Question for current or former underwriters

meer53

With that amount of recorded searches it would be a straight decline from me.

I think most lenders would decline with a much lower amount of searches too.

Thrugelmir

jakesuk wrote: »

This is an important question for someone who manages their credit file but has an appetite for bonus incentives and consequently applies for a high number of credit facilities.

Credit facilities themselves may well have a bearing on the application.

Not sure how you manage your "credit file". Majority of people manage perfectly well without having the need of the recourse to view the data held on them at Experian, Callcredit etc. For the simple reason that behave in a perfectly normal manner.

jakesuk

Thrugelmir wrote: »

Credit facilities themselves may well have a bearing on the application.

Not sure how you manage your "credit file". Majority of people manage perfectly well without having the need of the recourse to view the data held on them at Experian, Callcredit etc. For the simple reason that behave in a perfectly normal manner.

By "manage my credit file" I mean I am responsible with my finances, no missed payments, on electoral roll etc.

I don't view my reports often at all, once or twice a year with both Experian and Equifax.

There are people on these boards with 20+ current accounts, numerous credit cards. Are they behaving in a perfectly normal manner? I'm not sure why you mean by that. Some people think perfectly normal is living with debt. Others think it's never being in debt.

Spengler

jakesuk wrote: »

What is the maximum number of credit searches you have seen on an applicant's credit file who was accepted for a credit facility with your former employer?

I wouldn't say that the number of searches was deemed to be relevant. I don't know how many would be enough to make it an automatic decline because I was never told and it wasn't particularly important in the grand scheme of things.

It's worth noting that an underwriter can probably see more about the search that you think they can. You would definitely be able to see who the applicant(s) were; the address they used to apply; date of the search; type of finance requested (e.g. secured/unsecured loan; credit card; hire purchase etc) and the amount requested.

So, if I had cause to review the previous searches, I would be looking at when the searches took place; can I marry any searches up with new credit accounts that I can see have been opened recently; what is being applied for and at what value.

If the application I was reviewing appeared to be the 10th application for a £10k loan in 5 days and you had a income of £25k, I'm likely to decline this application as I don't know what became of previous applications. However, if mine is the 10th application for a £1k loan in 5 days and you have an income of £50k (with no other CRA/income related concerns to investigate), I might accept it because on the face of it, if you took up all 9 offers of a £1k loan, you would still be able to afford ours as the 10th.

Also bear in mind that I'm talking more than 10 years ago now. Technology is better; companies in general have got smarter and attempt to mitigate exposing themselves and their customers to too much credit and also to preventing losses via fraud so my experience may no longer be relevant to today's consumer-lending.

It's all much of a much-ness. Depends on the lender; depends on the underwriter; depends on applicant...

jakesuk

YKG1979 wrote: »

It's worth noting that an underwriter can probably see more about the search that you think they can. You would definitely be able to see who the applicant(s) were; the address they used to apply; date of the search; type of finance requested (e.g. secured/unsecured loan; credit card; hire purchase etc) and the amount requested.

Thanks - really helpful stuff. This is the sort of insight I was after.