of my debts- All of it spread over 3 credit cards- one 0% recently applied for) one 6% (until March) and the other is a lot higher.

I want to apply to do another 0% balance transfer but I am worried if I do apply for it and I get turned down it will affect my credit rating.

The last time I had a credit rating check (for a morgage) my credit rating was very good and I had no issues but I applied on line for a card and I was turned down. Has this affected my credit rating?

Shall I try again with another company or will this go against my rating.

Thanks

CLAPTON

it only shows as a credit search and not as a rejection

jojitsui

Sorry for sounding a bit thick but when does it count as a rejection?

Do you think applying for another 0% credit card idea is a good idea?

ryantcb

The whole credit rating thing is ambiguous at best. The more searches you have on you file the worse it is regardless wether the application was successful or not. See a lot of searches will assume you was unsuccessful. After all why would you keep looking for credit if you already had. and if others are saying no then there must be a reason so they will all say no. I would always go to my bank for a card as they have a better understanding of your finances then a random credit car company.


3 searches are fine but 5+ is not so good on ya file


If you was a credit card company and you as in the business of making money who would you give a 0% card to.

applicant A who spends on their cards all the time and once the 0% period ends will continue to use the card and give you a constant stream of income
or
applicant B who rarely uses credit and after the 0% period ends will more likely stop using your card.

Try applying for a low but reasonable APR card because with low spending habits at least with some APR the CC company will know they will make so money from you.