Applying for a new card (re: credit rating)

Astraeus

I've read MSE's pages regarding the issue of having too many searches on your credit rating as a result of constantly re-applying for credit cards but I was unclear as to exactly when this comes into effect.

I have had a credit card with Bank A since November 2006 - at the time it was ranked as one of the best credit cards for purchasing - but the benefits of that card only lasted eight months and so I have decided to call it a day with Bank A's credit card - I've paid off this month's credit and now intend to close the account down (another tip from MSE :rolleyes:).

Will I be at risk of not getting a new card as a result of having only had the previous card for 18 months or is that the sort of period people expect before switching cards? The Bank A card is the only card I've ever owned though I have an interest-free overdraft with Bank A (student account). Upon closing Bank A's credit card account, I will have no further credit facility open to me.

Regards,

Astraeus

P.S. As an aside, are banks able to access information pertaining to what accounts you have with other banks? I have an ISA which easily covers all of my credit facilities (interest-free overdraft, credit card etc.) but was wondering if that is known to banks/credit card companies when I make an application.

CLAPTON

its essential you do NOT close your only card as most decent credit cards will only give them to you if you already have a card.

18 months is fine

loads of people have several cards

details of your CC and debts are available on your credit files... potential creditors will look there before deciding on your application... you can check for yourself also

too many credit application in a short time will be unhelpful... say more than 3-4 with a few months

YorkshireBoy

Astraeus wrote: »

P.S. As an aside, are banks able to access information pertaining to what accounts you have with other banks? I have an ISA which easily covers all of my credit facilities (interest-free overdraft, credit card etc.) but was wondering if that is known to banks/credit card companies when I make an application.

The ISA won't be visible on your credit report because it's not a credit facility, like overdrafts, credit cards, mortgages etc.

However, if you're declined for a credit card you can appeal, citing your financial 'standing' and including evidence of savings/investments.