Can you apply for credit card with same lender if you close previous card?

cocopop100

Hoping for some advice! I have had credit cards with most of the main lenders over the years - all but one are now paid off.  However I now need a new 0% purchase card for some new larger items I need to pay for.  Can I close some old credit cards and re-apply for new ones with the same lender?  Would that negatively affect my credit rating?

CliveOfIndia

Yes, you can re-apply with the same lender - though anecdotally you're best waiting about 6 months or so since closing your existing card before re-applying.  Some lenders will allow you to have more than one card with them.

It's slightly worrying that you say you "need" a 0% purchase card to buy items that you "need".  If you can't afford to buy the items outright (or even, at a push, buy them on an ordinary interest-bearing card and pay it off over 2 or 3 months maximum, no more), then it's probably prudent to question how much you "need" these items.  That's not meant to sound condescending, I hope the advice is taken in the spirit in which it's intended.  But buying things you can't really afford, irrespective of how you pay for them, can all too often lead to financial problems further down the line.

Ryan_Holden

I have a Tesco credit card which is outside of the 0%, when I spoke to them they said that I could apply for a second credit card with them to get another 0% rate. 

So I imagine you'll be fine.

cocopop100

Thanks so much for both your advice.  I really appreciate it

Do you think I need to close the existing card then, or could actually just apply for another one from same lender (ie. with the original card still open)?  Or am I best to call the lender and ask them?  I just know all these 'hard inquiries' can affect your credit rating so I don't want to accidentally do anything wrong!

And thanks for the advice Clive.  Yes I do understand the risks and considerations but these costs are necessities.

CliveOfIndia

cocopop100 said:

Do you think I need to close the existing card then, or could actually just apply for another one from same lender (ie. with the original card still open)?  Or am I best to call the lender and ask them?

The simplest way is to go to the card provider's website and run an eligibility check.  Whilst not 100% accurate, it will at least give you an indication of whether you're likely to be accepted.  An eligibility check won't leave a hard search on your file (you'll usually see a soft search, but that's only visible to you).

It's better to go to the card provider's own checker rather than a generic third-party checker.  Neither will give you a guarantee, but the card's own website will at least take account of some of their own particular eligibility criteria.

horsewithnoname

I’ve had at least 3 virgin credit cards, two marks and Spencer’s and two Sainsbury’s though as mentioned above, you need to leave a few months before you are considered a new customer 

DullGreyGuy

It all varies by lender... Barclays currently only let you have 1 card (they used to allow 2 and haven't withdrawn them from those that do) and 0 if you closed a card in the last 6 months.

Some, eg AmEx, may restrict introductory offers if you have or had the same or related offer in the past (used to be 6 months but think its longer now)

Others allow you to fill your boots with as many cards and offers as you'd like. 

cocopop100

DullGreyGuy said:

It all varies by lender... Barclays currently only let you have 1 card (they used to allow 2 and haven't withdrawn them from those that do) and 0 if you closed a card in the last 6 months.

Some, eg AmEx, may restrict introductory offers if you have or had the same or related offer in the past (used to be 6 months but think its longer now)

Others allow you to fill your boots with as many cards and offers as you'd like. 

Thanks for this! V helpful. For those that allow you to “fill your boots” - would this be multiple credits cards active at the same time or would you need to close a card and then open another one a few months later? 

cocopop100

horsewithnoname said:

I’ve had at least 3 virgin credit cards, two marks and Spencer’s and two Sainsbury’s though as mentioned above, you need to leave a few months before you are considered a new customer 

Thank you! Were these cards held concurrently with these same lenders or did you close one and then open another (with same lender)?

daivid

It all varies by lender, if you have a particular card provider in mind name them and someone on here may know the ins and outs. There are providers that only allow one card at a time, others that allow multiple simultaneously active cards. There are providers that won’t let you have a promotional offer for up to two years from previously holding the card whilst others treat you as a new card holder from the moment the previous card is fully closed.

DullGreyGuy

cocopop100 said:

DullGreyGuy said:

It all varies by lender... Barclays currently only let you have 1 card (they used to allow 2 and haven't withdrawn them from those that do) and 0 if you closed a card in the last 6 months.

Some, eg AmEx, may restrict introductory offers if you have or had the same or related offer in the past (used to be 6 months but think its longer now)

Others allow you to fill your boots with as many cards and offers as you'd like. 

Thanks for this! V helpful. For those that allow you to “fill your boots” - would this be multiple credits cards active at the same time or would you need to close a card and then open another one a few months later? 

No, some providers allow you to multiple cards at the same time