Does applying for credit cards affect credit rating?

NatashaV

Hello

I would really appreciate any advice regarding my situation.

I am considering applying for a 0% balance transfer credit card to transfer my debt from AMEX in order to save some money that would normally go towards the interest.
Thus using the money saved from the interest to actually pay the balance is the plan.

However, my husband and I are considering taking out a mortgage and I am looking to improve my credit rating as much as possible prior to this.

I have two credit cards ( credit available on both) and two debit cards.
My concern is by applying for another credit card, will this further compromise my credit rating?

Thank you

[Deleted User]

One application won't be an issue.

Repeated applications can make you look a little desperate.

SLZ

Be careful, some companies won't allow balance transfers from AMEX, it may be a wasted search. Barclaycard and Halifax for example don't accept BTs from AMEX in my experience.

DCFC79

Deleted_User wrote: »

One application won't be an issue.

Repeated applications can make you look a little desperate.

And nor will it hurt the OP's credit rating well it will but lenders won't see the rating decrease.

SLZ

DCFC79 wrote: »

And nor will it hurt the OP's credit rating well it will but lenders won't see the rating decrease.

The rating is for consumers, lenders look at the overall credit history from searches to credit limits to defaults and on time payments etc. The score/rating is purely for consumers such as you and me.

DCFC79

SLZ wrote: »

The rating is for consumers, lenders look at the overall credit history from searches to credit limits to defaults and on time payments etc. The score/rating is purely for consumers such as you and me.

Don't tell me, I'm aware of that.