How Long Between Credit Cards?

info_addict

Just reached the end of my Tesco Credit Card 0% on purchases time limit, so have paid off the balance and canceled the card today.

I next wish to apply for the M&S card with 15 months 0% on purchases.

Can anybody tell me how long it takes credit reference agencies like Experion to update their records.

I mean how long will it take them to show that I no longer have the Tesco Card as an available credit balance?

izools

4-8 weeks from date of settlement for this to update with the credit reference agencies.

You can check your files for £2 each with Experian and Equifax in a few weeks time before applying to see whether they've updated your files yet.

Although some credit scoring models penalise applicants with no credit card accounts active. If you have no other cards beside the Tesco card you might find yourself better applying before the card shows as settled.

info_addict

Thanks - I do have 3 other cards (all with zero balances), so that should be OK.

fozmcfc

A bit of info that may help you and others.

I applied and got accepted for a M&S card last week. Thought I might not get accept because of having to much credit available to me, but wasn't the case.

My current situation.

Virgin CC - £6000 limit £325 balance at 0% till June.
Natwest CC - £2700 limit - £0 balance
Tesco CC - £4300 limit - £0 balance
Halifax CC - £4200 limit - £0 balance
Egg CC - £500 limit - £0 balance

Also £3000 on a loan outstanding.

All on a £26,130 salary I put in the application (I do get earn more via Sundays/Night Work Allowance/London Allowance which I didn't include as that isn't shown as my salary on my payslip).

My credit reports are spotless from any bad marks including late/missed payments, but I'm well above the credit/salary ratio that most people say is likely to get you accepted.

Venusflytrap

I am trimming down my credit availabilities and just closed down my HSBC credit card (useless in terms of perks) and Barclays OD (never touched it in 4 years) totalling £1750. This leaves me with one decent CC (Halifax clarity £600.00) for use abroad and a Barclaycard plat (£1k).

In about 8 weeks I would like to apply for a new CC with a decent rewards or cash back scheme. (Realise now that the Barclaycard plat rewards programme isn't great in practice)

However, other than the one big spend on a laptop this year (£1015 paid in cash) and city breaks (about £500 per year), I usually spend only about £100 per month for personal stuff like: transport, personal grooming and the occasional snack/drink/outing. So can't see any rewards or cash back card being worth it. Do you?

MCGONIS

fozmcfc wrote: »

A bit of info that may help you and others.

I applied and got accepted for a M&S card last week. Thought I might not get accept because of having to much credit available to me, but wasn't the case.

My current situation.

Virgin CC - £6000 limit £325 balance at 0% till June.
Natwest CC - £2700 limit - £0 balance
Tesco CC - £4300 limit - £0 balance
Halifax CC - £4200 limit - £0 balance
Egg CC - £500 limit - £0 balance

Also £3000 on a loan outstanding.

All on a £26,130 salary I put in the application (I do get earn more via Sundays/Night Work Allowance/London Allowance which I didn't include as that isn't shown as my salary on my payslip).

My credit reports are spotless from any bad marks including late/missed payments, but I'm well above the credit/salary ratio that most people say is likely to get you accepted.

Hi thanks very much for this useful information. I have been wondering about this too. I was looking up Barclaycard and their website said you are more likely to get accepted if you owe less than 10% of what you earn. I was thinking, well who does? I am in a similar position to you with regards what I earn and what credit cards I have etc.

I know each bank has their own lending criteria and stuff but it does get a bit stressfull trying to decide who is more likely to accept you when the 0% offer finishes.

fozmcfc

Yep it is tricky, I took a risk applying for the card, but thought what the heck, if I don't get it, I'll use it as confirmation I need to close down some cards.

Tesco will be the first to go, no repeat offers, Halifax afterwards, no repeat purchase offers. Virgin are simply the best for me, repeat offer after repeat offer on purchases/money transfers and balance transfers.

Natwest is my bank and longest card and I get a lot of balance transfer offers, so will keep that. Egg is my only Visa card, so will try to keep that, particularly as the limit is lower.

By the time I need another 0% card, my loan will be paid off as well, so could well be well below 50% credit/salary ratio.

If I remember I'll post the limit I get, as it could after all this, be pretty useless to me (Looking for at least £1000 to £1500)