Experian credit score 995 not out/Virgin credit card 0

hate-banks

thanks a lot for this. So why do people say it damages your credit score everytime a search is made if the result is not seeable?

izools

hate-banks wrote: »

thanks a lot for this. So why do people say it damages your credit score everytime a search is made if the result is not seeable?

Multiple searches can be a sign of fraud or the applicant having fallen victim to identity theft - an identity theif will apply to all and sundry.

Multiple searches can also be a sign of debt stress. A causal person who fancies a new credit card but doesn't 'need' one is less likely to default than an applicant who feels they 'need' more credit because they're struggling to make ends meet.

A casual applicant might not try re-applying for a while, but the applicant struggling to make ends meet is more likely to apply everywhere.

Also, creditors like to see stability. Someone who applies little and infrequently is more likely to have planned their application, take it more seriously, and keep the account open for longer, than someone who applies for all and sundry - on a whym.

hate-banks

ok got it. thanks a lot