Stupid question!

little_miss_broke_2

But is it true that every time you apply to increase the credit limit on your credit cards it counts as a 'search' on your credit file/rating?

Would that also apply everytime you apply to increase your overdraft?

(I'm just thinking of the amount of times i've increased my credit cards and overdraft in the last 12 months - wouldn't be in this mess if i'd been more sensible, but there you go! My credit file must be HUGE!)

LookingAhead

That is most certainly *not* a stupid question!

I don't know the answer but I am sure someone will be along soon to enlighten us.

And remember....it's *always* better to ask....we never stop learning.

farquarpigmix

little_miss_broke wrote:

But is it true that every time you apply to increase the credit limit on your credit cards it counts as a 'search' on your credit file/rating?

Would that also apply everytime you apply to increase your overdraft?

(I'm just thinking of the amount of times i've increased my credit cards and overdraft in the last 12 months - wouldn't be in this mess if i'd been more sensible, but there you go! My credit file must be HUGE!)

There's only 1 way to find out, get a update from equifax & experian and have a look on your file. I think it cost you £2.00 by post?

Regards

Farquarpigmix

southernscouser

As LA said, there is no such thing as a stupid question on here!

If you don't ask you don't learn!


I am 99% sure that a credit card increase request does count as a search on your file!

As for the overdraft I'll be honest with you and I don't know! However, my gut feeling is it wouldn't show up!

Bernard_Coleslaw

little_miss_broke wrote:

But is it true that every time you apply to increase the credit limit on your credit cards it counts as a 'search' on your credit file/rating?

Would that also apply everytime you apply to increase your overdraft?

(I'm just thinking of the amount of times i've increased my credit cards and overdraft in the last 12 months - wouldn't be in this mess if i'd been more sensible, but there you go! My credit file must be HUGE!)

LMB

Not a daft question at all, don't worry.

You are right, however, in your assumption that all these requests will count as a search (whether or not your application is successful). The outcome of the application is not recorded, however. Too many searches on your file in a short period might make future lenders think twice about accepting an application.

From memory, searches disappear from your file after 6 months.

Cheers

BC

(p.s. just been reading your story on the other thread. You've got a 17 stone bloke here blubbing like a baby! Good luck to you and OH).

little_miss_broke_2

Thank you all for your replies :T

and Bernard Coleslaw, here, have a !!{Hug}} you big softie

xela_17

When I requested a credit limit increase for my egg card it did not appear as a search. Not sure about any others though.

dudleyboy

It does count as a search. by law you have to agree to a credit search and the legal speech/small print is where they gain your consent. If you do not read the print or sleep through the speech (on the phone) then it still applies and a credit search will have been made with each and every request.

Experian_company_representative

In fact, it depends whether the lender conducts a credit check to help it make the decision. If a credit check takes place, a search is recorded. If they base their decision on an interenal credit score then your credit report won't be checked and no search recorded. Simple as that.