Credit score drop

FreddieFrugal

Hello checked credit report today and on Noddle my score has dropped from 4 to 3. Now I know the score isn't really very meaningful but - I assume it has dropped because of current mortgage application, I declined me at first due to the stupid system. I was accepted when I redid and put in info they told me over the phone despite it contradicting the instructions on the application.

Anyway, although I'm unlikely to be applying for more credit in near future. Mortgage offer has been given formally now and I've got the credit cards I want at the mo. Used purely for cashback and cheap travel money, always paid off in full (the problem with 1st mortgage application was to do with this). However how long will it take for credit file to 'heal' after smacking it with a declined application?

Other than that I have no negatives on the report at all, electoral roll etc all fine.

Tixy

So do you have 2 recent credit searches? they may impact on your ability to get credit for a couple of months, unlikely to impact for any longer than that.

The new mortgage account (assuming you take it) appearing on your credit file will also have an impact on your ability to get credit for a while.

neil_9999

I was told when getting a mortgage that credit searches on your file should be no more than around 1 a month - not sure how true that is...

I wouldn't worry too much, just don't apply for any more. The mortgage company may do a few searches over the application so sit tight and I would think you'll be fine.