Credit Searches

rach83

If you have a credit search done on you do any credit card balances show on the search or does it just show that you hold credit cards?

Thanks

file_wizzard

rach83 wrote:

If you have a credit search done on you do any credit card balances show on the search or does it just show that you hold credit cards?
Thanks

Yes it will show balances & credit limits on each card, and the total available credit over all of your accounts.

Most lenders like to see an “Active” person to be utilising up to 70% - 80% of their available credit, any less and you are deemed to be unprofitable, any more and your are potentially over stretched

super_mario_4

it will show balances and credit limits as they stand that day

rach83

Ok Thanks

I have got a mortgage agreement in principal. Therefore this must mean they have done a credit search on me and as a result come back to me with what they deem sensible to lend me based on what debts I have? The reason I ask this is because I was aiming to borrow a bit more than I have been offered but the lender came back and gave me a lower borrowing limit. Is this because I failed to tell them about the credit card debt I had and have they picked up on this as a result of credit searching me?

file_wizzard

rach83 wrote:

Ok Thanks

I have got a mortgage agreement in principal. Therefore this must mean they have done a credit search on me and as a result come back to me with what they deem sensible to lend me based on what debts I have? The reason I ask this is because I was aiming to borrow a bit more than I have been offered but the lender came back and gave me a lower borrowing limit. Is this because I failed to tell them about the credit card debt I had and have they picked up on this as a result of credit searching me?

The only thing I can suggest is that if you have any cards you are not using that you close these accounts to lower your current total available credit.

also any cards which you do use, but are not near their limits you should look to reduce their available credit limits if it is practical for you to do so.

This will lower the "risk" that lenders see when they evaluate your total available credit compared to your base income