Have I just messed up my credit rating??

FudgieB

I recently applied for 2 credit cards. One to pay off a Balance Transfer and another to pay a holiday. I have never missed pay.enys on anything and if Ive had otger types of debt before - cleared it off without issue. I applied for a third from Santander - but was refused. I've not really had credit cards before and I think I may have mucked up my rating!!! Can anyone advise??

StopIt

You've not mucked up anything.


Lenders generally start rejecting multiple applications in a short space of time because it signifies a potentially high spike in risk.


Use the cards as intended, get them cleared and if you need another CC in the future apply as and when you need it.

20aday

As someone who's applied far too many times in the past for lines of credit it'll appear to lenders you are desperate for credit hence being declined.

Usually after six months or so the applications (wether you're successful or not) they tend to have less of an impact on your credit files.

As StopIt says apply as/when you need credit in the future.

Car1980

Use the soft credit search function on this site. Santander might have turned you down anyway even if you'd just applied to them first.

But lay off the credit searching for 6 months

National_Debtline

Hi FudgieB

There’s some good advice above. Bear in mind that creditors take lots of factors into account when you apply for credit, including your existing available credit limit and the number of credit applications you have made in recent times. On top of that they’ll look at things like your income, ability to repay the debt, your credit history and whether you’re on the electoral register. Using the MSE eligibility checker before applying for further credit is a great suggestion.

Susie
@natdebtline