Credit Searches

nathan882

I have checked my credit file and everything on there is good, no missed or late payments, But my score is really low and the only thing I can see is because I have 7 credit searches in the last 12 months and only 4 credit agreements. Does your credit score improve each month that goes past up until the 12 month removal date of these searches?

[Deleted User]

Ignore your score. It doesn't measure anything.

nathan882

Thanks for your response. I am looking at a mortgage are you saying that they wont consider many credit searches on my application? As my IFA seems to think it will be an issue as my score is low.

[Deleted User]

They will look at the data on your files. Debts, balances, payment history, searches etc. They will use all that, plus income etc to make a decision.

Older searches are a very minor concern.

But they won't see the score.

adindas

nathan882 wrote: »

I have checked my credit file and everything on there is good, no missed or late payments, But my score is really low and the only thing I can see is because I have 7 credit searches in the last 12 months and only 4 credit agreements. Does your credit score improve each month that goes past up until the 12 month removal date of these searches?

The lender can not see your score. So looking into the score itself is useless.

However, usually there is a good cause why someones's score is so low. This magic number is automatically generated using algorithm which to some extents are extracted from your credit file.

So it is good practice to start investigation why your score is so low, especially if you are going to apply for a mortgage.

Keep in mind, sometimes CRAs is fed with rubbish, by mistake from lenders. I know it is unfair other party make mistake and you will need to surfer.

It might be just because too many credit searches in a very short duration. It might because something else ...

Anthorn

nathan882 wrote: »

I have checked my credit file and everything on there is good, no missed or late payments, But my score is really low and the only thing I can see is because I have 7 credit searches in the last 12 months and only 4 credit agreements. Does your credit score improve each month that goes past up until the 12 month removal date of these searches?

The threshold I've seen is usually three credit searches in the last 6 months but lately I've been doing 4 in the last 4 months with no detriment at all. I have been reviewing my finances and making a lot of changes. Hence the credit searches. But I don't apply for credit very much at all so looking back over 12 months shows not many credit searches.

starM

My other half Equifax file shows credit score as poor but just a week ago she has been accepted for Barclaycard with decent credit limit. Equifax shows a credits search from Barclaycard.

nathan882

I think my score is low due to credit searches. Will my credit rating improve each month that goes past that I don't apply?

MallyGirl

the score itself doesn't matter, but fewer credit searches will look more favourable to lenders

DCFC79

nathan882 wrote: »

I think my score is low due to credit searches. Will my credit rating improve each month that goes past that I don't apply?

You have been told your rating is of no use as lenders don't see it, it could be flashing 999 in gold and still won't be seen by lenders to be of importance.

forgotmyname

They will use all your data EXCEPT the " SCORE ". Only you and teh company that made it up will ever know what that is.

Nobody else knows or cares what your " SCORE " is. Why was my score really low when i signed upto Clearscore? because for the income i put a few pennies or a few pounds? I forget what i put 50p or a few £.

My free scoring system is more accurate and rates you 3 hobnobs and a jaffacake.