What's the rule for when to make another application after being declined?

jl1_2

I want to do a plastic loan. I applied for and got the Egg Money card, with a £3k limit, and I applied for and was declined an HSBC card. My credit report is good, and it shows at least two checks from Egg and one from HSBC. I also have a Barclays loan for about £4k that I want to refinance with the plastic loan, and I recently open a joint bank account, but that didn't show as a credit check (I already had an account with Barclays).

It's not clear how long I should wait now before I apply for a different card to use for the plastic loan. On another thread someone said 6 months, but I'd like to do it sooner than that, if it's reasonable. Is it possible the Citibank card will have more leniant terms than the HSBC one? If I apply for a Citibank card and get declined on that, what affect will that have on my credit?

Thanks,

jl

chuckley

3-4 months but if u show as 'good' u may not be worth it for companies, ie, u wont make them money.

Milarky

Different cards apply different principles to reapplying. Some will tell you if you've been rejected how long you must wait before you can apply for their product a second time. (Often that's six months, but for Egg it is 12)

Then there's applying for more than one card around the same time. Two applications should be OK (possbly three) but if you cluster applications in the hope of success like that you need to stretch out the time between clusters to at least six months.

As to HSBC - I got declined for this card in November yet got accepted for two other cards (Halifax and NatWest) whilst applying at the same time. I think the problem is with the HSBC application because it doesn't ask for income details - giving it less to assess you on unless (say) you have an established relationship such as through banking through them. (And my time as a First Direct customer didn't seem to swing it either!)

Don't forget either that a 'rejection' can be turned into an acceptance because all credit card issuers are supposed to allow you to supply additional information (e.g. income not originally asked for if that could affect their assessment of you) I did try my standard letter on HSBC but never even got a reply - so they could be an a "couldn't give a damn" state at present

benf90

Milarky wrote: »

Different cards apply different principles to reapplying. Some will tell you if you've been rejected how long you must wait before you can apply for their product a second time. (Often that's six months, but for Egg it is 12)

Looks like the OP's question has already been answered but just thought I'd say that the figure of 12 months for Egg is only when an account is closed. For declined applications it's only 3 months before you can reapply (have to contact them first though before going through the website).