Effects of credit crunch on credit card declines

rmd_2

I have just read an article on the Telegraph site about 18,000 people a day being declined for credit cards. I have a credit card with RBS that I use to clear a debt at 0%. I've had it since last June with 13 months 0% on balance transfer. It has a limit of £3600 and the balance is about £1200. After reading the article, I am wondering should I get myself another 0% deal ASAP in case card companies tighten up even more? Or should I just risk waiting until the 0% ends on my current deal? What do you think?

Richard019

So long as you've got a good credit history I'd give it a month. Applying mid-late May should get you the card comfortably by mid-June. You'll have time to set the DD up and then get the transfer done before it runs out in July.

gillbee

I'd agree with Richard019 on the timings.

I'd also recommend checking out which cards will be best for you to apply for. Check out any requirements i.e. minimum salary to avoid unnecessary credit file searches.

It can be worth checking your credit report to ensure there are no old credit cards on there which you no longer use. Lenders may consider the amount of credit you have available to you when deciding if they will accept you. If old cards are not shown as "settled" on your report then you will want to contact the particular card company to update. It will take about 4 weeks to update the credit file so you might want to check that now.

rmd_2

I did a search on moneysupermarket, and my credit came back as 'good', and the Virgin 15 month deal came up on top for me. Thanks for the advice guys.

clio

RMD
That search isnt accurate, it,s only a guide matey.

dhassen

yea I don't trust that smart search, mine's excellent - but how do they know that without my salary and debt details??? lol