Should I let the grass grow?

iAMaLONDONER

Recently I've gone on an account opening spree!

*I opened:
A HSBC bank account (to get their regular saver)
A Luma Credit card ( got accepted straight away with a 500 limit and 0% till July!)
A FlexDirect account to get 5% interest
N&P gold account ( Just been given the less good gold light account!)



*Attempted but was rejected:

First Direct account
Aqua reward( I applied for the 3rd time just before they closed it to new customers)

Waiting for decision
Capital One's credit card with 0.5% cashback

**all in 2 weeks**

What I had before:
Lloyds Student account and credit card*
*they increased it from 750 to 1.25k last month, I had the card since October so I think they approve of me!

2 mobile phone contracts

I'm on the electoral roll and I'm 18

How long will it take for my credit rating to recover from all these applications?!

I so want a First account to get their 6% regular saver!

Btw I'm not in net debt- I can repay all my technical debts if necessary !

[Deleted User]

I'd certainly calm down for a good 6 months, at least. You'll be ringing alarm bells all over the shop as an 18 year old trying to getting every line of credit he can. Welcome to High Risk Segment A.

brendon

It's probably about 2-4 months. The main reason for the rejection is because, although banks can see you've applied/been accepted for credit, they cannot see how you are using it for 2-4 months when the reports are updated. From that point, you will be accepted/rejected based on your existing debt, repayments, etc.

iAMaLONDONER

Deleted_User wrote: »

I'd certainly calm down for a good 6 months, at least. You'll be ringing alarm bells all over the shop as an 18 year old trying to getting every line of credit he can. Welcome to High Risk Segment A.

Oh yeah, I was planning to do all account opening in a big go and let things settle down!

iAMaLONDONER

brendon wrote: »

It's probably about 2-4 months. The main reason for the rejection is because, although banks can see you've applied/been accepted for credit, they cannot see how you are using it for 2-4 months when the reports are updated. From that point, you will be accepted/rejected based on your existing debt, repayments, etc.

Oh ok, though I really want a FD account!

And I guess I'll just have to wait it out, now!