Applying for credit card...starting new job on Monday

McGraw

McGraw

McGraw

Soldato
Joined
16 Jan 2006
Posts
3,051
Hi.

Going to apply for a new credit card to shift a balance.

My credit score is good but id rather not have a failed application on my record.

So, can I legitimately put down the employer I have not moved from until Monday or am I technically unemployed as of 5pm today? 5 years permanent employment in that role.

Is it likely to affect things much if I apply with zero employment time or should I wait a bit and apply with some history with my new employer?

Thanks.
 
For the purpose of a credit card application either employer could be argued to be your "current" employer, just use the one which benefits you most.

If one salary significantly trumps the other use that one. If you're required disclose length of time employed and your length of current employment has been significant use that as it's likely to lower your risk profile.

I think you are seriously overanalysing the situation, it's not like an insurance application where incorrect information could count against you in a future claim.
 
They don't check things like employer or salary anyway, just if you made a bunch of applications with various different employers and salaries you'd likely get flagged on one of the fraud databases as they are reported to by the creditors.
 
[TW]Fox;30382189 said:
There sort of is - a hard search for an application with no subsequent account on file is generally a failed application.
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Not really. Credit files only record the search, never the result. You may have just chosen to not go ahead if the APR offered was too high.
 
robfosters said:
Not really. Credit files only record the search, never the result. You may have just chosen to not go ahead if the APR offered was too high.
Click to expand...

Well yes really - with a credit card once the application is in and the check is approved, the account gets opened - it isn't like a loan where documents must be signed and returned first, post credit check.

So a successful credit card application will result in a credit account appearing on the file. An unsuccessful one will not.
 
[TW]Fox;30382401 said:
So a successful credit card application will result in a credit account appearing on the file. An unsuccessful one will not.
Click to expand...

True, but it's not as black and white as that. Typically it takes about 3 months for things to update on your credit file, as such you could legitimately pass a credit check on a loan/credit card and change your mind within th cooling period. The end result would show a search but it was also show no live account.

I should know, I've done it.
 
HoneyBadger said:
True, but it's not as black and white as that. Typically it takes about 3 months for things to update on your credit file, as such you could legitimately pass a credit check on a loan/credit card and change your mind within th cooling period. The end result would show a search but it was also show no live account.

I should know, I've done it.
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Me too. And thats exactly what I meant earlier. Even if it updated within a month it still wouldn't show. New accounts affect your credit rating. If you pass your credit check but choose not to go ahead or cancel within your cooling off period, you will not be deemed as opening an account. It would be completely unfair as:

A) New credit accounts reduce credit rating.

B) New accounts bring down the average age of your accounts, which also reduces credit rating if it brings them under 33 months.
 
McGraw said:
Hi.

Going to apply for a new credit card to shift a balance.

My credit score is good but id rather not have a failed application on my record.

So, can I legitimately put down the employer I have not moved from until Monday or am I technically unemployed as of 5pm today? 5 years permanent employment in that role.

Is it likely to affect things much if I apply with zero employment time or should I wait a bit and apply with some history with my new employer?

Thanks.
Click to expand...

The credit card company, or bank has no idea about your employment, nor can they, nor will they check it.

What is important is.

1) Have a history of paying your bills, minimum or full, whatever, so long as you pay, (keep in mind i refer to bills only on the credit system)

2) Dont miss a payment

3) do not use too much of your balances, as a %

robfosters said:
Not really. Credit files only record the search, never the result. You may have just chosen to not go ahead if the APR offered was too high.
Click to expand...

No, google records the searches, but if you apply you either get it or you dont. What you say is simply not possible,

HoneyBadger said:
True, but it's not as black and white as that. Typically it takes about 3 months for things to update on your credit file, as such you could legitimately pass a credit check on a loan/credit card and change your mind within th cooling period. The end result would show a search but it was also show no live account.

I should know, I've done it.
Click to expand...

I don't know where you find this magical credit file, but i can tell you, that there are just databases, and updates to them are instant

robfosters said:
Me too. And thats exactly what I meant earlier. Even if it updated within a month it still wouldn't show. New accounts affect your credit rating. If you pass your credit check but choose not to go ahead or cancel within your cooling off period, you will not be deemed as opening an account. It would be completely unfair as:

A) New credit accounts reduce credit rating.

