Should I wait for my Equifax score to recover or should I apply for another credit card?

Looking for opinions on this. I churn a lot of credit cards. I also monitor my Equifax score and for the first time it has just slipped into the top end of the “Below Average” ranking as a result. I usually sit in the “Average” ranking. But I want a particular sign-up bonus with a certain bank on offer now. I’ve had 4 different cards from this particular bank in the past 2 years with no problems at all. which makes me think they may not take Equifax score into consideration, and I’d probably be successful. I last applied for a card (from another bank all together) 2 months ago (which was not successful). Should I roll the dice and apply again for the present sign-up bonus from this bank, or be patient and wait it out another month for my equifax score to go back up into Average, and let 3 months elapse between card applications? Opinions appreciated.

Hi Graham,

We don’t want to veer into “financial advice” territory, which (quite rightly) makes the good people who run this website uncomfortable. But speaking in broad generalisations…

  • Applying for credit does put downward pressure on one's credit score. So one could broadly expect that applying for a credit card will lead, all things being equal, to a decrease in one's credit score.
  • The banks and CC providers probably wouldn't want me to say this, but credit card bonus point offers really are a dime a dozen. In my experience I've frequently had to pass, for one reason or another, on a bonus point offer, only to see that offer (or a better one) come up again a few months later. From my observations, the really top-rank bonus point offers have come up at least once per year per card, and generally more often.
  • People never know when they'll need to apply for credit for a genuinely important reason. If that unexpected need comes up, it's a good idea to have a good credit rating so that genuine need for credit can be met.
Speaking generally again: it does no harm to not apply for credit.

Thanks sixtyeight!  Appreciated your response.

I really needed this particular sign up a bonus offer however for a planned trip later this year, and the fluctuation of my equifax score is not really important to me except to the extent it may interfere with CC applications, so I gave it a go anyway.   Success.  The mystery of how banks accept or decline credit card applications remains just that - a mystery. I have a history of cards with this bank, so maybe that is taken into account to have accepted my application. I hope both responses assist others in similar circumstances.