Would getting several credit cards to get their referral bonuses damage my credit rating?

bp5678

I know bank switching pays however damages credit rating.

I noticed many credit card companies pay you if invited to join and I was wondering if this'll damage credit ratings?

I planned on getting the joining money then not actually using the credit card. I won't leave them either.

[Deleted User]

Switching or opening accounts doesn't damage your credit rating.

They'll appear as new accounts on your credit files and lenders will be factor that in. On a thin file, it may generally be seen as positive, on an over indebted one, a potential negative. More often than not, it's neutral.

But to build your history, make sure you're using the cards.

Willing2Learn

Sorry, is someone saying you get a cash incentive for opening a credit card account? Which card issuer(s) is that with please?

Candyapple

Willing2Learn wrote: »

Sorry, is someone saying you get a cash incentive for opening a credit card account? Which card issuer(s) is that with please?

Here is one example:
£20
https://www.halifax.co.uk/creditcards/clarity-card/

I know in the recent past HSBC/First Direct offered £25 if you took out a cc with them, Amazon offer £25 if you take a card out, Barclaycard have had offers up to £40 if you took a card out. There have been quite a few lenders over the years and in recent times who offer this, it's nothing new.

[Deleted User]

Taking a credit card for the sake of a few quid isn’t worth it.

Unless you intend to use the card as well.

If not, personally, I wouldn’t bother.

bp5678

!!! wrote: »

Taking a credit card for the sake of a few quid isn’t worth it.

Unless you intend to use the card as well.

If not, personally, I wouldn’t bother.

If I do it with lots of CC companies it'll probably be about £70.

[Deleted User]

So long as you don’t plan on taking any other credit out in the next 6 months or so then break a leg.

But for £70, really, it’s not worth it.

PRAISETHESUN

Ignore reference to your credit "rating" or "score", as these are not seen by anyone except you and are not factored into lending decisions. Instead focus on maintaining good credit HISTORY.

Multiple applications for credit in a short period of time will leave multiple hard credit searches on your file, which will impact your ability to get credit in the short/medium-term (~3-6 months). A search here and there is nothing to worry about but several in rapid succession will be seen as you potentially being desperate for credit, and will lead to being declined. For the sake of such as small amount of cash it isn't really worth it IMO, but if you plan to use the card anyway then you might as well get paid to open an account you were already going to open.