Credit File ? re: Refusing Credit Offered

JMU-95

With regards to your credit file, what happens when you apply for credit, get accepted then decide not to go ahead with it?

Today, I went to buy a new PC with Dell and got accepted for their in-house credit (buy now pay 12 months later). They said they had to do a credit check which I got accepted for. Then I decided I would put it on my 0% card.

So, obviously my credit file will show a search from Dell, but will it also show that I didn't go ahead with this or will I have to write in to Experian to say to put a note stating this?

**Tiny bit worried now that my file will show a recorded search from Dell, but no evidence of an account with them. Will anyone else reading it see the lack of an a/c with Dell, as being turned down for credit.**

Galstonian

My guess is it looks to other lenders like you were rejected. You can ask them to remove the search, they may not but there is no harm in asking.

Fatboy_NSS

Slight correction, your file will show a search but won't show who it was from. You won't be able to get Experian to remove it as your file shows factual information. The search was made and you gave Dell consent to do it so it is factually correct. However the occasional search on your file isn't going to do any harm to your credit score. Companies would only be worried if there were large numbers of searches in a short space of time as this could indicate an attempt to apply for a large amount of credit.

Reaper

Fatboy_NSS wrote:

Slight correction, your file will show a search but won't show who it was from.

Won't it? I think it will. I just pulled out my last Equifax report and each search includes the name of the company requesting it.

I admit I've never had a search and then decided not to go ahead but I'm sure it won't affect how the search is recorded.

deemy2004

As far as I am aware searches are visible only to the individual and not to an inquiring institute.

Reaper

Bit surprised by your answer Deemy. Searches are certainly visible to companies, indeed it is a fundamental part of credit scoring to see what other credit you have recently been trying to get.

If you request your own credit report that search is not reported. Also if a company asks for a search and specifies it is nothing to do with a lending decision then that is not reported. Everything else is.

monki_man

deemy2004 wrote:

As far as I am aware searches are visible only to the individual and not to an inquiring institute.

I got turned down by &more card(m&S) because of the number of searches back in December. So im sure they can see how many applications ive filled out.

Galstonian

But searches can be removed at the request of whoever did the search. If you ask Dell they might. They might not, or more likely they will not know how but this is the only way I know of to have searches removed.

monki_man

Also while we're on this topic, how far back do finanacial companies look at your credit history? &More told me today that they look as far as 6months, so if I apply for their card again in Jul all those searches that was carried out back in Dec/Jan should have cleared. But some CC companies look further than 6 months dont they or not?

Reaper

Searches are held on file for 1 year. It is up to the individual credit card companies how far back they want to go. My feeling is that 6 months will turn out to be typical.

Galstonian

Searches are held for a year with Equifax but two with Experian (or is it the other way around?)