Churners - How soon after cancelling credit accounts should you apply for new cards?

[JennyMG]

Just cancelled my two amplify St. George cards, leaving me with none now. (I have cards but my husband is the primary card holder.) I'm about to apply for a couple of new ones.

(maybe two at once....???)

Question: how long after closing a credit card account is the best time to apply for a new card? Immediately (but then it might still be listed as open on creditsavvy), or wait a while (how long does it take to be listed on creditscore pages as closed?).

In the same vein - Question (asked elsewhere but just one response.)
Is it a good idea to apply for two cards at once? (personally) - so that each lender can't see an 'enquiry' on my creditscore 'yet'. Since both will be almost at the same time...I imagine they take a few days to log. This might make it unclear whether I obtained credit for a particular lender, or they may not even see eachother's enquirty for a week or more?
My credit score is very good, 799, my income is reasonable, so I don't expect to be knocked back since I have no cards now (had 25K yesterday in my own name with perfect history.)

MY first churn. I'm excited.

 

[VPS]

I always try and apply for them at the same time but YMMV

 

[woodyren]

Individual banks my timing is a few days after my exclusion period ends.

Multiple banks my rule is to apply for as many as I'm eligible for.

I like the two or three applications at the same time strategy. Then they are all cancelled at similar times as well. This seems to be working well for me as my application schedule has almost become a regular rotating event that just happens 4 months or so later each year and means I have 3 or so cards on the go much of the time.

My credit rating is steady or slightly climbing and applications seem to have little effect these days.

 

[Andz]

12-18 months, i'm on my first c/c 2nd rotation

 

[knagelli]

I have cancelled my Amex Explorer card back in June 2017 however had the Westpac Altitude Black Variant till Feb 2019. If I were to apply for the Amex Explorer , will there be any chance of me getting approved .

Noting I am not a defaulter on any of my credit obligations and have a good repayment history , is it safe for me apply for the AMEX card with bonus points or do I wait for more time.

Thanks for your suggestions.

 

[JennyMG]

12-18 months, i'm on my first c/c 2nd rotation

You misunderstand, I'm not applying for the SAME card. I know about the exclusion.
My question relates to how long after I cancel a card, should I apply for another - meaning...do I wait to let that cancellation show up on credit scores, or don't bother.

 

[JennyMG]

Individual banks my timing is a few days after my exclusion period ends.

Multiple banks my rule is to apply for as many as I'm eligible for.

I like the two or three applications at the same time strategy. Then they are all cancelled at similar times as well. This seems to be working well for me as my application schedule has almost become a regular rotating event that just happens 4 months or so later each year and means I have 3 or so cards on the go much of the time.

My credit rating is steady or slightly climbing and applications seem to have little effect these days.

Lots of interesting bits there, thanks Woodyren, -questions:

Do you mean- that when you think you could go for a few, you do as many as you can? Do you space them days or weeks apart? or all at once on the same day? and why do you do this...is it because lenders are less likely to see the inquisitions on the credit score thing? Or because you don't need to list cards you 'don't yet have' on your application?

I like the idea of having a few cards on the go. I'd just like to know WHY you do them at once.

Very interesting that your credit rating is climbing. I would have thought it would go down. Why do you think this is?

 

[knagelli]

My question relates to how long after I cancel a card, should I apply for another - meaning...do I wait to let that cancellation show up on credit scores, or don't bother.

It is always good to check that cancellations do reflect on credit report/scores as banks/financial institutions seldom keep the customer credit information updated with these agencies. It can happen in a week and sometimes it can take 3 months. I am not an expert but based on my reading all these years , always good to have the account closed on credit report.

 

[knagelli]

Very interesting that your credit rating is climbing. I would have thought it would go down. Why do you think this is?

Exactly , even im intrigued to understand how can the rating be climbing when the number of applications is on a high.

 

[woodyren]

Lots of interesting bits there, thanks Woodyren, -questions:

Do you mean- that when you think you could go for a few, you do as many as you can? Do you space them days or weeks apart? or all at once on the same day? and why do you do this...is it because lenders are less likely to see the inquisitions on the credit score thing? Or because you don't need to list cards you 'don't yet have' on your application?

