Running into Some Problems

tiredofpoorservice

I have been trying to do some of the money-saving ideas on this board. However, i have just run into a problem. My latest credit card application has just been declined. I phoned up and the lady asked me whether I had opened a lot of credit card or current accounts recently. Apparently, it is the number of credit history searches which is causing the issue (why?). Have others experienced this? Are there ways around it? How long does one have to wait before I can apply again?


Many thanks in advance


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Lokolo

6 months is usually a good time to wait.

badger09

tiredofpoorservice wrote: »

I have been trying to do some of the money-saving ideas on this board. However, i have just run into a problem. My latest credit card application has just been declined. I phoned up and the lady asked me whether I had opened a lot of credit card or current accounts recently. Apparently, it is the number of credit history searches which is causing the issue (why?). Have others experienced this? Are there ways around it? How long does one have to wait before I can apply again?


Many thanks in advance


TOPS

Applying for lots of credit cards in a short space of time sets alarm bells ringing because it looks as though you are desperate for credit and might have trouble making repayments.

If you've been declined for one but accepted for others, I'd suggest you accept one and make regular payments above the minimum, then try again in say 6 months. If you've had no offers, leave it for several months before reapplying.

xtinataguba

in our bank, their rule is you have to wait after 6 months so you can apply again for credit card.

tiredofpoorservice

Which bank is this? Any idea why this rule has been set?

The lady I spoke to said that it was the NUMBER of credit rating searches that was the issue. Therefore, incidentally, when M&S mucked mine up and I had to reapply this, presumably, cost me one search.

Unfortunately, I have been opening various current accounts recently (lots of good offers there). So if I started the process in July, will it have forgotten about my first few applications by January? Or do you think I will need a completely clean slate for 6 months?

Any advice? Anyone else been through this kind of stuff?

Incidentally, I don't see why it is the number of searches - surely credit history is the critical thing (never missed a payment).


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bigadaj

Would be better posted on the credit card board.

Rule of thumb is often quoted as no more than three searches in any six month period.