When to apply for new credit card

cs0rpc

Hi,

I've just cleared down an interest free credit card that is about to reach the end of its period.  I would now like to apply for a new interest free card.  What is best time period to wait after clearing this card to ensure I am not rejected due to existing debt?  Should I cancel it as well?

Thanks,

Rob.

D3xt3r5L4b

Who knows? Each lender has their own criteria for risk etc. 

[Deleted User]

If the old card is more than a year old it won’t be on your file, so not an issue in that sense. But as for a specific timeframe...... urr, how long is a piece of string!

D3xt3r5L4b

GabiB said:

If the old card is more than a year old it won’t be on your file, so not an issue in that sense. But as for a specific timeframe...... urr, how long is a piece of string!

Yes it will. Why wouldn’t it still be there after a year?

cymruchris

GabiB said:

If the old card is more than a year old it won’t be on your file, so not an issue in that sense. But as for a specific timeframe...... urr, how long is a piece of string!

You'll have to read MSE a bit more closely (from your signature) - credit accounts remain on your files for 6 years from the point of closure/settlement. 

cymruchris

cs0rpc said:

Hi,

I've just cleared down an interest free credit card that is about to reach the end of its period.  I would now like to apply for a new interest free card.  What is best time period to wait after clearing this card to ensure I am not rejected due to existing debt?  Should I cancel it as well?

Thanks,

Rob.

What do the various eligibility checkers say based on your personal circumstances? 

If you've just cleared it down  - it won't be reported to the CRA's until the next data cycle (which could be any time - but likely within a month - although some card providers have been a bit slow recently due to covid). 

Do you have a particular card in mind? (Not forgetting that credit is a little tougher to get at this precise moment - so you may find that any new card isn't as good a 'deal' as the one you've just had).

I wouldn't close any card at the present time.