Number of credit searches in a few days - how many is too much?

loopy.magic · 18 November 2009 at 6:35PM

After a year of avoiding all credit searches (the ones that leave footprints) and maintaining all cc and loan payments I've finally arrived at a point where I'd like to apply for a loan and other cards.

I just applied unsuccessfully for a loan, so that's 1 search down.

How many searches is viable before I should stop and wait 3-6 months?, never really seen a specific figure for this on the forum. I'd like to apply for another loan and possibly 2 credit cards. Total of 4 searches, is that too many over the course of a week?

LeeSouthEast · 18 November 2009 at 6:52PM

I heard 3 in 2 months or 6 in 12 is starting to become detrimental on a thread a while back. Make of that what you will.

loopy.magic · 19 November 2009 at 3:00PM

Is 3 the key number?

So total of 3 credit applications now and then none until May next year?

LeeSouthEast · 19 November 2009 at 5:47PM

Who knows. It's down to each lender and what criteria they apply. Someone with a silly post count was up to 700-odd searches, and was still doing OK on the acceptance front.

loopy.magic · 19 November 2009 at 6:16PM

Thanks, I guess that's why I haven't seen any reference to a specific or magic number for credit searches in a short period of time. It's another one of those mysterious parameters that we mere mortals are not supposed to understand.

Eric_Pisch · 20 November 2009 at 1:20PM

i thought it was more than 1 every 6 months

LeeSouthEast · 20 November 2009 at 3:22PM

Credit searches only really form one small part of your overall picture.

If your credit rating is superb, you have little 'used' of your available credit, you have a few, well managed, long-term accounts etc. etc. then credit searches are unlikely to be a big deciding factor.

If you're borderline, then too many searches may just push you over.

borders_dude · 21 November 2009 at 10:26AM

Im sure it depends on the lender doesnt it? They will have their own 'figure' that will go against you. IM sure the one used by Coutts the royal bankers would differ from say vanquis or capital one.

Eric_Pisch · 21 November 2009 at 10:42AM

borders_dude wrote: »

Im sure it depends on the lender doesnt it? They will have their own 'figure' that will go against you. IM sure the one used by Coutts the royal bankers would differ from say vanquis or capital one.

Since Coutts are just RBS with fancy cheques and RBS are boned I doubt there's much difference any more.

Incidentally my Sister banks with Coutts and apart from the pose factor the only thing they do differently from my Barclays Premier account is charge more :rotfl:

hax_2 · 27 November 2009 at 11:14PM

Hello again loopy magic

You may find the following helpful:

http://forums.moneysavingexpert.com/showpost.html?p=3300498&postcount=325

Mike was a Credit Analyst and Senior Underwriter. I spent hours reading his entire thread. Dispels a lot of myths about debt to income ratio and the number of credit searches.

loopy.magic · 28 November 2009 at 12:49AM

hax wrote: »

Hello again loopy magic

You may find the following helpful:

http://forums.moneysavingexpert.com/showpost.html?p=3300498&postcount=325

Mike was a Credit Analyst and Senior Underwriter. I spent hours reading his entire thread. Dispels a lot of myths about debt to income ratio and the number of credit searches.

Thanks hax, you're a star :cool:

I've only been reading Mike's thread for a few minutes and learned so much already.

Number of credit searches in a few days - how many is too much?

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