How Many Accounts Can I Apply For?

[Frankthered]

I'm probably overthinking this but how many accounts can I apply for in quick succession?

Mrs FTR and I are restructuring our finances, so I have recently applied for a balance transfer credit card (Virgin Money) and them applied for a new current account (Nationwide). At the end of the current account application, a window popped up that said "why not apply for our credit card too". This also has a decent interest free balance transfer period, so I did.

(I'm now looking forward to being interest free in the very near future!)

Ideally, I want to open another current account but it feels like it's a lot of activity in a short period of time - is it worth waiting a month or two? It would be an app based account - either VM again or maybe Starling.

Anyway, am I overthinking it? We don't have any overdraft borrowing at the moment and I'm not looking for any but I guess they'll still have to do their checks.

Any thoughts?

[500 Miles]

Frankthered said:

I'm probably overthinking this but how many accounts can I apply for in quick succession?

Mrs FTR and I are restructuring our finances, so I have recently applied for a balance transfer credit card (Virgin Money) and them applied for a new current account (Nationwide). At the end of the current account application, a window popped up that said "why not apply for our credit card too". This also has a decent interest free balance transfer period, so I did.

(I'm now looking forward to being interest free in the very near future!)

Ideally, I want to open another current account but it feels like it's a lot of activity in a short period of time - is it worth waiting a month or two? It would be an app based account - either VM again or maybe Starling.

Anyway, am I overthinking it? We don't have any overdraft borrowing at the moment and I'm not looking for any but I guess they'll still have to do their checks.

Any thoughts?

In a 6 month period I applied for 2 new credit cards - one was a replacement RBS card which gave different benefits than an exiting RBS card, the other was an Amex card. I saw my credit score go from 999 down to 7xx, can’t remember the exact number. Other than credit cards that get paid off each month, i have no mortgages or loans - the credit report stated the only negatives were the credit applications for the cards.

The 6 months have just past and the score has gone back up - I think multiple requests will have an impact as credit lenders will worry about the number of applications.

Just my experience, could be wrong. I’m a bit ocd about my credit score and was pissed off, even though it had no real impact. Stupid I know

[Swerni]

500 Miles said:

Frankthered said:

I'm probably overthinking this but how many accounts can I apply for in quick succession?

Mrs FTR and I are restructuring our finances, so I have recently applied for a balance transfer credit card (Virgin Money) and them applied for a new current account (Nationwide). At the end of the current account application, a window popped up that said "why not apply for our credit card too". This also has a decent interest free balance transfer period, so I did.

(I'm now looking forward to being interest free in the very near future!)

Ideally, I want to open another current account but it feels like it's a lot of activity in a short period of time - is it worth waiting a month or two? It would be an app based account - either VM again or maybe Starling.

Anyway, am I overthinking it? We don't have any overdraft borrowing at the moment and I'm not looking for any but I guess they'll still have to do their checks.

Any thoughts?

In a 6 month period I applied for 2 new credit cards - one was a replacement RBS card which gave different benefits than an exiting RBS card, the other was an Amex card. I saw my credit score go from 999 down to 7xx, can’t remember the exact number. Other than credit cards that get paid off each month, i have no mortgages or loans - the credit report stated the only negatives were the credit applications for the cards.

The 6 months have just past and the score has gone back up - I think multiple requests will have an impact as credit lenders will worry about the number of applications.

Just my experience, could be wrong. I’m a bit ocd about my credit score and was pissed off, even though it had no real impact. Stupid I know

Curious.
But why do you look or care about your credit score ?

[500 Miles]

Swerni said:

Curious.
But why do you look or care about your credit score ?

It’s a good question and one which I don’t have an answer too! I put it down as one of my many quirks.

[Mr Pointy]

500 Miles said:

Swerni said:

Curious.
But why do you look or care about your credit score?

It’s a good question and one which I don’t have an answer too! I put it down as one of my many quirks.

Where did you find your credit score from? Surely not one the Clearscore type nonsense sites?

[Frankthered]

Mr Pointy said:

Where did you find your credit score from? Surely not one the Clearscore type nonsense sites?

Why are the Clearscore type sites nonsense? (Clearscore gives you info from Equifax.) The actual numbers themselves are pretty meaningless, but activity like this does impact on what lenders will offer. Nationwide offered me 24.9% interest on the credit card, rather than their standard 19.9%, which is ok for me because I have no intention of paying any interest on the card.

So is the risk now that if I apply for the bells & whistles current account now, they bounce me down to a basic one, whereas if I wait for a few months (6, apparently!), I'll get the account I want?

[Fundoreen]

I always thought this finance industry pressure you see to make people worry about their credit score is manufactured as they just want people to populate databases for them thus ranking yourself.

[Mr Pointy]

Frankthered said:

Mr Pointy said:

Where did you find your credit score from? Surely not one the Clearscore type nonsense sites?

Why are the Clearscore type sites nonsense? (Clearscore gives you info from Equifax.) The actual numbers themselves are pretty meaningless, but activity like this does impact on what lenders will offer. Nationwide offered me 24.9% interest on the credit card, rather than their standard 19.9%, which is ok for me because I have no intention of paying any interest on the card.

If the apps meant anything they would all give the same number - they don't. The only reason the apps exist is to sell you to assorted selected credit/insurance/finance providers who have all, coincindentally of course, paid for the data.

It's genius. You willingly give up your valuable personal data just for the smug feeling of seeing a larger number on your phone - a brilliant application of game theory. Do you really think that by taking out the credit card they push to you that you're magically going to be living in a better home with a hotter girl & more impressive dog?

[VR99]

Just a warning on 0% credit cards. I've been using them a number of years...always paid on time, no missed payments etc historically I always carried a balance for the last few years and paid it off gradually..not because I needed to borrow as such but to make measly interest of cash in the bank...I think some termed it "stoozing"?

My credit rating which was always v good, was impacted negatively due to the balance I was carrying Vs my total credit limit (across two 0% credit cards). I was paying off monthly far above the minimum payments so had no idea it would be a factor but just be mindful of how much debt you accrue on 0% cards and the duration you carry the debt for relative to your credit limit(s).

Edited by VR99 on Sunday 19th April 13:27

[500 Miles]

Mr Pointy said:

500 Miles said:

Swerni said:

Curious.
But why do you look or care about your credit score?

It’s a good question and one which I don’t have an answer too! I put it down as one of my many quirks.

Where did you find your credit score from? Surely not one the Clearscore type nonsense sites?

I use Experian which also alerts me if any sensitive information about me is found online, I also have clear score which has a v weird scoring setup.