When to apply for new card

[axeman]

So it's finally time to get rid of my coughpy Woolworths card and sign up for a new higher earning QFF credit card. When is best to apply for a new card with a new institution? Should I cancel current card first? Would that look better on credit report?- although I cannot see it on any credit enquiries for Woolies card anyway. Current card is 20K limit. Paid off in full every month never paid a cent of interest. Self employed- 130K salary...accountant can verify if need be. I don't want to cancel my current card and then apply for new card and get rejected - then I have no cards for points. But I also don't want to apply and get rejected coz of current 20K card and then have to re apply once I cancel current card- assuming 2 applications is not good for credit score. Any advice much appreciated.

Current credit score amongst the main 3 agencies is 720ish. No enquiries for 2 years. Further to this I notice there are 2 exact same enquiries exact same amount for a car loan 2 years a go. They are a few days apart. That can't be a good thing right? Odd?

Thanks gurus

 

[Hvr]

Having just done this I got the new card and then cancelled the old card.

My rationale was the same as yours, I didn't want to be without a points earning card.

Also, it is a good idea to keep the old card for a month to ensure you catch all on going payments.

I got my new card, changed all direct payments and after a month of no activity cancelled the old card. Of course if a renewal fee is due in this time frame then amend your plans accordingly.

 

[Jacques Vert]

Current credit score amongst the main 3 agencies is 720ish. No enquiries for 2 years. Further to this I notice there are 2 exact same enquiries exact same amount for a car loan 2 years a go. They are a few days apart. That can't be a good thing right? Odd?

I found a duplicated enquiry on my file so I emailed them; said I had spoken to the bank () and that the bank had stated the error was made by the credit agency. They removed it in a day or two.

If your income and expenses may be an issue, consider reducing your limit on the existing card before applying, rather than cancelling it. IME the card issuers will assume your card is/may be maxed out when considering your application.

 

[Dr Ralph]

So it's finally time to get rid of my coughpy Woolworths card and sign up for a new higher earning QFF credit card. When is best to apply for a new card with a new institution? Should I cancel current card first? Would that look better on credit report?- although I cannot see it on any credit enquiries for Woolies card anyway. Current card is 20K limit. Paid off in full every month never paid a cent of interest. Self employed- 130K salary...accountant can verify if need be. I don't want to cancel my current card and then apply for new card and get rejected - then I have no cards for points. But I also don't want to apply and get rejected coz of current 20K card and then have to re apply once I cancel current card- assuming 2 applications is not good for credit score. Any advice much appreciated.

Current credit score amongst the main 3 agencies is 720ish. No enquiries for 2 years. Further to this I notice there are 2 exact same enquiries exact same amount for a car loan 2 years a go. They are a few days apart. That can't be a good thing right? Odd?

Thanks gurus

Apply for a new card when you need one/when there's a good offer. There's no need to cancel all of your cards first.

 

[mviy]

I like to not have too many cards at a time, so I generally will cancel one of my existing cards before applying for a new one.

 

[nickfromeastryde]

I like to not have too many cards at a time, so I generally will cancel one of my existing cards before applying for a new one.

I must admit, I do like periodically rationalising my suite of cards by spending a morning closing a few at once. I do have a couple of keepers that I will probably never get rid of

 

[mviy]

At the moment I would only keep a card permanently in my wallet if it has no annual fee. I don’t see the value in paying an annual fee twice and only getting the sign up bonus once.

I would apply for a new card when there’s a good offer and I have a fair bit of spending in mind that I plan to do anyway.

 

[theblank]

So it's finally time to get rid of my coughpy Woolworths card and sign up for a new higher earning QFF credit card. When is best to apply for a new card with a new institution?

The best time is when you want one

Should I cancel current card first?

No

Self employed- 130K salary...accountant can verify if need be. I don't want to cancel my current card and then apply for new card and get rejected - then I have no cards for points. But I also don't want to apply and get rejected coz of current 20K card and then have to re apply once I cancel current card-

i dont earn that much and i have applied for and got new credit cards with exicting limits of $100k
dont worry about it and just apply.