There are some great credit card deals around at the moment and on the surface it would seem silly not to check them out. There are a few things however that you must bear in mind when doing your research.
Always check the small print, if you make an application to see if you can get a good deal you may have authorised a series of searches on your credit report. You must remember that a footprint will be left on your record for 12 months.
When you then see a better deal you may well be rejected. You see, a new lender will just see searches and they do not know why they are there. They may see this as evidence that you have been rejected, have too much credit that you cannot afford or you have been subjected to fraud
So bear this in mind and be careful. Get a quotation, rather than apply for credit as this should not show up on your record. If for some reason it does it will clearly show as a quote only and should not affect you chances of future credit.
Do not allow a full search until you are certain you have found the right deal. Sometimes this can be difficult if your credit history is less than perfect but a good broker should be able to point you in the right direction. A company cannot do a search without your permission.
Lets get back to credit cards again. We all do it. Zero balance for 6-9 months then move on. This should not matter too much with your credit rating as long as you make your payments on time and you cancel old cards (Don’t just cut them in half, you must tell the lender). If you don’t, you have access to too much credit. Other lenders may not like this. Also, don’t forget that lenders hope that you don’t change at the end of the term and pay the higher rate. How else do you think they make their money?
If you are worried that searches have damaged your credit rating, you can contact the credit agencies who hold your details. The main ones are experian and Equifax. You can get more details of these from my website. If there are any errors, there are ways that you can correct this.
Author: Colin Warburton CMap
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