The world of financial services is a competitive one. Credit card companies and lenders will often try to lure customers away from their competitors with tempting offers and discounts.
You may well be invited to switch credit cards or take out a new loan several times a month, but if you apply for every offer you receive, you could build up a bad credit profile for yourself as every application is listed on your credit record.
Credit card companies and other lenders share information with credit reference agencies. If you start applying for everything, you will soon build up a huge profile. Someone who tries to take out lots of offers will be viewed as a potential risk - why else would they need so many credit cards in such a short space of time? And although a substantial credit profile is not necessarily a reason for a card provider to turn you down, it will nonetheless signal that you could potentially present a higher risk than average.
One way to stop these offers coming through is to inform the credit card firm or loan company that you no longer wish to hear from them. Once you do this they are obliged to stop sending out information that is not relevant to you. You can also contact the Direct Marketing Association which runs a scheme that allows you to put a stop on unsolicited mail. |
