Why you shouldn't change credit cards too often ? Mahidi

There are some great credit card deals around at the instant and on the face it would seem silly not to check them out.  There are a few things on the other hand that you must bear in mind when doing your investigate.

Always check the small print, if you make an application to see if you can get a good deal you may have authorized a series of searches on your credit report.  You must learn by heart that a trace will be left on your evidence for 12 months.

When you then see a better deal you may well be cast off.  You see, a new lender will just see searches and they do not know why they are there.  They may see this as confirmation that you have been rejected, have too much credit that you cannot afford or you have been subjected to scheme.

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 without a doubt show as a passage only and should not influence you chances of future credit.

Do not allow a full search until you until you are certain you have establish the right deal.  Sometimes this can be tricky 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 consent.

Let’s get back to credit cards again. We all do it.  Zero balance for 6-9 months then move on.  This should not material too much with your credit rating as long as you make your expenditure 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 get in touch with 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 anxious that searches have damaged your credit rating, you can contact the credit agency who holds your details.  The main ones are Experian and Equifax.  You can get more details of these from my website.