Credit card application timing 30 August 2018 at 9:58PM edited 30 November -1 at 1:00AM in Credit Cards 3 replies 1.6K views

Milomilo

Really appreciate everyone’s advice:

My girlfriend is looking to apply for a builder credit card. No defaults etc but no real credit history for a future mortgage application - hence builder credit card.

Anyway, she just took out a new phone contract. How long do we feel she should wait before applying for said credit card? Will applying too close (ie within 6 months?) to the phone contract file mark affect her chances?

zx81

Apply now. If declined after the first two, leave it three months.

PRAISETHESUN

https://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards/

Don't apply for credit in rapid succession - this will make it seem like you are desperate and oddly enough, makes the whole exercise of applying for a credit card to improve your credit history actually have the opposite effect.

I'd personally only make one application every 3-6 months until you are accepted. Start with a sub-prime lender such as Aqua/Marble/Vanquis/Capital One and go from there. The Luma card by Capital One was my first card, but basically any of the sub-prime cards will achieve the same goal. Make sure you set up a direct debit to avoid missing payments, as this will definitely impact your credit history negatively.

guesswho2000

PRAISETHESUN wrote: »

https://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards/

Don't apply for credit in rapid succession - this will make it seem like you are desperate and oddly enough, makes the whole exercise of applying for a credit card to improve your credit history actually have the opposite effect.

I'd personally only make one application every 3-6 months until you are accepted. Start with a sub-prime lender such as Aqua/Marble/Vanquis/Capital One and go from there. The Luma card by Capital One was my first card, but basically any of the sub-prime cards will achieve the same goal. Make sure you set up a direct debit to avoid missing payments, as this will definitely impact your credit history negatively.

This, basically. Once your history is a bit more solid, applications will have a bit less of an impact, but if you've got no history, especially no credit card history, stick to one or two applications, start with your main bank or a subprime like Aqua or Vanquis.

My recent round of applications, which were Amex SPG, Amex BAPP, Amex Platinum and Creation IHG, spaced out over two months, were all approved, but Creation were a referral prior to approval, so I've basically hit my limit for quick fire acceptances. Same with my card applications in Australia (Westpac, ANZ, Jetstar (Macquarie Bank) and another Amex card), all approved, but the last, Westpac, was referred and took a long time for a decision to be made! So I'll keep my finger off the trigger for a while now.

I tend to take out 3/4 at a time every 6 months or so, to trigger signup bonuses and for whatever benefits/offers are on the table, then leave the credit file to cool off for a while. And don't forget to ignore your credit score, as no such thing exists outside the CRA's databases - no credit provider uses these scores, they base the score they apply to your application based on their own internal processes, which are unknown to the likes of us.