Credit check report - Does checking harm chances of mortgage??

emsylove

Keep hearing different things on this one, some saying that lenders can't see how many times you have viewed and some saying don't check too often. Does anybody know? Thank you!

FinAdv

Hi,

The credit rating is affected everytime a new search is done on your name.

So, if you applied with a bank for a mortgage and they did a credit search on you, it would affect your scoring. I'm not sure by how many points but I've known people who have had searches done left and right against their names and their credit rating has gone down the drain!!! And they are even worst position now to get the mortgage.

bobbytooshoes

Hi
If a you are applying for any sort of credit a search will be performed and a footprint left on your credit report. On the other hand if you are personally checking your credit report then only you will be able to see this as this part of your credit report is not visible to anyone else.

As for your credit score I wouldn't worry too much as each lender will have a different way of scoring you but I would definately keep all credit applications to the bare minimum in the 6-12 months prior to making a mortgage application - doesn't mean that you can't check it as many times as you like though.

Hope this helps.

tony1947

bobbytooshoes wrote: »

Hi
If a you are applying for any sort of credit a search will be performed and a footprint left on your credit report.

Interesting info as I wasn't aware of this (the footprint part that is). This morning I applied to change the electricity supplier for our Village Hall and Uswitch used my personal credit rating as Treasurer to check if the switch was acceptable. I was intrigued more than worried that my rating was 957 out of 1000. Where has the other 43 points gone? No doubt I am now somewhat less than 957 as the search was done....seems a bit daft to me that successful searches should have an adverse effect.

Is it possible to achieve the perfect score of 1000?

redpete

tony1947 wrote: »

Is it possible to achieve the perfect score of 1000?

It maybe possible but it would be totally irelevant as far as any lender's assessment of your suitability is concerned. The lender will have their own criteria and scoring scheme and won't use the number made up by the rating agency.