Thinking of applying for another card

tight_arze

Hi all

Last November I applied for a Tesco credit card and was declined. At the time my wife and I had been approved for a mortgage a few weeks beforehand and had moved into a new house. When asked for my address on the application I stupidly put down our new address which wouldn't have had any credit history linked to it at that stage.

I am now on the electoral register at our current address and only have one credit card with my bank (2k limit) which is always paid in full and on time. I have checked my credit report and all is good. I have no other loans or debt.

Im just a bit wary of applying for another card incase the rejection from Tesco has screwed my chances.

I am after a card with a long 0% on purchases. Do you think I have left it long enough to apply for another card?

giblet10

Personally yes I think you've left it long enough. Most on here would say 2-3 searches in six months is about maximum so if November was your last search, fine.

I was declined by Tesco initially but an appeal overturned that. They do seem to be quite understanding when they manually review your details - others on here have found the same..

MrGreen

I agree it's worth another go, I was declined for a Tesco card last year and applied again a few weeks ago and got the 0% on purchases for 16 months

tight_arze

Thanks for the replies.

I might give Tesco another try but if they decline me a second time other lenders will know I've been declined because there will be 2 credit searches on my file within the space of a year for the same card.

guesswho2000

tight_arze wrote: »

Thanks for the replies.

I might give Tesco another try but if they decline me a second time other lenders will know I've been declined because there will be 2 credit searches on my file within the space of a year for the same card.

No they won't, all they will see is a search for a credit card; they won't know which company it is or that you've been declined (you could have applied then declined their offer of a card, reasons for this could be a worse apr than applied for, low credit limit, change of heart etc).

So no need to worry, and if they decline, you could apply somewhere else and would likely be accepted as other lenders have different criteria. Two searches is not going to look bad

tight_arze

Just a quick update.

Applied for the Tesco card and got accepted with a 3.5k limit :-D

MrGreen

tight_arze wrote: »

Just a quick update.

Applied for the Tesco card and got accepted with a 3.5k limit :-D

Congratulations on getting the card, it could be that Tesco are more lenient now or our positions are improving, I got the same 3.5k 0% on purchases.

A word of advice, don't let the purchases add up to too much and you get yourself in a position that you need to do a balance transfer to move the money on after 16 months. Aim to pay off as much as you can as you can every month, the 16 month period is long enough for you prepare now to pay off the card by the time the 16 months are up, that way we win and not the card companies!