Sainsbury's Nectar Credit Card - got this message before?

Tixy

Hunterz1 wrote: »

. My file is just two thin.

Having 5 cards all with, say, a year's repayment history does not mean you are more likely to be accepted for new deals compares to 2 cards with a year's repayment history.

Lots of credit cards opened in a short space of time probably is going to make new potential lenders more cautious, not more likely to lend.

JakeGreen

It was only half and hour between each application.

I thought if your to apply for products, being if accepted or not, if you want to apply for for something else, it's best to do it the same time after you've made other application, because lenders don't usually see what you've applied for until the following day?

Someone told me when you do a credit search, it should show up instantly on your CF, but not in my case, usually a day, after or a few days.

The last two credit cards I applied for the searches appeared on the same day. I'm not sure of the exact time after the application, I'll monitor it more closely next time and I'm not sure whether other lenders would see the search instantly if you were to submit simultaneous applications.

a new account appearing on your file will hit your credit record more than having just the search - if you want to apply for two cards, best to do the second before the first's open account appears on your file

No....you are wrong....the 7 days theory is non sense.
And it is best to apply for a card before the new one shows up on report....

You can apply for cards whenever and as often as you like.... that doesn't mean that you'll be accepted for them.

Ignore jake green he hasn't got a clue what he's talking about.

Just to clarify what I wrote: I'm assuming that a search instantly shows up on your credit file. The second lender will see the first search but not enough time will have elapsed for them to know if the first application was successful or not because it takes days, if not weeks for a new credit account to appear on your file.

Thanks for the feedback, I really appreciate it, this is counter to what I'd read so far, I'm sorry if I was giving incorrect advice.

So waiting 7 days between multiple applications is a myth?

ElkyElky

JakeGreen wrote: »

The last two credit cards I applied for the searches appeared on the same day. I'm not sure of the exact time after the application, I'll monitor it more closely next time and I'm not sure whether other lenders would see the search instantly if you were to submit simultaneous applications.

Lenders will see what ever is on your credit report at the time of searching. If the previous credit application you made 4 minutes ago is there then they'll see it.

Instant decisions on applications means that it is more than likely they've credit searched you and the system has returned a decision - this search will now be on your report for all to see. 30 seconds ago or 4 months... it's all electronic and thus there would be no reason for there to be a delay in showing your recent search.

If the lender credit searches you in real time, that is.. the moment you hit the 'submit' button then the search will have been recorded on your file at that precise moment.

They aren't going to credit search you with Experian then wait 2 weeks before contacting Experian again to report the credit search on your file. It will be done simultaneously whilst they are communicating with Experian's systems.

Whether WE see the new credit search 30 seconds after applying is a different question - banks may be privy to seeing up-to-the-second updates whereas for us, it might be a 24 hour wait before what we see is updated but nonetheless, the search will be there *if* you were credit searched at the moment of applying. I don't know if it works like that as I haven't requested a credit report moments after an application but it's a possibility.

izools

Tixy wrote: »

Having 5 cards all with, say, a year's repayment history does not mean you are more likely to be accepted for new deals compares to 2 cards with a year's repayment history.

Lots of credit cards opened in a short space of time probably is going to make new potential lenders more cautious, not more likely to lend.

Absolutely agree, two or three accounts (e.g. bank account, mobile phone, and credit card) open and left open for three years will have much more of a positive impact than half a dozen accounts open for only a year.

izools

ElkyElky wrote: »

Whether WE see the new credit search 30 seconds after applying is a different question - banks may be privy to seeing up-to-the-second updates whereas for us, it might be a 24 hour wait before what we see is updated but nonetheless, the search will be there *if* you were credit searched at the moment of applying. I don't know if it works like that as I haven't requested a credit report moments after an application but it's a possibility.

I've often considered whether it's worth having two applications open one on my laptop and one on my desktop, both at the end with my cursor hovering over "submit application" and clicking simultaneously to increase the chance of them both not seeing each others search, lol.