How many credit checks are too many?

bluep

We've just applied for (and been accepted for a new mortgage) as well as 3 offset bank accounts (linked with the mortgage at the same building society) but I can't see any impact of this in terms of searches on my experian credit report yet.

I also want to close one credit card and open another to do a small balance transfer. In addition, I'll probably be buying a couple of things on 0% finance - a new fridge freezer, new treadmill etc... Plus there's new house insurance that we'll pay monthly so presumably they do a credit check around the monthly installments on that as well?

In terms of background, I have a really good credit report - 999 score on experian, numerous lines of credit and only using about 10-15% of them (i.e. credit card balance and store card balance v available credit), no missed payments ever but a lot of completed loans/credit cards/store cards paid monthly and paid off, no overdraft etc... Not wanting to temp fate at all, but never had an issue with any credit.

I don't have to buy some of the stuff on 0%, if the credit searches are going to rack up - I'd just rather have the funds sitting in the offset mortgage account saving me interest for that period.

When do credit checks in a short period of time get too many and start to have an adverse impact? Will 3 or 4 make a difference? Or do I need to leave it a month or two?

bluep

ok, just checked my report on Noddle. What has annoyed me though is an online car insurance broker (I got a quote in Dec 2013) appears to have left 5 searchs "general insurance", 1 search "quotation check" and 3 searchs "identification review" - given I wasn't even applying for anything, are these just soft searches and inconsequential?

Cycrow

the only type of searches you need to worry about are the credit searches, these are the only ones that will appear to other lenders.

how many is too many would depend on the lender so impossible to say a specific number. But as long as you keep searchs to a minimum within a 6 month period, it shouldn't matter too much

BeenThroughItAll

adindas wrote: »

Although is not relevant, I fully believe this might have impact on your credit application (See below)...


blah...snip

You need to understand the difference between 'may' and 'will' and 'may not' and 'will not'.

JKSandy

adindas wrote: »

3.1 Searches on your details through Callcredit within the last 24 months. "
These searches MAY BE SEEN by third parties when they check your details with Callcredit"

So No guarantee that it WILL NOT be seen by Lenders.

3.2 Your Searches
"Searches made by you on your Credit Report through Callcredit within the last 24 months. These searches WILL NOT be seen by lenders when you make an application for credit"

This is the only search is guaranteed will not be seen by third parties.

"Your searches" are when you search your credit report.

"Other searches" lists credit checks, quotation checks and anti money laundering checks etc. Hence the searches may be seen; as some will be some won't be.

BeenThroughItAll

adindas wrote: »

3.1 Searches on your details through Callcredit within the last 24 months. "
These searches MAY BE SEEN by third parties when they check your details with Callcredit"

So No guarantee that it WILL NOT be seen by Lenders.

No guarantee it will, either.

bluep

Thanks for the responses.

I would find it hard to believe that anyone (even lazily) looking at my credit report (even with another 4 or 5 searches for 0% finance / store cards on it) would draw the conclusion that I was desperately looking for credit - there's over £20,000 unused credit limit on my cards. Although I guess there is always the risk that they think you already have access to too much available credit and could go mad with the spending so an exposure risk?

I think rather than loads of different 0% finance deals, I might buy it all on one credit card then balance transfer for 3% to one of the 30 month card deals at the moment. £12 interest per annum per £1000 isn't a bad cost.

Cycrow

People dont generally look at your credit file, instead its done via the computer. Thats how you can get instance decisions on credit

So its all based on the numbers, rather than being objective.

they also work on the worst case scenario, so if you have 20k of credit available they would base the decision on if you maxed out that limit and had 20k of debt.

lots of searches doesn't necessarily mean you will be refused, just that it could count against you and would depend on the rest of your file

BrookesAndrew

There is no such thing as a credit rating. When you say you your credit score is '999', that number does mean a thing. It is not worth anything. The only important thing is your credit files which by the sounds of it seem very good. I have applied for about 6 or 7 lines of credit in the space of a week. That was when I first turned 18. I find it very hard to get credit. I think that has something to do with my age and that I have never had any credit and also the fact that I have applied for a lot of things in a short space of time.