0% credit cards advice given by expert
02 July 2009 08:55:18
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| Customers should "consider alternatives" in tough times. |
Cardholders were warned by credit card expert and personal finance writer Laura Starkey to never make an application for such a card on the "off chance" that they might get one.
Writing in the Independent, she advised that all failed bids to get a card go on a customer's credit record, making it less likely that any other future applications will be successful.
"The more credit applications you make, the more likely lenders are to assume you are financially overstretched," Ms Starkey added.
"Therefore, it's vital to plan your applications for financial products carefully. Try to make sure every search that is performed on your credit file is likely to yield a good result."
The expert also urged customers to "consider alternatives" such as low rate credit cards if their record is not strong enough to qualify for 0% credit cards.
Figures cited by the Financial Times recently showed that the credit card market has tightened considerably as a result of the financial crisis.
According to the data, unsecured lending flows have declined by around 40% over recent months.
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