Way toooo many credit file searches

Daddycool

Hi all, newbie here so please be gentle, somewhat wet behind the ears too when it comes to credit files etc and my my I've learnt a lot since I've been reading this board, my question is I've recently applied and been accepted for (largely anyway) quite a few different credit cards new bank accounts with overdrafts etc but more recently I've started to get declined, now obviously had I found his place first I'd have stopped applying for credit, however I naively thought it was purely down to the credit card companies just being picky in certain circumstances

So my question is obviously I need to stop applying for credit (I've enough available now for what I want anyway) will my file recover to the point where I'm able to switch the cards I've got now once the 0% stuff is over to new cards etc or I'm I now stuffed royally ?

Background is salary circa 50k total available credit about 50k total used about 7k this spans over 10 credit cards and 3 overdrafts

Thanks

Tixy

Hi

Its only likely a short term problem. Usually after a period of 6 months earlier searches have very little impact. After a year then certainly old searches shouldn't stop you being accepted for new applications.

Its possible your large amount of available credit could cause issues with you being accepted in a few months, but the searches shouldn't.

Daddycool

Thank you for that I'm slowly understanding its a bit of a balancing act, in the interim is it best I just leave well alone or is there anything I can do to make sure I'm credit worthy again ?

Tixy

I would say leave well alone now, just ensure you make all payments on time etc. Some people recommend paying just slightly more than the minimum payment each month if possible. Even if its just a couple of £ more this stops the 'minimum payment flag' being recorded on credit file.

Thrugelmir

Daddycool wrote: »

Background is salary circa 50k total available credit about 50k total used about 7k this spans over 10 credit cards and 3 overdrafts

For what purpose?

Daddycool

For no specific reason other than having it available if I were to ever need it, I agree it's probably more than it should be or needs to be

another_username_3

It would be worth reducing any credit limits you're not using as banks do look at what credit limits you have available when making a decision (loans, credit cards and overdrafts all contribute).

Cycrow

you have a large amount of credit compared to your salary so that could cause problems getting any more.

also, you have alot of credit you havn't used, which again could cause you some problems as the lenders will wonder why you need more with lots already available.

if you have opened any new accounts recently (within 6 months) then that would also have an effect.

usually time can solve most problems with a credit file

lisyloo

Not sure why you are worried about the ability to get more credit when you effectively have it in place already.

If there was a good deal come up, then your current amount of credit could stop you getting more, so you could have effectively barred yourself short term from any great new deals.

Daddycool

Thanks guys I take on board all you say and will act accordingly

Thrugelmir

Daddycool wrote: »

For no specific reason other than having it available if I were to ever need it, I agree it's probably more than it should be or needs to be

If you are hoping to open further accounts to effect balance transfers in the future. Then your plan may well be scuppered.