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Opening a Amazon Classic Mastercard credit card for the £20 reward

2

Comments

  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Newshound!
    Never mind trying to quantify the 'damage' to your credit file. You've more chance of telling me the length of my piece of string. Instead, ask yourself whether it matters. Is there a chance you'll need to apply for important credit in the next six months or so? If so then it's not worth the risk for 20 quid.
  • msallen
    msallen Posts: 1,494 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Samsung_Note2 wrote: »
    Sorry thought some keyboard expert was saying the other day that the amount is seen by other creditors but not the issuer.~?

    Whoever said that was correct, but what does that have to do with this thread?
  • Heidiho
    Heidiho Posts: 67 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    the scaremongering in this thread is a bit over the top.

    i open (and close) several credit card accounts each year precisely for bonuses like this. never had any issues as a result (although i do keep an eye on my noddle report to see if my score goes up or down). i moved home recently and had no problems with my mortgage application/drawdown, which was with First Direct who can be a right picky bunch.
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Heidiho wrote: »
    although i do keep an eye on my noddle report to see if my score goes up or down

    That's rather like looking out the window to see if there are more unicorns than usual.
  • Heidiho
    Heidiho Posts: 67 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    i dont disagree with you there! but as its there and its free i always take a look each month. it may one day prove to be worth it :)
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 9 May 2018 at 3:24PM
    Deleted_User wrote: »
    Just weigh up whether the impact on your credit file is worth £20.
    Candyapple wrote: »
    So you'd potentially have a new card with a low limit of say £200 on your history. Assuming you applied for another card in the future, this could be taken into account when the new lender does their internal scoring as being a subprime card, causing possible decline.

    If you have many other credit cards with much higher limit,
    I am not quite sure whether there will be a noticeable impact on credit worthiness when people apply for other credit cards. At least I could tell from my personal experience.

    I used to have an Aqua Card with low limits of £500. When I applied for 0% on BT card while I was still having this Aqua card, I still got a 0% BT card with good credit limit.

    Similarly, I have Asda Credit Card with much lower limit of £200 for 1% cashback on ASDA purchase. I applied BT 0% on BT card a few moths ago yet I still got it with very reasonable credit limits.

    I am very well aware about the argument of trust from other lenders but I wonder about other people personal experience, If you already have many credit cards with higher limits, is there any noticeable impact between having one credit card with low limit on your creditworthiness ??

    What I could say is that at the underwriter could at least see the limits of your other cards on your credit file and could draw a sensible conclusion.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Heidiho wrote: »
    i dont disagree with you there! but as its there and its free i always take a look each month. it may one day prove to be worth it :)

    It won't - since no one sees or cares about the made up scores.

    Do you check your REPORT with the other CRA's as well?
  • Heidiho
    Heidiho Posts: 67 Forumite
    Seventh Anniversary 10 Posts Combo Breaker
    actually, to say no one sees or cares about credit scores is wrong.

    a few years ago i was a lending underwriter for one of the big banks here in the uk. one of the many reasons an application would fail the banks internal scoring system would be because of a low credit score number at the CRA that we used. there was even a special code for it and applications were declined for that reason alone.
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Those aren't the scores customers see. They're provided based on lender criteria.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    That’s the banks own scoring system based on the data on ones files.

    Banks and lenders etc do not see the numbers generated by the CRA’s that the public see (and should ignore).
This discussion has been closed.
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