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How many searches are Too many?
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# 1
Megamicrofish
Old 18-02-2013, 11:32 AM
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Default How many searches are Too many?

I have just applied for a nationwide Credit card but I was turned down.
I have checked my Experian Credit report and it says that I have a large number of searches against me
Everything else is green

I have had 3 searches in the last 6 months and 5 in the previous 6 month period (2 are due to drop of later this month)
So , How many is too many?
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# 2
Foxn86
Old 18-02-2013, 11:34 AM
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You are now at the limit so personally i wouldn't suggest making any more for a further 6 months, lenders generally don't like to see any more than 2/3 max in any 6 month period. And to be honest the less the better, a few searches close together can make you look desperate for credit, not saying that is at all the case but best to leave it 6 months then if everything else is fine you should be ok
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# 3
BugsyBrowne
Old 18-02-2013, 11:39 AM
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I firmly believe and will stick to my Guns that two searches in a six month period is sufficient this way you're more likely to recieve the advertised rate and bigger credit limit.

Even better if you don't have any credit searches in a six month period.
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# 4
stephane
Old 18-02-2013, 12:18 PM
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I very much doubt that you were declined because of the number of searches....it might just be that your profile did not match their criteria for one reason or another. I have 3 times the number of searches that you currently have and that did not stop me being accepted for several credit cards & a loan over the last few months. Impact of credit searches is just a myth in my opinion......
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# 5
sfax
Old 18-02-2013, 1:24 PM
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Stick to max 2 in any 6 month period to be on the safe side. I have been turned down before when too many searches has been the only negative factor - can't prove this was the actual reason though.

Too many searches are also more likely to trigger a decision referral. I apply for a lot of BT credit cards and keep a close watch on what's in all my credit reports and its affect on applications
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# 6
giblet10
Old 18-02-2013, 2:00 PM
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Can you recall what rate you were quoted before you hit apply?

Reason for asking is that I make soft applications to NW frequently and am amazed just how different they can be..sometimes it quotes 19.9 and others 7.9 - in some cases 19.9 seems to be an indicator of a decline, but others have been accepted at this rate so it isn't a hard rule..
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# 7
izools
Old 18-02-2013, 2:07 PM
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I was approved for a Naionwide credit card with four searches in the preceding six months, so your decline won't be down to the number of searches alone
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# 8
learningaboutinsurance
Old 18-02-2013, 3:22 PM
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Default Searches from Insurance companies

Do Searches from Insurance companies also create problems when applying for CC's and Loans.

Noticed on my Noddle CR that alot searches from Insurance companis
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# 9
sfax
Old 18-02-2013, 3:36 PM
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Quote:
Originally Posted by learningaboutinsurance View Post
Do Searches from Insurance companies also create problems when applying for CC's and Loans.

Noticed on my Noddle CR that alot searches from Insurance companis
Most are soft searches so no. If you can see "credit" searches on Experian or Equifax (not categorised as "other" searches) then that may present a problem but they shouldn't be doing hard "credit" searches
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# 10
learningaboutinsurance
Old 18-02-2013, 4:41 PM
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Quote:
Originally Posted by sfax View Post
Most are soft searches so no. If you can see "credit" searches on Experian or Equifax (not categorised as "other" searches) then that may present a problem but they shouldn't be doing hard "credit" searches
all of them were on Other Searches.

hopefully it will not impact when i go for a loan next month with my bank
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# 11
sharpy2010
Old 18-02-2013, 4:42 PM
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Quote:
Originally Posted by stephane View Post
Impact of credit searches is just a myth in my opinion......
Agree with Stephane on this one, I had 8 searches for credit about a year ago, and applied for two credit cards and got them both. Then I applied for an iPad contract and got that as well, all within a month.

Granted I then stopped applying for credit, as I had the required credit products that I required, and now only have 1 search within the last 12 months.
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# 12
michaels
Old 18-02-2013, 5:07 PM
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How about mobile phone contract searches, are they treated as just as bad as financial product searches?
Sent from my ...electronic gadget which I am sad enough to think gives me status even though in fact it just shows that I am easily ripped off and a bit inadequate...
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# 13
Megamicrofish
Old 18-02-2013, 7:07 PM
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Quote:
Originally Posted by giblet10 View Post
Can you recall what rate you were quoted before you hit apply?

Well, I did the soft search the day before and it quoted 1200 at 15.9%
But for some reason the next day it went down to 19.9 and 1000 which was then declined ?
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# 14
giblet10
Old 18-02-2013, 7:15 PM
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Quote:
Originally Posted by Megamicrofish View Post
But for some reason the next day it went down to 19.9 and 1000 which was then declined ?
Ah right, 1k limit and 19.9% is almost always a decline from what I've seen on here..
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# 15
izools
Old 18-02-2013, 8:34 PM
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Quote:
Originally Posted by Megamicrofish View Post
Well, I did the soft search the day before and it quoted 1200 at 15.9%
But for some reason the next day it went down to 19.9 and 1000 which was then declined ?
Something obviously changed on your credit file overnight then.

Perhaps the number of recent searches (had you applied elsewhere that day or the day before?) or balances on cards elsewhere?

Whilst recent searches alone might not cause a decline, combined with other credit file data they may "tip the scale" as it were.
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# 16
B19JON
Old 18-02-2013, 9:00 PM
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I applied to Nationwide with 9 searches ( yes I was desperate for a BT) & got the card. 3k @ 19.9%

I'm waiting now for a few months before I apply for my next card.
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