What is a credit tart ?:Uk online shops and stores

What is a credit tart ?

With so many credit cards available, with various tempting rates and offers, you might be tempted to jump from one credit card to the other. The days of being loyal to one lender is over as we now have so much credit card debt that jumping ship can save you a small fortune in interest payments.

The only problem is that the search for the best credit rates you could be classed as a credit tart, a person who keeps jumping from one credit card to the next. This could damage your finances and leave you credit rating in the gutter.

The danger of moving from one card to another card

We have all seen the interest free offers on balance transfers and the 0% percent on new items purchases, so what’s the problem? Well everything is stored on your credit file and multiple applications to new credit cards can make you appear to be desperate for credit, something that scares new lenders. So when you apply for a mortgage, car loan or even a mobile phone, you might be turned down, because you are classed as a high risk.

What can I do?

The first thing you can do is check your credit report. Your report will show your credit history and show all the commitments, like mortgages, loans and credit cards. It will show you your repayment history and all the searches on your file that lenders have made in order to make a decision to give you credit. If you have made lots of applications in the last 12 months you need to chill your boots and stop applying for credit. Too many searches could make you look like a credit tart. If you are classed as a credit tart then you will run into trouble when trying to get credit in the future. If you check your credit report then you might find you have credit cards that you forgot about, it shows you everything about your credit history, mortgages, loans, phones it will all be listed on the report.

So if you are refused credit don't just keep applying for more in the hope you get accepted, that will make it even worse, you will end up having lots of searches on your file, and that's something you want to avoid. Be smart don't get classed as a credit tart.