Card Eligibility Discrepancy

D3xt3r5L4b

Taylorette said:

funkycredit said:

I'd try Amex. Seriously. Lack of credit isn't the same as bad credit. Try it and see. A single search won't hurt. 

Really? Surely if I'm rejected I'm essentially setting myself back a good 6 months before I should apply for something else?

One search won’t do anything detrimental 

funkycredit

Taylorette said:

funkycredit said:

I'd try Amex. Seriously. Lack of credit isn't the same as bad credit. Try it and see. A single search won't hurt. 

Really? Surely if I'm rejected I'm essentially setting myself back a good 6 months before I should apply for something else?

Doesn't really work like that, as I said in my previous post. I've opened 7 new bank accounts in the last 20 days or so. I've got many searches - but my actual conduct which is being reported clearly supersedes the searches as it's clear I don't use overdrafts etc and use (and pay back) thousands each month across my many cards. 

So a few searches really won't hurt that much at all, proportionately of course. I'm not applying for accounts as I need credit - quite the opposite. I'm opening accounts to get better interest rates and other bonus offers (free money) as the main banks are useless for larger savings pots. 

Anyway, I digress. Go for it and let us know what the outcome is. You may be pleasantly surprised. Obviously if the card in question suits your needs. Amex will tell you early on whether it's approved or referred.  

adamp87

1/2 wont scare lenders, but I’d be a bit cautious with the advice above funky I think it’s the wording.

There’s a difference in opening 7 bank accounts as opposed to applying for 7 credit accounts in a month 

funkycredit

adamp87 said:

1/2 wont scare lenders, but I’d be a bit cautious with the advice above funky I think it’s the wording.

There’s a difference in opening 7 bank accounts as opposed to applying for 7 credit accounts in a month 

Again, it's specific to the individual. Since June I've opened 16 bank accounts and 9 credit cards. However I've closed around the same amount as well. 

I've made it clear that my strategy works for me as I don't *need* credit. The fact I've got 5 x 0% cards but don't owe a penny says it all - it's just some fun for me to test what's what and when I get used to a particular lender I'll stick with them and close the rest. In all my years, Santander & Nationwide are by far the best finance organisations I've come across - even though today I've an account or more with almost every lender in the market! 

Since my experiment in June, I've got to admit Sainsburys bank CC & my Amex cards are the best (along with my main bank ones, nationwide & Santander).  I'd never know this if I didn't apply / test them out. 

Sure I've had one decline from virgin, but the month after got accepted to make my 8th card. 

I know what I'm doing is kinda nuts. But I'm learning which providers I prefer which is my whole objective. I'll give my credit file a rest for a year or two now unless an awesome deal appears lol  

MEM62

Taylorette said:

funkycredit said:

I'd try Amex. Seriously. Lack of credit isn't the same as bad credit. Try it and see. A single search won't hurt. 

Really? Surely if I'm rejected I'm essentially setting myself back a good 6 months before I should apply for something else?

That is incorrect.  The impact of one search is minimal.  

Taylorette said:

due to it always being instilled in me that credit cards = you appear "bad" with money 

That is also incorrect.  A credit card is a very useful tool when used responsibly.  
It may be the case that you need to start with a sub-prime card but that's OK.  Use it properly and you will still build up some positive history.  .  

Taylorette

Thanks for your input, all. Then I guess it's worth a shot. Now to decide whether the £25 Amex Platinum Cashback is worth it over the fee-free Cashback Everyday.

D3xt3r5L4b

Taylorette said:

Thanks for your input, all. Then I guess it's worth a shot. Now to decide whether the £25 Amex Platinum Cashback is worth it over the fee-free Cashback Everyday.

Depends how much you spend per annum.

£10k or more is the marker to go for the paid card.
If you spend less take the free one. 

Taylorette

D3xt3r5L4b said:

Taylorette said:

Thanks for your input, all. Then I guess it's worth a shot. Now to decide whether the £25 Amex Platinum Cashback is worth it over the fee-free Cashback Everyday.

Depends how much you spend per annum.

£10k or more is the marker to go for the paid card.
If you spend less take the free one. 

Having looked at the past year's spending, which is more accurate than previous years due to a change in circumstances but also not typical due to the pandemic, it seems as though I'd likely be right around £10k. So probably wise to go for the free card to be on the safe side.

D3xt3r5L4b

Taylorette said:

D3xt3r5L4b said:

Taylorette said:

Thanks for your input, all. Then I guess it's worth a shot. Now to decide whether the £25 Amex Platinum Cashback is worth it over the fee-free Cashback Everyday.

Depends how much you spend per annum.

£10k or more is the marker to go for the paid card.
If you spend less take the free one. 

Having looked at the past year's spending, which is more accurate than previous years due to a change in circumstances but also not typical due to the pandemic, it seems as though I'd likely be right around £10k. So probably wise to go for the free card to be on the safe side.

Have a look here for more detailed breakdown:
https://youtu.be/9_8k-pqoZvc

Taylorette

D3xt3r5L4b said:

Taylorette said:

D3xt3r5L4b said:

Taylorette said:

Thanks for your input, all. Then I guess it's worth a shot. Now to decide whether the £25 Amex Platinum Cashback is worth it over the fee-free Cashback Everyday.

Depends how much you spend per annum.

£10k or more is the marker to go for the paid card.
If you spend less take the free one. 

Having looked at the past year's spending, which is more accurate than previous years due to a change in circumstances but also not typical due to the pandemic, it seems as though I'd likely be right around £10k. So probably wise to go for the free card to be on the safe side.

Have a look here for more detailed breakdown:
https://youtu.be/9_8k-pqoZvc

That was really helpful in getting my head around how the cashback on both cards actually pans out over the years. Thank you. I'm going to wait a short while before applying so if I am accepted I can make the most of the initial 5% rate around Christmas.