Multiple Application Question

Jam555s

Hi there, if I was to apply for 10 credit products, credit card, loan, Current account etc in the space of a few days , this would reduce my credit score,
How big an impact would it make and how long after this will my credit score go back up to what it was, is it 3 months, 6 months or even a year?

MABLE

Not only would it reduce your credit score drastically it would certainly set alarm bells ringing from companys searching your file and may suspect fraud.

I certainly would have no more than 3 credit searches in a six month period.

Jam555s

yeah , but say 6 or 7 where done, how long should i now wait ?

3 months, 6 months or a year?

inmypocketnottheirs

Searches stay on for 6 months. So best wait for 6 months then I guess.

Jam555s

i have a search on my file from over 6 months ago, i think itsa year it drops off

inmypocketnottheirs

Jam555s wrote: »

i have a search on my file from over 6 months ago, i think itsa year it drops off

It will show on your file for a year. This means that you can see it, but anyone else looking (i.e. lenders) will only be able to see the searches in the last six months. I have actually had this confirmed this week in a telephone conversation with Equifax.

Jam555s

is this the same for both credit ref agencies?

inmypocketnottheirs

Jam555s wrote: »

is this the same for both credit ref agencies?

Yep sure is.

Jam555s

does this mean that any dip that my score takes will be back to normal in 6 months?

inmypocketnottheirs

There is no such thing as a score. Different lenders have different criteria. All you can do is try a keep yourself in the best light, pay your debts, avoid defaults & ccj's and keep searches to a minimum.

YorkshireBoy

inmypocketnottheirs wrote: »

It will show on your file for a year. This means that you can see it, but anyone else looking (i.e. lenders) will only be able to see the searches in the last six months. I have actually had this confirmed this week in a telephone conversation with Equifax.

I don't doubt you were told this, but I personally don't believe it and would want to see it in writing before I gave it any credence.

Speaking of 'writing', Experian say (in their 'your credit report explained' booklet*) that the search information is "held on our database for 12 months from the date of the search".

I have always believed that, whilst lenders may choose to ignore/place lower importance on 6-12 month old searches, they do actually see them when they search your file.


* Sent with your £2 statutory report, and can be downloaded from the Experian site in pdf format.