How long should I wait before applying for another Credit Card

Order_of_the_Arrow

Hi Guys (and Gals!!). Been reading this site for quite a while now and finally got around to joining, because I've got a question.

In January I applied for, and was accepted, for a Capital One card and an Aqua card. My credit history is quite limited due to having only returned to the UK 12 months ago after years in Europe . Ideally I would like one more card (I'm interested in one of the Sygma cards.....flybe possibly).

My question (or questions) is how long should I wait before applying and which card would you suggest? Please do not suggest Vanquis or Granite!! Also, if it helps, I have 3 searches on my file within the last 4 months.

KingElvis

If you really need another, why not try Barclaycard Initial?

You can pre-check yourself here without any damage to your credit file.

https://letmechoose.barclaycard.co.uk/

Order_of_the_Arrow

Yeah thanks for that KingElvis, 'Barclaycard Initial' referred and then declined me. I tried them first (hence 3 searches on my file!!). I may try them again in about 6 months, August time.

climbgirl

If you already have three searches in the last four months, I'd wait a few months (if you can) before applying again. The more you apply and get declined, the harder it becomes to get credit.

Wait a few months before the searches drop off (six months after original search) before applying again.

izools

Order_of_the_Arrow wrote: »

Hi Guys (and Gals!!). Been reading this site for quite a while now and finally got around to joining, because I've got a question.

In January I applied for, and was accepted, for a Capital One card and an Aqua card. My credit history is quite limited due to having only returned to the UK 12 months ago after years in Europe . Ideally I would like one more card (I'm interested in one of the Sygma cards.....flybe possibly).

My question (or questions) is how long should I wait before applying and which card would you suggest? Please do not suggest Vanquis or Granite!! Also, if it helps, I have 3 searches on my file within the last 4 months.

With three recent searches you will want to hold off applying for several months.

However with two brand new credit cards on your credit file will, in fact, reduce your credit worthiness temporarily.

Until the Capital One and Aqua cards are 12+ months old, they will be seen by other creditors as "new" accounts, and with under 12 months positive repayment history against the two cards you have, a new creditor will

a) be weary of furthering you another credit line as they may think you are taking on too much too fast, and
b) be unsure whether you can handle the two cards you already have responsibly as there's too little repayment history there to judge.

I strongly urge you to wait until next January before applying elsewhere. Adding more new accounts from sub prime lenders will only cause you to have to wait longer for a prime lender to want to touch you.

You should be AOK getting a Sygma Creation Mastercard in January or for that matter, if you abstain from taking out or applying for anything in the mean time, a much better card from the likes of MBNA or Barclaycard.

Patience will pay big dividends in this case