Credit Card application

Big Chris

Big Chris

Big Chris

Soldato
Joined
5 Apr 2004
Posts
5,482
Location
Bloxham
I currently have 2 credit cards, a Tesco one which I use daily and clear the balance on every couple of days, and an M&S one I got because it had 0% on purchases for 15 months.

I've now cleared the balance on the M&S card and have phoned up to close it, but they're saying it still needs to clear then once that's done will still take a while to fully close.

I need to apply for a new card pretty sharpish (Halifax 0% card ideally) as I've got some repairs coming up on my car that I can't afford to pay up front. Question is, will already having 2 cards against my name work against me when Halifax go to check my credit report? Or should I wait until the M&S card is done and dusted and offically closed before I apply for the new card?

I bank with Halifax and have for 20+ years if that makes a difference.
 
As far as I know, as long as you keep up to date on your cards (and don't miss a payment), you can have as many credit cards as you like and it won't effect your credit rating...

^ Side note: I may not know what I'm talking about :p
 
Won't make the slightest bit of difference. I have 7 credit cards...

Halifax probably won't even do a thorough check/care about the result if all you're applying for is the Clarity card and you've banked with them personally for 20 years.
 
So long as your history is good and you don't have masses of unused credit (i.e a huge % of your salary available to you in credit) it'll be fine.
 
The credit scoring will look at the total amount of credit available to you (the total of all your credit limits) and the balances on those cards.

Depending on your Salary, you should be fine.
 
My credit history is good as far as I know - not missed a payment on my credit cards in 8yrs (since Uni), paid off a loan over 5 years without missing a payment, paid off my student loan now too so I should be ok in that respect.

The Tesco and M&S cards combined have a limit of £9k which is 1/3 of my annual salary, not sure if asking for a third card now will be rejected in which case?
 
I've got about £15k across my 6 credit cards and the 7th is a charge card so technically no limit and I'm on under 30k. If you get declined then you'll get declined regardless of whether you cancel your M&S card or not.
 
Hmmm... I may have jumped the gun a bit here.

I logged into my current account and there was an ad for the All In One card suggesting I apply, which I did. At the end of the application at the decision page it said it would let me know within 10 days, however the ad page said in most circumstances the decision would be instant.

Should I be worried?
 
A lot of the time it's instant but I've had that a couple of times, once for an Amex, and then a credit card just comes through the door after a few days.
 
Doubt you'll have any issues with your credit history.

I always get offers for new cards and I have missed 2 or 3 payments in the last 5 years or so (went on holiday and forgot to pay before I left :-( )
 
Guess I'll wait and see what happens then. I closed the M&S card officially this morning as the balance is now showing as £0 so that might work in my favour hopefully.
 
Big Chris said:
Hmmm... I may have jumped the gun a bit here.

I logged into my current account and there was an ad for the All In One card suggesting I apply, which I did. At the end of the application at the decision page it said it would let me know within 10 days, however the ad page said in most circumstances the decision would be instant.

Should I be worried?
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The worst they can do is say "No". So no you shouldn't be worried :p
 
Big Chris said:
Hmmm... I may have jumped the gun a bit here.

I logged into my current account and there was an ad for the All In One card suggesting I apply, which I did. At the end of the application at the decision page it said it would let me know within 10 days, however the ad page said in most circumstances the decision would be instant.

Should I be worried?
Click to expand...

Normally applications get refered for further review for a number of reasons, if your credit history is good, they could be reviewing you for affordability. If your affordability is good, then it could be a number of reasons again.

Have you moved in the last 3 years? have you or any member of your family been victims of fraud, or had any cards lost or stolen and be loaded to cifas for protective registration?

I would just wait and see what happens.

Best practice is if you havent used a card for over 12 months then close it. Only reason being is that it can be a factor in affordability, as the bank/credit card company have to consider responsibile lending, giving another 5k card to someone that has good credit history, but 10 cards already with a total 50k limits available when they only earn 25k is not responsible. (not your situation i know but something to consider ;))
 
As long as you don't have a mint card who like to change the due date at random and then send default letters even though you have a minimum payment direct debit set up, you will be fine.
 
Marky said:
The worst they can do is say "No". So no you shouldn't be worried :p
Click to expand...
hehe yeah I just meant that since I have a decent credit history I expected to get the nod straight away.

Syla5 said:
Have you moved in the last 3 years?
Click to expand...
You might be onto something there actually. I moved into a new flat 3 months ago, so the 'time at current address' part of the form shows this, and I had to give my previous address too. Could be this they're checking out? I sent off the form to join the electoral register a week ago for the new address though so hopefully all is in order.
 
Big Chris said:
hehe yeah I just meant that since I have a decent credit history I expected to get the nod straight away.

You might be onto something there actually. I moved into a new flat 3 months ago, so the 'time at current address' part of the form shows this, and I had to give my previous address too. Could be this they're checking out? I sent off the form to join the electoral register a week ago for the new address though so hopefully all is in order.
Click to expand...

You probably have your right answer there, it will be most likely going through some additional checks just to be sure. Nothing to do with your credit rating, just needs a human eye going over it ;)
 
Panic over, got a letter in the post this morning saying they'd accepted me and I just need to post them my passport/driving licence to confirm my identity?! Advised them I wouldn't be doing any such thing and they said I can take them into a branch to be verified instead.

15 months 0% action heading my way :D Should just about cover my other half's birthday list :(
 
Big Chris said:
I just need to post them my passport/driving licence to confirm my identity?! Advised them I wouldn't be doing any such thing and they said I can take them into a branch to be verified instead.
Click to expand...

Surprising they would ask you to post those documents out, they aren't exactly the sorts of things you want in the wrong hands..
 
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