Applying For Credit

southernscouser

Does anyone have any idea roughly how long to leave before applying for credit again?

Applied for a 0% card about 2 weeks ago but want to go for a life of balance card. How long should I wait until I apply again?

file_wizzard

southernscouser wrote:

Does anyone have any idea roughly how long to leave before applying for credit again?

Applied for a 0% card about 2 weeks ago but want to go for a life of balance card. How long should I wait until I apply again?

As a general rule 1 / 2 applications within in a month is acceptable, anymore than this and lenders will start to get nervous about why you are making multiple applications

southernscouser

Sorry file wizard, the application was accepted. However I can see that I can still save by shuffling some debt around.

Another thing aswell. I recently transferred (in the last 2 weeks) about £2,300 to my Tesco card. Would I be penalised if I now transferred that to a 0% card?

file_wizzard

southernscouser wrote:

Sorry file wizard, the application was accepted. However I can see that I can still save by shuffling some debt around.

Another thing aswell. I recently transferred (in the last 2 weeks) about £2,300 to my Tesco card. Would I be penalised if I now transferred that to a 0% card?

Cant see why you would be penalised for transferring the debt, all a prospective lender will see is the available credit verses the outstanding balance on each account.

The only thing to be mindful of is as you obtain more cards with an ever increasing combined available credit this will be taken into account when a lender assesses your application, and they may take the view that you have an over abundance of credit available.

So if you have any cards which you don’t use and have a £0 or low balance on it may be worth while closing the account completely as it will have a negative impact on any future applications.

southernscouser

Well I've applied for the Lloyds TSB Advantage card.

Whatever the outcome I'm gonna get my credit limits reduced and the cards that are paid off cancelled.