how much damage can 1 enquiry do?

ps10006

Quick question, as per the title really. How much damage to my credit report would 1 enquiry do? Not had any searches in the past 12 months either.

Ta

natscat84

I think it depends on the type of query - mine seems to be just fine, even though there are 26 registered searches from January when I was looking at quotes for car insurance (grrr...). However, if it was a search for a loan, I suspect it could do a bit of damage, but probably not too much since if your CR is good, then you'd get the finance and not have to do another search... Right?

ps10006

it is for a small loan, and after +2 years of improving my credit through credit cards and never missing payments and keepin balances low etc im hoping that i should get accepted! my credit was never bas as iv never missed any form of payments, its just that i didnt really have one! anyway i think i may try, but if i get rejected then just leave it another 6 months

Cash_Flow

ps10006 wrote: »

it is for a small loan, and after +2 years of improving my credit through credit cards and never missing payments and keepin balances low etc im hoping that i should get accepted! my credit was never bas as iv never missed any form of payments, its just that i didnt really have one! anyway i think i may try, but if i get rejected then just leave it another 6 months

Well I have 9 in the last 12 months and I have recently been accepted for a Tesco loan @ 8% and a new 0% credit card - So if your credit file is good don't worry about a few searches;)

~Brock~

A media driven myth.

Having a few searches on your file is a fact of life and does no harm.

redpete

ps10006 wrote: »

Quick question, as per the title really. How much damage to my credit report would 1 enquiry do? Not had any searches in the past 12 months either.

Compared to other things that can appear on your credit report (late or missed payments, stacks of debt) or things that don't appear on there (your income and family circumstances) very little.

Anyhow, it's there now so nothing you can do about it and worrying won't help.

ps10006

hey thanks for your answers, and no its not there yet i havnt applied. I just wanted some opinions before i did as i have spent the past +2 years improving my credit, and in that time all my accounts opened have been run perfectly.

Its just a case of, have my efforts so far been enough for me to get a good rate on a bank loan. and if they havnt and i get turned down, would i be like taking a step back 12 months.