Simultaneous credit submissions

SWHL

Hi there.

I am soon wanting to apply for a credit credit online.......and also apply to open a new bank account online (one with overdraft facility...so I'm guessing the credit checks will be more strict than basic account)

I'm aware that 2 credit searches/trails within a short period of time doesn't look good and is likely to result in one of them being rejected.......So what I'm wanting to know is......If I fill out the applications for both things at the same time....in different tabs/browsers......and then click submit simultaneously for both of them.....will this work in each others credit trail not showing up until they've already been processed?

Any one have any thoughts on how this might work out...good or bad?

Just so you know I already have a few credit cards. My history is good so I don't think it'll be my history that'll be a problem.....purely just these trails I'm worried about.

Many thanks in advance

lisyloo

I'm aware that 2 credit searches/trails within a short period of time doesn't look good and is likely to result in one of them being rejected

Not sure where you've seen that but seems like a mis-interpretation to me.
Lots of credit searches in a short space of time can make you look desperate.
Apply for two financial products at the same time is not unusual.

I don't think you should be worrying about this too much - UNLESS you have lots of other searches in the past 6 months.
Lots of people apply for several product simultaneously e.g. when moving house. It's not unusual.
I think you are overeacting regards "lots" of searches, which would be a lot more than 2.

YorkshireBoy

SWHL wrote: »

I am soon wanting to apply for a credit credit online.......and also apply to open a new bank account online (one with overdraft facility...so I'm guessing the credit checks will be more strict than basic account)

They're two totally different products, and the searches are also recorded differently on your credit report, ie you'll see:

"Search Type: Current Account"
"Search Type: Credit Card"

I can't imagine either will affect the other in terms of acceptance. However, the number of cards held (specifically the sum of their limits) will affect limits granted on both products.

Dave101t

i hope they refuse you on principle

lisyloo

i hope they refuse you on principle

That seems a bit harsh.
What's you reason for saying that?

SWHL

Thanks for the replies.

A few days ago I paid off a few of my other cards leaving about 5k credit card debt. However I've got an Amex Platinum Charge card which I spend about 8k a month on. The direct debit will be coming out of my bank in a couple of days without a problem as the funds are there..............How long will it take for my credit file to be updated showing that I've reduced my credit cards to 5k and my Amex has been paid this month leaving a balance of 0?.....................in other words how long should I wait before applying for more credit as will the debts that I've reduced (and the monthly Amex amount) still show up for a while?

Thanks again in advance....

YorkshireBoy

SWHL wrote: »

How long will it take for my credit file to be updated showing that I've reduced my credit cards to 5k

Could be 2-3 months.

and my Amex has been paid this month leaving a balance of 0?

But you spend £8K a month on Amex so last months spend will be replaced by another £8K spend surely?

.....................in other words how long should I wait before applying for more credit as will the debts that I've reduced (and the monthly Amex amount) still show up for a while?

Impossible to guess without a lot more information being given.

SWHL

YorkshireBoy wrote: »

But you spend £8K a month on Amex so last months spend will be replaced by another £8K spend surely?.

Hi thanks for the reply. I'm not going to spend any this month on Amex as I'm wanting to apply for credit + why i've paid off some credit cards too.

Before I paid off some of my credit cards I had about 11k credit card debt + the monthly Amex. So will it show on the credit file as 19k?

My income is just under 50k btw.

So you think it could take months to show on my file and debts reduced.....and Amex not used?

Thanks