When is best to apply for a cashback credit card

Giraffe76

Hi all,

I currently have 3 credit cards ( a balance transfer card and 2 other normal cards) which are paid off in full every month.
My credit score has incredibly significantly compared to what it was and I'm.now at the point where I'm thinking of getting a cashback credit card but didn't want all these cards active so I was wondering if it would be better to close the 2 normal credit cards before or after I apply for a cashback card as I don't feel like I need 3 credit cards

Kind regards mark 

flaneurs_lobster

Giraffe76 said:

My credit score has incredibly significantly compared to what it was 

I like this typo because it doesn't matter if @Giraff76 meant that the score has gone up, gone down or stayed exactly the same - it's still a meaningless number.

As to your question, the prospective card company will be looking at your income, outstanding debt and your historical ability to service this debt - the number of cards you hold will have little or no significance.

Brie

flaneurs_lobster said:

Giraffe76 said:

My credit score has incredibly significantly compared to what it was 

I like this typo because it doesn't matter if @Giraff76 meant that the score has gone up, gone down or stayed exactly the same - it's still a meaningless number.

As to your question, the prospective card company will be looking at your income, outstanding debt and your historical ability to service this debt - the number of cards you hold will have little or no significance.

Agree - but to be specific - it's not the number of cards but the amount of credit they give you that is significant.  If you close one card and wait a couple of months for this to get logged on your credit history any new card company will see you would have a better income to debt/credit ratio and more likely to offer you a higher limit at a lower rate on a new card.  

Nasqueron

Brie said:

flaneurs_lobster said:

Giraffe76 said:

My credit score has incredibly significantly compared to what it was 

I like this typo because it doesn't matter if @Giraff76 meant that the score has gone up, gone down or stayed exactly the same - it's still a meaningless number.

As to your question, the prospective card company will be looking at your income, outstanding debt and your historical ability to service this debt - the number of cards you hold will have little or no significance.

Agree - but to be specific - it's not the number of cards but the amount of credit they give you that is significant.  If you close one card and wait a couple of months for this to get logged on your credit history any new card company will see you would have a better income to debt/credit ratio and more likely to offer you a higher limit at a lower rate on a new card.  

But equally some may see a lot of credit available, but not used, as a positive as lenders trust you, hence the vagaries of fake scores

Giraffe76

Thank you to everyone for their replies. You have certainly given me lots to think about