How long to wait between applying for cards?

stphnstevey

a) How long should you stagger credit card applications?

b) Should you bear in mind other credit checks for other financial products you apply for (eg. ISA, Current account)?

c) If you get declined, how long do you have to wait before you can reapply?

d) Some regulers have quoted stooze pots in tens of thousands - if the average credit limit is £5K, then to get £50K stooze pot would you need 10 cards on the go? If, so is this possible or do the banks limit your credit?

YorkshireBoy

stphnstevey wrote: »

a) How long should you stagger credit card applications?

From stoozing.com*:

"The number of searches and accounts opened in the last three to six months has an affect on your credit score. The stoozer or rate-tart should try to minimise the number of credit searches that are done on their file. Stoozing.com's guidance has been that either of the following approaches seems to be acceptable: either one search per month for no more than 10 months of the year, or 2 or 3 applications within a month followed by none for 4 to 6 months."

Personally, I've (successfully) applied for 4 during my lunchbreak! (but knowing I wouldn't be applying for anything else for several months).

b) Should you bear in mind other credit checks for other financial products you apply for (eg. ISA, Current account)?

ISA's will involve only an ID enquiry search for money laundering purposes. Because these searches are classed as 'unrecorded enquiries', they are not seen by other lenders. Current account searches are somewhat of an unknown quantity. My personal belief is that they don't impact significantly on credit card applications.

c) If you get declined, how long do you have to wait before you can reapply?

It varies, depending on the lender. Better to ask the question about a specific lender when you have been declined. What I would say though, is never accept a rejection without appealing it. You'd be surprised what a good letter will produce.

d) Some regulers have quoted stooze pots in tens of thousands - if the average credit limit is £5K, then to get £50K stooze pot would you need 10 cards on the go? If, so is this possible or do the banks limit your credit?

From stoozing.com*:

"The number of active credit accounts in use will have a negative effect, so a stoozer would be better with fewer cards with higher limits, rather than a greater number of cards with lower limits."

* Quotes from stoozing.com's Credit Score Guide - one of several useful guides on their website.

stphnstevey

Thanks (again) Yorkshireboy!

Is there a standardised letter at all for when you have been declined?

Does applying for several at the same time work better ? - ie. the credit checks from all four would not show up on your record till afterwards as each does the check the same day?