B) New accounts bring down the average age of your accounts, which also reduces credit rating if it brings them under 33 months.
Click to expand...

New accounts do not reduce your credit rating.

In-fact a new credit card can improve your "rating", considering that your "rating" among many things, is influenced by your total available credit, and the % of it that is used or currently still available.

McGraw said:
Hi.

Going to apply for a new credit card to shift a balance.
Click to expand...

Apply for the new card, within the application you request a balance transfer (not after).

You will get it 100%.
 
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That is the biggest load of rubbish written on here today.

Seriously fella, what does this bit even mean?

platinum87 said:
No, google records the searches, but if you apply you either get it or you dont. What you say is simply not possible,
Click to expand...

I have been signed up to credit expert for 2 years and every time I have signed up to a new credit account, it has impacted my file. Everyone over the age of 18 who has taken out credit has a credit file recorded with the relevant agencies.
 
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robfosters said:
That is the biggest load of rubbish written on here today.

Seriously fella, what does this bit even mean?



I have been signed up to credit expert for 2 years and every time I have signed up to a new credit account, it has impacted my file. Everyone over the age of 18 who has taken out credit has a credit file recorded with the relevant agencies.
Click to expand...

Credit expert and all of them, are pure nonsense, please do not speak to me about credit expert et al.

You can choose to not believe me i really dont care.

10+ years ago i have had every single credit card on the market and i was stooging heavily. Because i had so much money on hand, i made a bit investing in gold, and then bitcoin. (im purposely not putting down the illegal things yea...)

Now i dont care much about gaming the credit system, but i still know a large amount.

What i mean by the above quote, well.

If i go to a credit card website, and click apply fill out the form, and submit, i will have applied, then i will be accepted or declined.

What the hell you mean by "searches" i dont understand.

If i google "credit card deals" this is a "search", if i fill out a form, this is an "application"

"Not really. Credit files only record the search, never the result. You may have just chosen to not go ahead if the APR offered was too high"

Do you mean "application" instead of search?

The next point is, if you did mean "application", then, its simply not possible to not go ahead, when you click submit, thats it, 3-4 days later you'll get your card in the post, or you will be declined.
 
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When you apply for a credit card, the credit card company do a search of your credit file to decide whether to accept you or not. These searches are recorded on your credit file and each search will harm it a little. Too many at once will make you look like you are in financial trouble and desperate for money.

Google searches have nothing to do with it lol.

You say you should have a history of paying your bills. Well then, how are the credit companies going to know this without a record of some kind? That's what your credit file is, and thats what they search.
 
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robfosters said:
When you apply for a credit card, the credit card company do a search of your credit file to decide whether to accept you or not. These searches are recorded on your credit file and each search will harm it a little. Too many at once will make you look like you are in financial trouble and desperate for money.

Google searches have nothing to do with it lol.
Click to expand...

Thanks for clarification.

This is wrong, however, or some mis-conception has occured.

Credit companies use algorithms, which are focussing 99% on your % balances.

I.e you have 1 card, 10k limit, 5k used = 50%
Apply new card 10k, get it (balance transfer obviously)

Now its 25%, apply for 3rd card, you get it, why? cause you have 25% only.

If you fill a card up, and then apply, (financial trouble alarms).

That is why you do it in waves.

Credit --> savings accounts, ---> pay off cards (half of them), apply for 2-3 new cards with balance transfers from old cards running out.

Back to savings account with balance transfer to current accounts.
 
robfosters said:
You say you should have a history of paying your bills. Well then, how are the credit companies going to know this without a record of some kind? That's what your credit file is, and thats what they search.
Click to expand...

When i did all of this, there were none of these credit score websites there are now, there is a "file" of sorts, but the way they say, it is too literal.

Keep in mind there are algorithms running, and they have databases, your credit file is in itself a concept of searches of various databases, and it is just pointless to think about.
 
OK, I'm down with that. The issue I had is that the way you wrote your posts seemed to indicate that credit card companies don't have access to your credit file, which they have to have.

What the credit card company does is called a search. Gogle really has nothing to do with it, I dont know where you got that from.

I still maintain opening up new accounts within 6 months of each other harms a credit record and brings the average age of the accounts down which also hurts it. I do agree though that a lower percentage of credit limit used helps. Apparently the golden spot is between 20-30%
 
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