Credit Checks

zoiner

On the main site, in relation to credit checks we find:


"Time applications correctly. Lots of credit searches (the notes left on your file when you apply for things) in a short space of time hurts your score. Space out applications, not just for credit but for car insurance, mobile phones and others, as all can leave searches on your file."

Can anyone enlighten me as to what the terms "lots" and "short space of time" mean in this context???

Chez2k

Good question... this is somthing i'm interested in too.

Compound_2

Unlike mobile phones, is car insurance a credit application? I believe they do a credit reference agency check, but will it be listed as a credit application seen by lenders, hurting your score? If so, it's probably best to get anonymous quotations when shopping around.

Chez2k

Compound wrote: »

Unlike mobile phones, is car insurance a credit application? I believe they do a credit reference agency check, but will it be listed as a credit application seen by lenders, hurting your score? If so, it's probably best to get anonymous quotations when shopping around.

If you are paying on a monthly basis they will do a credit check on you. It doesnt show as an active credit account though as far as i'm aware.
If you pay for it upfront they shouldnt do a check.

I paid for my last lot upfront to avoid the search on my file.

Compound_2

If you fail to make a monthly payment does it count as a credit default, or just end the cover?