Mortgage chances with too many credit searches

jhyt89

Hi

Just wondering if anyone has been in a similar situation to me and been accepted for a mortgage?

I have no defaults, no missed payments, etc, ie. my credit report is squeaky clean. My equinox score is 448 and classed as good. However I have 4 credit searches within the past 12 months. 1 for a credit card with Barclaycard and 3 with HSBC for opening and upgrading accounts. What effect does this have on my mortgage chances.

Thanks in advance.

Dird

I hope not much I've had 5 current account credit checks in the last 7 days and a mortgage check before that. Might be screwed if this house falls through (although mortgage got approved)

Thrugelmir

Given the nature of the checks there's nothing unusual.

lostftb

Opened a couple accounts to take advantage of the offers all within 4 months of applying for mortgage and got the mortgage offer, though the sale fell through due to seller's choice.
I will say it will have zero effect, as long as you have good credit history you will be fine. btw we went with natwest but considering a different bank due to better offers out there.

jhyt89

ok thanks for the replies guys. put my mind at ease for a bit. another question is, should I apply with a different bank to the one I do my day to day banking with. I have 7 years of banking records for my current bank to go through whereas if I chose a bank who I don't bank with, it'd only be 3 months of statements.

Dird

Wherever the best rate is.
Have you been in branch to see how they rate your history/account? Today Lloyds said I was "A1" aka highest possible score; hadn't been updated after the recent checks though so not sure if it's been affected

Thrugelmir

jhyt89 wrote: »

ok thanks for the replies guys. put my mind at ease for a bit. another question is, should I apply with a different bank to the one I do my day to day banking with. I have 7 years of banking records for my current bank to go through whereas if I chose a bank who I don't bank with, it'd only be 3 months of statements.

Account conduct is a major plus as you are a known quantity. However not a reason to apply with your bank if there's better products elsewhere.

jhyt89

Thrugelmir wrote: »

Account conduct is a major plus as you are a known quantity. However not a reason to apply with your bank if there's better products elsewhere.

so if my day to day bank has the best rate, then I shouldn't be afraid to use them even though they have 7 years of banking history to find a fault with?

jhyt89

Dird wrote: »

Wherever the best rate is.
Have you been in branch to see how they rate your history/account? Today Lloyds said I was "A1" aka highest possible score; hadn't been updated after the recent checks though so not sure if it's been affected

Not sure what you mean by score, never knew banks scored current accounts?

libf

jhyt89 wrote: »

so if my day to day bank has the best rate, then I shouldn't be afraid to use them even though they have 7 years of banking history to find a fault with?

Is there a fault to find? It would need to be big enough to override 7 years of otherwise 'good behaviour', assuming you have that.

Dird

jhyt89 wrote: »

Not sure what you mean by score, never knew banks scored current accounts?

I don't know if it's just current account or all my accounts with them but yes, Lloyds have a rating system at least. Not sure what each is based on but she said one part is A-F/G, another 1-10 with A1 being highest & it not being reviewed/updated until Today.