How quickly do credit checks show on credit report?

tink_1983

How soon after applying for credit does it show up on your report?
ie if they did the search today, when can i see the search>? wana make sure they only did one search!
any ideas thanks?

kloana

tink_1983 wrote: »

How soon after applying for credit does it show up on your report?
ie if they did the search today, when can i see the search>? wana make sure they only did one search!
any ideas thanks?

I think they show up in real time, or very soon after, but someone else may know better. Any reason as to why you'd suspect they did more than one search? Whoever you have applied to may have searched any one (or two, or all three) of the three credit reference agencies, if you want to go looking for the search. However, it's rare for just Call Credit to be searched on its own, and some lenders don't use Call Credit at all.

tink_1983

i am in the process of applying for a mortgage so dont want any added searches going on there, my broker told me id passed credit check but cant see any search on my experian or equifax?

kloana

tink_1983 wrote: »

i am in the process of applying for a mortgage so dont want any added searches going on there, my broker told me id passed credit check but cant see any search on my experian or equifax?

It's possible that a credit check might not have been made yet. You may have been agreed in principle by a lender, but they've not yet taken you through full checks. An AIP is just a rough indication that the lender may lend a certain amount to you.

I was agreed in principle by HSBC and Santander in May 2012. Neither credit checked me at that point. I was later agreed in principle by HSBC again in September 2012. No credit check, until I made a full application in early October (I passed). I was on all three occasions of AIP informed that I'd "passed the credit checks", even though they hadn't actually been done. What they meant was, based on the info I'd provided, I'd passed their initial screening.

Contact your broker, who should be able to tell you exactly what stage of 'agreement' you're at.

kloana

PS: If you have been checked in full, but it's just not showing up yet, it's unlikely that any one lender will have checked you more than once. Be aware though that it's not unheard of for lenders to conduct rolling credit checks, whereby you're checked regularly by the same lender, throughout your whole buying process (even right up until the day of purchase completion). Multiple checks of this kind won't harm you, lenders are just taking extra precautions, to ensure that you're not agreeed for a mortgage, only to take out whopping amounts of credit the very next day

tink_1983

Thanks for your reply, I am now doing the full App and the valuation fee has been taken, which is why my MA advised me the credit check had been done...
im just conscious alot of searches can have a negative impact on score, which seems to be so important to these lenders

thanks

tink_1983

kloana wrote: »

It's possible that a credit check might not have been made yet. You may have been agreed in principle by a lender, but they've not yet taken you through full checks. An AIP is just a rough indication that the lender may lend a certain amount to you.

I was agreed in principle by HSBC and Santander in May 2012. Neither credit checked me at that point. I was later agreed in principle by HSBC again in September 2012. No credit check, until I made a full application in early October (I passed). I was on all three occasions of AIP informed that I'd "passed the credit checks", even though they hadn't actually been done. What they meant was, based on the info I'd provided, I'd passed their initial screening.

Contact your broker, who should be able to tell you exactly what stage of 'agreement' you're at.

hi, yes i have heard they do this, i will be very careful not to apply for any credit and not over use the credit i do have!
i will also keep my experian and equifax memberships till we complete!!

kloana

tink_1983 wrote: »

im just conscious alot of searches can have a negative impact on score, which seems to be so important to these lenders

If you're not a serial credit-applyer (or at least haven't been during the past few months), then you should have little to worry about, assuming that the actual content of your credit files (forgetting about any searches) is OK. Good luck.

sfax

Same day in my experience (I have Experian and Equifax subscriptions)

tink_1983

The checks have appeared on my experian, but not my equifax, so guess they just do main check on experian?

However they have done two checks which show the same on the report, that it was halifax that did the search and that it was for a 'first mortgage'

worth asking for one search to be removed? Or just leave it?

kloana

tink_1983 wrote: »

The checks have appeared on my experian, but not my equifax, so guess they just do main check on experian?

However they have done two checks which show the same on the report, that it was halifax that did the search and that it was for a 'first mortgage'

worth asking for one search to be removed? Or just leave it?

My 'first mortgage' search from HSBC is on Experian only. Only one search for me. Perhaps ask them why they did two searches, there may be some reason. However, if Halifax have given you the go-ahead, two of their own searches won't matter.