Timing Of Applications

Each time a lender contacts a credit rating company, they leave a record of the credit report search on your file, known as a "footprint". This makes a note of the new credit card application on your account and thus informs anyone that looks at your credit report that you have been actively seeking credit. Every time you apply for credit, the resultant "footprint" impacts your credit rating adversely.

In other words, the more credit applications you make (not just credit cards, but mortgages, hire purchase contracts, store cards etc), the more "footprints" there are on your file, and the worse your credit score becomes.

Many individuals 'in the know' suggest that if you want to get more than one card, it is worth applying for them in quick succession (quite literally, one credit card application immediately after another), as the footprint for the first application will not show up when you apply for a second form of credit. However, this "footprint" information, due to modern technology, is updated in real-time and so you are likely to get caught out if you attempt to try this.

The footprint information usually stays on your record for approximately 6-9 months. Alongside this, you should consider if there are any cancelled cards still on your credit file. Lenders will look at footprints and existing credit that is recorded on you credit report. Too much of either, and you're credit score is unlikely to be exceptional. Even when credit cards are cancelled, many credit card companies do not get round to reporting the cancellation on your credit file. This can be a real problem for individuals that bounce their borrowing between zero percent balance transfer offers on credit cards, and can therefore require you to chase up the credit card company to ensure they update the information. To check the footprints on your credit report and to see if there are any errors or ommissions that would affect your credit score, we suggest you check using Credit Expert from Experian, which offers a completely free 30 day trial and free credit report.

All of this means that the timing of any application can affect its chances of success. If you have made numerous applications in the recent past, there will be many footprints on your credit record and possible some cancelled credit cards that haven't yet dropped off your credit report. It is therefore advisable to wait 6-9 months, allowing your credit score to calm down, before applying for any new credit cards.