Credit Searches (myth)

BugsyBrowne

Could loads of credit searches in a short space of time be a thing of the past?
Right payed off my Flybe card and got shot of it,but still kept my barclaycard with a balance of 1.7k limit 3.5k so I just have the one credit card,December 30th Zero credit searches on Experian in the last 6 months,so me and my OH decided it might well be time to get shot of our 2 rust buckets of cars we have, and try for something nice,something we can look after,so got in touch with a car dealer he said yeah we use a few credit companies so I applied,to my horror on new years eve I was searched 5 times off different companies,so 5 blo0dy credit searches in 2 days went on my credit file,so cut a long story short thought oh well that's my report trashed until july, then looked through Autotrader see a car I liked applied for finance thinking I have no chance as I probably look desperate with all those searches,dealer phoned back and said Santander Motor Finance have accepted you, can you Email us 3 months of bank statements which I did then 1hr later dealer said everything has gone through.
Question is did they just ignore the credit searches do you think?

lisyloo

The answer is that each lender can choose to ignore or take into account whatever they want.
Unsatisfactory answer I know.

BugsyBrowne

lisyloo wrote: »

The answer is that each lender can choose to ignore or take into account whatever they want.
Unsatisfactory answer I know.

Completely Agree with you on that, I personally after this think credit searches do not play as big part as people may suggest,think they are more concerned on your past credit history conduct,late payments,missed payments,CCj's,defaults,bankruptcy,debt to income etc..

lisyloo

It might also depend on whether it's done manually or by computer.
A computer might have declined you on the basis of > X searches in less than 6 months.
A human being using common sense may have been able to work out that you were clearly shopping around for a car loan.

BugsyBrowne

lisyloo wrote: »

It might also depend on whether it's done manually or by computer.
A computer might have declined you on the basis of > X searches in less than 6 months.
A human being using common sense may have been able to work out that you were clearly shopping around for a car loan.

Your right there it went to Santander's underwriter.

ryantcb

That is it a computer search will say "no" as it cant read between the lines for the bigger picture. Yet a human search can see the true standard of your credit file and say "yes". That's why its always worth appealing a "no" as it will then go to the underwriter who can give a yes for same application.
To answer your original question. yes many searches matter but not so much if you appeal.

Cash_Flow

star-fire wrote: »

Could loads of credit searches in a short space of time be a thing of the past?
Right payed off my Flybe card and got shot of it,but still kept my barclaycard with a balance of 1.7k limit 3.5k so I just have the one credit card,December 30th Zero credit searches on Experian in the last 6 months,so me and my OH decided it might well be time to get shot of our 2 rust buckets of cars we have, and try for something nice,something we can look after,so got in touch with a car dealer he said yeah we use a few credit companies so I applied,to my horror on new years eve I was searched 5 times off different companies,so 5 blo0dy credit searches in 2 days went on my credit file,so cut a long story short thought oh well that's my report trashed until july, then looked through Autotrader see a car I liked applied for finance thinking I have no chance as I probably look desperate with all those searches,dealer phoned back and said Santander Motor Finance have accepted you, can you Email us 3 months of bank statements which I did then 1hr later dealer said everything has gone through.
Question is did they just ignore the credit searches do you think?

It's a secured loan which even in the current market is still easy to obtain.

Whats the APR ?

BugsyBrowne

Cash_Flow wrote: »

It's a secured loan which even in the current market is still easy to obtain.

Whats the APR ?

Apr was just under 8%
You still need to have a positive credit history with no missed/late payments to get the low apr's.
Thats why they have these sh*ty car supermarkets like carcraft who charge silly amounts,these companies prey on the people who with the misfortune have dodgy credit reports, and can't go to the likes of santander for car finance.

So if your credit report is in order then yes car finance is easy to obtain,if your credit report is all over the place then yes you will have to go the very high interest car loans.

Cash_Flow

star-fire wrote: »

Apr was just under 8%
You still need to have a positive credit history with no missed/late payments to get the low apr's.
Thats why they have these sh*ty car supermarkets like carcraft who charge silly amounts,these companies prey on the people who with the misfortune have dodgy credit reports, and can't go to the likes of santander for car finance.

So if your credit report is in order then yes car finance is easy to obtain,if your credit report is all over the place then yes you will have to go the very high interest car loans.

Nice rate.

I would never buy from carshaft.

BugsyBrowne

Cash_Flow wrote: »

Nice rate.

I would never buy from carshaft.

Carshaft lol

telecomengineer

Hi there, I am in need of a new car myself out of interest what were the names of the 5 finance companies that declined you