Question about applying and getting approved but not signing

nekr0mantik

Hi

So applied for new card online and they had technical issues so wasn't signed. They sent me paper forms to sign today.
If I don't sign and open the account then how would that impact my credit score? I know the hard search will still remain but what effect does getting approved but not opening have?

[Deleted User]

It will drop your score like a stone but that doesn't matter. One search is insignificant on a well managed file.

nekr0mantik

Yeah I know about that but I was wondering is it worth just opening it as I have already had a search and just not use it as it has no fees or don't sign it but then would that have any impact at all or not.

[Deleted User]

Why did you apply for the card in the first place? Does that reason still stand?

You need to establish whether the card is of benefit to you or not. Why would you want a card and not use it? To help utilisation?

What's your objective?

cymruchris

nekr0mantik said:

Yeah I know about that but I was wondering is it worth just opening it as I have already had a search and just not use it as it has no fees or don't sign it but then would that have any impact at all or not.

Why did you apply in the first place?

How many other cards do you have (if any)?

What's your overall credit limit between all cards (if you have them)?

It's better for a positive credit history to have well-managed, frequently used accounts. 

nekr0mantik

[Deleted User] said:

Why did you apply for the card in the first place? Does that reason still stand?

You need to establish whether the card is of benefit to you or not. Why would you want a card and not use it? To help utilisation?

What's your objective?

Main reason for card was I got some expenses coming up and wanted zero percent to split the payment and then after applying few days later one of my unused cards I got zero percent offer that was only 1 mont less than the new application. Sods law haha if I waited few more days wouldn't have needed another hard search!

nekr0mantik

cymruchris said:

nekr0mantik said:

Yeah I know about that but I was wondering is it worth just opening it as I have already had a search and just not use it as it has no fees or don't sign it but then would that have any impact at all or not.

Why did you apply in the first place?

How many other cards do you have (if any)?

What's your overall credit limit between all cards (if you have them)?

It's better for a positive credit history to have well-managed, frequently used accounts. 

I got one with utilisation of around 40 percent and another with less then 30 percent and last one with zero utilisation. 

cymruchris

nekr0mantik said:

cymruchris said:

nekr0mantik said:

Yeah I know about that but I was wondering is it worth just opening it as I have already had a search and just not use it as it has no fees or don't sign it but then would that have any impact at all or not.

Why did you apply in the first place?

How many other cards do you have (if any)?

What's your overall credit limit between all cards (if you have them)?

It's better for a positive credit history to have well-managed, frequently used accounts. 

I got one with utilisation of around 40 percent and another with less then 30 percent and last one with zero utilisation. 

One more would reduce your overall utilisation by having a greater combined credit limit with one additional card (have you actually been approved? or are you still 'applying'?)

A total of four cards wouldn't be excessive.  You could still use the new card as originally planned, and keep the one with the new offer on standby for future use. 

[Deleted User]

Having a spare card is not a bad thing, if you already applied you might as well get it and use it periodically 
Ignore the fake credit score, only you ever see that, lenders have their own scoring systems that you will never see

nekr0mantik

cymruchris said:

nekr0mantik said:

cymruchris said:

nekr0mantik said:

Yeah I know about that but I was wondering is it worth just opening it as I have already had a search and just not use it as it has no fees or don't sign it but then would that have any impact at all or not.

Why did you apply in the first place?

How many other cards do you have (if any)?

What's your overall credit limit between all cards (if you have them)?

It's better for a positive credit history to have well-managed, frequently used accounts. 

I got one with utilisation of around 40 percent and another with less then 30 percent and last one with zero utilisation. 

One more would reduce your overall utilisation by having a greater combined credit limit with one additional card (have you actually been approved? or are you still 'applying'?)

A total of four cards wouldn't be excessive.  You could still use the new card as originally planned, and keep the one with the new offer on standby for future use. 

Already applied and approved.

Is there a max number of cards person should have? Would too many affect future credit eligibility? Like 5 or 6 be considered too many even if some unused?

cymruchris

nekr0mantik said:

cymruchris said:

nekr0mantik said:

cymruchris said:

nekr0mantik said:

Yeah I know about that but I was wondering is it worth just opening it as I have already had a search and just not use it as it has no fees or don't sign it but then would that have any impact at all or not.

Why did you apply in the first place?

How many other cards do you have (if any)?

What's your overall credit limit between all cards (if you have them)?

It's better for a positive credit history to have well-managed, frequently used accounts. 

I got one with utilisation of around 40 percent and another with less then 30 percent and last one with zero utilisation. 

One more would reduce your overall utilisation by having a greater combined credit limit with one additional card (have you actually been approved? or are you still 'applying'?)

A total of four cards wouldn't be excessive.  You could still use the new card as originally planned, and keep the one with the new offer on standby for future use. 

Already applied and approved.

Is there a max number of cards person should have? Would too many affect future credit eligibility? Like 5 or 6 be considered too many even if some unused?

Not really - it's more about how you manage the accounts rather than how many you have. If your utilisation percentage stays low, your payments are made on time, and balances aren't carried for excessive amounts of time, or better still paid in full each month, you'll begin to look more attractive from a risk perspective. This over a long period of time will allow you to get better offers, and if needed when the time comes, a reasonable mortgage deal.