Denied credits

dejie

Hi guys just a general wondering, I have a couple of declined credit requests on my Experian credit score. How badly will this effect my chances of getting more credit? Has anyone seen any major change after these have dropped off after 6 months?

mwarby

It all depends(sorry)

On what the declines were for, what your applying for, what your application score is(which includes salary, affordabilty etc), if the bank has internal data, which CRA they check(they might not even look at experian)

In general though lots of searches can imply your desperate for credit, nut what cut off the lender uses is known only to them and is far from only factor

dejie

Most of them are bank accounts. I've recently cleared all my dept and have rubbish credit so only have cash card accounts so I've been applying for debit accounts with zero overdrafts and still getting turned down

mwarby

Probably better than lots of searches for credit cards

I suspect banks are looking for a period of stability now you've cleared your debts, that is no missed payments and no increase in use of credit or available credit.

If your not desperate for a new bank account or credit card I would lay off the applications for 6 months to a year, then see if a bank will upgrade a cashcard account

dejie

Cheers mate that's exactly what I'm going to do!

MEM62

dejie wrote: »

I have a couple of declined credit requests on my Experian credit score.

I would say that you probably don't. Searches are listed but the result of the decision is not. I would expect any adverse impact. (Although if you are going to make additional applications some application forms will ask if you have previously been declined)