Advice Needed - Just got a loan, can I apply for a credit card?

peppa<3

Hi,

I've just applied (and been successful) for an 8K loan with Sainsburys to buy a new car.

I'd like to take a credit card out, I don't need it, I just want to build my credit score even more. Do you think it would be OK to do that now (considering my loan application agreement only come through yesterday!), or should I wait a few months first?

There's no rush but I'm keen and would actually bother filling in the application form now where as in a few months I might be back in a 'can't be bothered frame of mind!'.

Moneysaverchris

peppa<3 wrote: »

Hi,

I've just applied (and been successful) for an 8K loan with Sainsburys to buy a new car.

I'd like to take a credit card out, I don't need it, I just want to build my credit score even more. Do you think it would be OK to do that now (considering my loan application agreement only come through yesterday!), or should I wait a few months first?

There's no rush but I'm keen and would actually bother filling in the application form now where as in a few months I might be back in a 'can't be bothered frame of mind!'.

May be worth getting one if you were accepted for an 8k loan then there's a good chance you should be okay, however whats your salary? always best to try and limit borrowing to 50% or less

chris

peppa<3

Thanks. It is 28K with 5-7K annual bonus on top. Mortgage is the only other 'loan' as such, this is with my partner and its an 80K mortgage.

Moneysaverchris

peppa<3 wrote: »

Thanks. It is 28K with 5-7K annual bonus on top. Mortgage is the only other 'loan' as such, this is with my partner and its an 80K mortgage.

Well personally (always depends on the lender) i can't see you have an issue at all!

212

If the loan agreement only came through yesterday, the chances are it won't be on your credit report for a while - only the 'search' will. Assuming that's the only thing you've applied for, it'll be fine.

Too many searches will make you look desperate, but 2 (or even 3/4) won't be too bad. If the loan was on your credit report it *could* be an issue regarding being a recent new account - it sounds like you haven't had much credit in the past? But if it's not yet on your credit file then it can't be an issue!

I'd go for it - if you tried for say a cashback card, that could save you money as well as improve your credit. With that salary you should have a good chance. It's a shame the Aqua 3% cashback card has been pulled - seems like it would suit somebody in your position.