Credit Card Blog

I’ve talked a bit before about the new deal that has been struck by a number of banks which will mean that they are going to share more information about customers and applicants. Well, I’ve been asked about the pros and cons of applying for lots of cards at the same time, to maximise the chances of being accepted for one, as each one has processes which take different lengths of time.

There are a few things to remember when applying for credit cards:

a) If you apply for a credit card it shows on your credit report. The more credit cards you apply for the more likely other lending institutions are going to become wary on your financial status – and may assume that you are in financial difficulty or are just relying too much on credit cards. This will reduce the chance of you being accepted.

b) If you do get accepted for a card and then don’t take up their offer then the chances of you being accepted by them again a year or two down the line may well be slimmer. Blanket applications now may hurt your chances of getting a credit card later on then.

c) Offers change and new deals come along – applying for lots of credit cards now may not get you the best deals, or not all of them at least.

In short, if you need a credit card, do your research and apply for one of them, and if possible, not more than one. This way you’ll leave your credit report relatively unharmed and you won’t have ruined your chances in the future.

If you want more information on the best balance transfer cards take a look at the virgin credit card – with 16 months 0% interest on balance transfers and 6 months 0% interest on purchases.

This entry was posted on Saturday, January 3rd, 2009 at 5:14 pm and is filed under Uncategorized.
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