Impact Of Multiple Credit Card Applications

easylogic

Before i applied for a credit card last year in december, i had very limited Credit history.I Applied for Vanquis in January and was approved.

2 weeks ago, i decided to try out Multiple Credit card applications all in the same hour.I started with Barclaycard,then Aqua, Capital One and Santader 123 card.

I had read somewhere that multiple searches take time before they appear on your file.I kept checking my experian file everytime i made an application.None of the searches appeared on my file until 10hours later.

I got approved for Barclaycard,Aqua and Capital One.No word yet on Santander 123 card.

If i was to follow the standard procedure, credit card applications should normally be spaced out 6 months.

blitzboy

Well you have the cards now so the effect on your credit rating wont matter in the short term will it?

It will look bad short term, but as long as you are sensible with the credit over the next few months it will look good in 6 months time.


Edit: Also, if when these cards turn up you feel you dont need as much credit as you now have you can send one or two back under the cancellation terms (usually 14 days i think). The 'cooling off' period

bbfc

Do you need that many credit cards? Like blitzboy has already said, you have been approved for them so what does it matter now.

easylogic

I don't need all of them. I was hoping to get approved for only 1.but ended up being approved for 3.

My thread was just to illustrate that Multiple Credit Card applications done at the same time do not leave search histories on the Credit file immediately and hence they will not affect the respective applications.(if that makes sense).

BugsyBrowne

Another credit binge addict.

YorkshireBoy

easylogic wrote: »

My thread was just to illustrate that Multiple Credit Card applications done at the same time do not leave search histories on the Credit file immediately and hence they will not affect the respective applications.(if that makes sense).

Perhaps better to say "may not", because when I was stoozing heavily a few years ago my approach* was as you've done.

Sometimes I got lucky (as you have done) and other times I did not (because I suspect they were recorded immediately...if not on my copy of my report, certainly on the copy seen by lenders when they searched).

Of course it all relies on them searching you the instant you hit the apply button...and they don't all do that.


* I often had 3 or 4 browser windows open and hit each apply button within a second or so of each other...as well as being on the phone doing an application at the same time!

chanz4

hope barclaycard havent done their normal trick, until activated its not in the bag