I am looking at applying for a Credit Card which has 0%, would cancelling my existing credit card aid my new application? - HotUKDeals
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I am looking at applying for a Credit Card which has 0%, would cancelling my existing credit card aid my new application?

twistedfirestarter Avatar
2y, 3m agoPosted 2 years, 3 months ago
tesco 0% credit card - over my existing hsbc one
twistedfirestarter Avatar
2y, 3m agoPosted 2 years, 3 months ago
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Having an existing credit card will aid you in getting another card as your credit rating score will be done on the history of your behavioural pattern on the HSBC card. If you cancel the card and apply for another one this will flag up as unusual.
The more financial history that can be ascertained by a credit card company or any other financial institution the better.
Personally I would keep your HSBC card and use as you currently do and I would apply for the Tesco one then switch from one to the other. The Tesco one will probably come with a low limit of £2000 and then depending on your spending pattern they will increase your limit. Tesco will see you have an HSBC card with a 5k limit and will want to win your business. In theory the more loans/ mortgages and credit/debit cards you have (that are not in arrears) the easier it is to get more credit as more information is known about you financially.

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banned#1
cancelling would possibly make it worst
#2
even if you were to cancel the other card it could take 6-8 weeks before its updated on your credit file so unless you have a balance you want to transfer it won't matter when you cancel that other card
#3
Id suggest sign up to noddle.co.uk to check which cards you have the best chance of getting or moneysupermarket also have a soft search feature which will give you the cards that you have the best chance of getting. i tried the tesco card for my girlfriend and was turned down few days ago. You can only apply for two cards within 6 months without it affecting your credit file. Cancelling your old card will improve your file
#4
whatsThePoint
cancelling would possibly make it worst

I have a £5k limit on my hsbc credit card. I would only like £1,000 - £2,000 on a new tesco one. do you think this is realistic?
#5
Having an existing credit card will aid you in getting another card as your credit rating score will be done on the history of your behavioural pattern on the HSBC card. If you cancel the card and apply for another one this will flag up as unusual.
The more financial history that can be ascertained by a credit card company or any other financial institution the better.
Personally I would keep your HSBC card and use as you currently do and I would apply for the Tesco one then switch from one to the other. The Tesco one will probably come with a low limit of £2000 and then depending on your spending pattern they will increase your limit. Tesco will see you have an HSBC card with a 5k limit and will want to win your business. In theory the more loans/ mortgages and credit/debit cards you have (that are not in arrears) the easier it is to get more credit as more information is known about you financially.

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