When to apply for a new Credit Card

longwalks1

I’m going to need an interest free on purchases card in the next couple of months for small home improvements.  

I’ve currently got a M&S credit card coming to 0% end on 1st June, and I owe £380 on it.  Paying £150 pcm by DD.  Will overpay the remaining £80 before 1st June. 

and a small Barclays finance agreement for a new boiler I had fitted 2 1/2 years ago, £60 pcm.  2 more payments to go, 5th April and 5th May. Am guessing it will auto-close once last payment is made. 

When is a better time to apply for a new card?  Once the M&S card is paid off but still open, and when the boiler finance is paid up and closed?  Or just before?

asking as previously I’ve noticed my credit score/rating usually drops when I close a CC or loan account, even though I’ve cleared a debt.  Is it better to leave the M&S card open and apply just before my last Barclays finance payment is taken, so it looks like I’m using less on my available credit?

many thanks everyone 

RBYHS

It doesn’t matter when as long as there aren’t a lot of hard searches in a short period of time. 

Try running an eligibility check to see what you are eligible for. 

I’d personally leave the M&S open and use it from time to time to not have it go dormant. Obviously paid in full every month once the interest free ends. 

Credit rating aka credit score doesn’t matter as no lender sees it. 

[Deleted User]

Your credit score drops with any change, good or bad. That's why it's not used in credit decisioning, so no need to worry about any changes 

Don't close your existing cards and apply for new ones when you need them. Unless your I con is very low, affordability is unlikely to be an issue.