The reason I do this is a) Because if I do this all within a day or two I dont yet have approval for the other cards and so I dont have to declare that amount of credit on my other applications. If I did the applications one at a time the first two would need to be declared by the time I apply for the third one adding potentially another $30,000 onto my current debt commitments.....….and ….b) because I have often cancelled the cards at a similar time I am again eligible for bonus points at a similar time.....and c) I keep doing this and they keep approving (well most do. Macquarie Bank doesn't like me for some reason).

I like the idea of having a few cards on the go. I'd just like to know WHY you do them at once.

Because apart from above I apply for every card I can soon after I become elliglible. Only way to find out is to apply. No big deal if I get the occasional knock back.

Very interesting that your credit rating is climbing. I would have thought it would go down. Why do you think this is?

Under the old credit reporting method it probably would have dropped a bit but under the new one it has only risen or stayed the same.

I have a credit rating of 718 on credit Savvy for eample. It has 32 credit inquiries recorded. Who knows how they come about the numbers.

I dont ever think I will need credit apart from cards at this stage of my life so I just churn away. I have travel that I need to pay for that helps me meet minimum spend. This can be paid for at times that suits me and I have bookings a few years ahead waiting to pay. I still work part time. Just enough to make banks THINK I earn a lot more than I do. Sooner than later I will be limited to less cards than I get now so I am just going as hard as I can to build up my points before that date.

 

[JennyMG]

. I still work part time. Just enough to make banks THINK I earn a lot more than I do. Sooner than later I will be limited to less cards than I get now so I am just going as hard as I can to build up my points before that date.

Sorry for the barrage of questions, ....why do banks think you earn a lot more than you do?? (Hoping for some kind of good application trick here....)

Me too, I'm 57 and I can't imagine I'll work forever, my own business, only about 70K, so won't keep it up THAT long. working to build up points too, as much as I can, before husband and I both retire in 5-7 years.

 

[Dr Ralph]

'Churners - How soon after cancelling credit accounts should you apply for new cards?'

The same day

 

[get me outta here]

Also, be aware that you are best to apply for the lowest credit limit necessary to qualify for the bonus, during the cc application.
So, for example if you had 2 cards and they automatically give you say a 50K limit, it looks as if you have an outstanding debt of 100K.

Just cancelled my two amplify St. George cards, leaving me with none now. (I have cards but my husband is the primary card holder.) I'm about to apply for a couple of new ones.

(maybe two at once....???)

Question: how long after closing a credit card account is the best time to apply for a new card? Immediately (but then it might still be listed as open on creditsavvy), or wait a while (how long does it take to be listed on creditscore pages as closed?).

In the same vein - Question (asked elsewhere but just one response.)
Is it a good idea to apply for two cards at once? (personally) - so that each lender can't see an 'enquiry' on my creditscore 'yet'. Since both will be almost at the same time...I imagine they take a few days to log. This might make it unclear whether I obtained credit for a particular lender, or they may not even see eachother's enquirty for a week or more?
My credit score is very good, 799, my income is reasonable, so I don't expect to be knocked back since I have no cards now (had 25K yesterday in my own name with perfect history.)

MY first churn. I'm excited.

 

[woodyren]

Why do the banks THINK I earn more.

Because I work in spurts. I usually get home from travels late June early July and work almost every day. I apply for a bunch of cards late July or early August. My ytd at the time I apply indicates my projected earning to be well over 6 figures. I smash out a bunch of applications at that time. After more travel later in the year I return and work another few months straight and apply for another bunch during that period.

IF I ever get queried further and asked for previous years group certificate I have access to a letter from my employer stating that I took some leave without pay for a few months (which I did in truth). I work on a handshake agreement that guarantees me at least 40 hours a week if I wish and I can come and go as I please. Perfect at this stage of my life.

 

[JennyMG]

Also, be aware that you are best to apply for the lowest credit limit necessary to qualify for the bonus, during the cc application.

Noted, Thankyou

 

[JennyMG]

Why do the banks THINK I earn more.

Because I work in spurts. I usually get home from travels late June early July and work almost every day

Ah, makes sense. I'm guessing you're providing pay slips, rather than an ATO summary?
That would explain it. I also earn in spurts,as subscriptions to my classes come in once a quarter, but I wish I could submit bank statements. One month looks fantastic, the next miserable!! Alas, I have to submit ATO statement. A problem at the moment as my accountant is taking God's Own Time finishing the tax. :/