Searches on Credit File

mparter

I know lenders take into account the number of searches on your credit file(s), but how much is generally considered too much?

I have the following in the previous searches area on my Experian file.

5 x Credit Card
1 x Utility
1 x Personal Loan
1 x Mortgage
5 x Unrecorded Enquiry
2 x Identification Generic Check
1 x Enquiry

The_Boss

Forget the unrecorded and ID check - they dont show.
Not sure about the Enquiry

As for the others - 8 is probably one or two many so wait a bit before applying for something new. My credit rating, despite a flawless long history, was decimated last year by 11 credit searches and I was considered to be in the bottom 20% of the country (poor rating).

mparter

Thanks. Can I ask, how did you come to the conclusion that your credit rating was affected and that you were in the bottom 20%?

I'm looking to get a home improvement loan in 2/3 months and I've recently been declined by Orange and T-Mobile for a phone, so I was beginning to get concerned about the searches affecting my ability to get a home improvement loan.

grumbler

Searches stay on your files for 12 months. However, only recent ones are most important: http://www.stoozing.com/credscore.htm :

The number of searches and accounts opened in the last three to six months has an affect on your credit score. The stoozer or rate-tart should try to minimise the number of credit searches that are done on their file. Stoozing.com?s guidance has been that either of the following approaches seems to be acceptable: either one search per month for no more than 10 months of the year, or 2 or 3 applications within a month followed by none for 4 to 6 months.

See also Martins article: Credit Rating link in the blue box above.

mparter

My revised search list is;

Mar 06
1 x Utility

Jan 06
1 x Credit Card

Dec 05
3 x Credit Card (2 of these are for MBNA a couple of days apart, I don't remember applying for so many cards)

Oct 05
1 x Personal Loan
1 x Enquiry

Sep 05
1 x Credit Card

Jun 05
1 x Mortgage

Given the above and the fact I plan to try and get a home improvement loan in 2/3 months time, is it safer to apply for no more credit or can I apply for a contract phone with 3?

I do have a contract phone with my work but this service is being discontinued so I need a phone.

$17mma

I note that some of you havementioned searches for utilities?

I didnt realise that you were credit searched for a utility bill? do you mean gas/electric?

I so since when did they start doing this?

mparter

The utility one I have above is from Orange for a mobile phone application. I don't have any searches registered for gas/electricity.

$17mma

mparter wrote:

The utility one I have above is from Orange for a mobile phone application. I don't have any searches registered for gas/electricity.

Oh right.. we have different ideas of what utilities are I thought you were talking gas, elec, water etc which are neccessities not a mobile phone. This is a contract want rather than need as such.

You had me gob smacked there for a minutes.

mparter

Sorry for any confusion/shock, I was just showing it as it appears on my file.

$17mma

mparter wrote:

Sorry for any confusion/shock, I was just showing it as it appears on my file.

No need to apologise hun... just glad that they are not doing checks for utils.. could you imagine! :eek:

The_Boss

mparter wrote:

Thanks. Can I ask, how did you come to the conclusion that your credit rating was affected and that you were in the bottom 20%?

I'm looking to get a home improvement loan in 2/3 months and I've recently been declined by Orange and T-Mobile for a phone, so I was beginning to get concerned about the searches affecting my ability to get a home improvement loan.

When I got my credit score from Experian it said my rating was poor, and as a comparison it was higher than 20% of the population.

I have never missed a payment, dont owe outrageous sums compared to my salary - it was purely down to the searches.