boxst

Hello

I've suddenly seen the light, and have started to 'play' with credit cards, and signing up, getting the free gift (latest was a Sony 512mb Walkman) and then cancelling.

Is this going to effect my credit rating?

(I always pay off all balances)

Thanks,

Steve

AudiLover

no.

rate tarting doesnt effect your credit rating.

^OPM^

yes it does affect ur credit rating-i did this last year and after 4 cards i was refused my 5th one-despite never having missed a payment for anything in my life.

boxst

Hello

Did you try to apply for the fifth whilst you still had the other four active?

Steve

AudiLover

Really? Sounds strange to me, but really I shouldnt be commenting as at the moment I have no credit cards. They are evil

Lets see what the financial advisors of snet have to say.

^OPM^

yes

^Qwerty^

A couple of people at work have been using 0% cards to fully offset their mortgages for the last two years at work, and they don't appear to have a problem.
One has paid just over £200 interest in a £100k loan so far this year. Would seem the CC companies are getting wise to it, as most now attract a transfer fee.

^OPM^

what i was doing with credit cards was once i got them doing a balance transfer upto credit limit of card, sticking money in my bank for say 6 months while it was 0% interest, then just before they was gonna charge me for it i repayed it in full.

Ted Maul

count of credit cards, active or closed played a part in the credit score at a place I once worked 10 yrs ago. aim was to gain points and..

0-1 cards lost points
2-3 cards gained points
4-5 cards lost points
6+ they escorted you out of the building...

RLE

iTrader: (2)

That makes sense............

Before I went for my mortgage I checked my credit rating with a freind at Experian. Despite never owing anything and being cash rich (well a savings pot in the bank) I was told I was classified as a risk. His advice.........get a credit card.

Trouble is I got one; then two; then three (mainly just to fill the gaps in my wallet - well they do look better than the library cards that I had in there).

I have three active cards now (only one with a balance on) and have a very healthy credit rating.

madbint68

i have been told by a freind who works in a bank that everytime you apply for credit be it credit card or store card ect ect it does effect your credit rating .. and you do loose points on your credit scoring .. but the stupid thing is some gain you points and some take your points away

Petem95

If you keep applying for cards and getting refused that looks bad on your credit rating, but I dont believe applying for cards, being accepted then cancelling has any effect.

Which card is offering the 1/2gig Sony Walkman btw?

TopBanana

*A*ffect

Jaydee5

I couldn't get a straight forward loan at one time because I didn't have a credit card.......I was deemed to be a bad credit rating although I didn't owe a penny to anyone.

I then got 2 credit cards and I'm now able to borrow far beyond my means

Jamo

iTrader: (23)

it 1000% affects (sp?) your credit. not long back it didnt, but just of late, most banks have adopted the responsible lending attitude, because of all the bad debt within the uk.

I could go on but its boring stuff, but if you are going to juggle credit. get the old ones closed, but dont forget they dont just disapear they are on your file for a long time!!

hth

jamo

TopBanana

100%

jaytc2003

iTrader: (1)

it does affect it, as do most searches on your account. If you apply and fail then it wont say on your report that you have failed in an application, however companies will assume that you have if there is no payment details on there with regards to the search(s) that have been carried out.

You will find with banks as well, that if your account is run in order for a set period of time (not using the overdraft etc) then they will then usually offer you anything you want. (did with me anyway)