Only a month in this job - does it matter?

monkeymonkey_3

Hi, just a quick question, I wonder if anyone can help?

Basically, I want to apply for a new credit card, probably an &More card, so that I can transfer a balance from another card where the interest rate is really high. Thing is, I have recently started a new job after being made redundant from my previous job, and have only been working here just under a month. I notice that part of the application form for the &More card you have to put down your employer and your time in that employment. Does anyone know, will the fact I've only been in this job for a month mean I'm likely to get turned down for the card? If so, are there any other cards which might be more lenient?

Thanks

monkeymonkey_3

Also, I've never started a thread before, so sorry if I've managed to do it wrong/ put it in the wrong place!

Lavendyr

Hello and welcome Looks like your thread is in the right place to me!

In answer to your question, the length of time you have been in your job may well impact on whether they offer you credit, especially if they specifically ask you for that information. If you have been employed continuously by the same employer they may be more inclined to trust that you have a reliable source of income and may be more willing to lend you credit as a result.

I'm afraid I can't suggest any cards that would be more likely to accept you, not being fully up on the current offers, but it could always be worth checking your current bank for offers as they may be more willing to accept you (having proof that you have had a regular income for X years).

You should also check that you are registered on the electoral roll and obtain a copy of your credit report to make sure all is OK, before applying.

monkeymonkey_3

Thanks, I know that I am on the electoral role, and I've checked my credit report and it seems fine, so I guess it's just the job thing that might let me down. I hadn't thought that my bank might be a better idea, so maybe I'll try that instead. It's just so annoying that there isn't a section to say I didn't just quit my job! Ah well!

YorkshireBoy

Length of time in current job is one of the 5 key 'stability factors' (along with Electoral Roll registration, home ownership, time at address, and time with bank).

However, if you have a spouse, and your total household income (which is all that is asked for on the M&S application form) is healthy, then the M&S card would be a particularly good choice in my experience - and especially for the 'fairer sex'.

george_pool

Hi,

You need to be employed at least 6 months before it will improve your 'credit rating' and your ability to apply for credit cards or higher limits.

I've asked my bank sometime ago, and this is what they told me.

Good luck,

G.J. Pool

Stephen_Leak

I moved home in February, changed banks in March and changed jobs in April, but still managed to get the notoriously difficult Capital One 4% cashback card.

I suppose it must just have been my sparkling personality ...