Too many credit searches.....

sunnyday123_2

Can too many credit searches really damage your file that much? I just got my Experian credit score and it came out at 209 (very poor). I have no missed payments, no defaults and no CCJs, a perfect line of greens but I have 10 credit accounts in total (1 settled/closed and 2 about to be closed). However I have just discovered that I have had 7 credit searches in the last 6 months. I have just asked the Next Directory to reduce my credity limit from £2200 to £300 as I only owe £30 on there.

According to Experian, if I dont undertake any credit searches in the next 6 months and carry on paying on time etc my rating will shoot up to the 900s.

Can these searches really hurt your file this much?

Robert_Sterling_3

Well that certainly seems to be the case for you.
It seems to be a strange method to use. Rather rough and ready.

Moggles_2

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

This approach takes a little more effort but, IMO, is more likely to get results than focusing all your attention on Experian's credit score.

cifpower

Yes too many credit searches can seriously affect your credit rating. I learnt that to my cost. I can't get credit any more because of it and will have to wait 6-9 months for them all to drop off.

BTW - are you on the electoral roll as that really helps yours score

sunnyday123_2

Yes, I am on the electoral roll and also what I think doesnt help is I have 4 credit accounts with hardly anything owing on them:

Next Directory: £44 o/s, limit £2200
Additions catalogue: £78 o/s, limit £400
Capital One: £176 o/s, limit £200
Black Horse: £213 o/s, loan for sofa, clearing in 4 months

So, I am going to pay off the c one card and the next directory at the end of this month, and the additions at the end of next in the hope that it will help me in 6 months time when I re-apply for credit. By that time the Black Horse will also be clear.

Robert_Sterling_3

Sounds like a good move.

IWantToBeFree_2

Have you been declined for credit recently? Credit scores are generally not worth the paper they are written on and just tend to be a way of making money, so even though Experian only rate you in the '200's' lenders may not, everyone has their own lending criteria afterall...

Nigella_2

If loads of searches appear on your credit file it could like you are taking out loads of credit which you may not be able to pay.

Best let the dust settle.

sunnyday123_2

yes, I was declined for 2 credit cards yesterday. Thats why I decided to check my file. Its amazing the credit searches you forget about and come back to haunt you!

jmshani

Just a note for all....
I've just been told by Experian that because I don't live on a street (I live in a rural area without a street name) I am unable to use their online system any more because of the way the system has been updated - it will not process any addresses without a street name (it accepts it initially then spits it back at you!)
Therefore, if you live in a out in the sticks don't bother wasting your time with filling in the details for experian.
Plus, they debited the £6.99 from my account imediately and i'll have to wait 5-7 days for them to put it back!

Innocent_Guy

sunnyday123 wrote: »

Can too many credit searches really damage your file that much? I just got my Experian credit score and it came out at 209 (very poor). I have no missed payments, no defaults and no CCJs, a perfect line of greens but I have 10 credit accounts in total (1 settled/closed and 2 about to be closed). However I have just discovered that I have had 7 credit searches in the last 6 months. I have just asked the Next Directory to reduce my credity limit from £2200 to £300 as I only owe £30 on there.

According to Experian, if I dont undertake any credit searches in the next 6 months and carry on paying on time etc my rating will shoot up to the 900s.

Can these searches really hurt your file this much?

Hey there!

Although searches do damage your file your score seems to be very low.
Experian scores mean absolutly nothing - they just give an indication as to what the lenders think. I have got about 35 searches and my score is still 590. I would deffo find out why yours is low, I do not personally believe the searches to be at fault.

Good luck