How long will it take until my credit score settles down after too many applications?

Jlawson118

My ClearScore report updated yesterday and my score had dropped by about 50 points, and when looking at the negative factors, one of those was that I've made too many credit applications this year, which I don't deny.

I knew I was going abroad for a few months this summer and I wanted a card I could use abroad, and was rejected for the Lloyds Avios, and one of the comparison sites recommended the Aqua Advance, and so I applied and they accepted me. I tried for the Lloyds one again a month later and they accepted me.

Anyway, around a month ago, I got a car, and with me being 20, the insurance was £2500. I had £1500 of this and was waiting for a £2000 cheque to clear, so First Direct gave me a £1000 overdraft to help me. But I recently decided that over time, I wanted to move my lloyds account over to my Halifax and have two current accounts instead of three, so I thought that the overdraft from FD would come in handy on there. I got rejected by Halifax. So I tested the waster with lloyds who accepted me straight away.

Then I recently just bought a phone contract and the Carphone Warehouse did a hard search on me as well as O2, and I've also decided to move my Lloyds and Halifax over to Barclays as I'm disappointed with them, so they did a check and I also applied for a Barclaycard, they accepted me with a high credit limit too and now I'm settled.

It's been a bit of a messy year, but I'm settled now. How long before my credit score will be less impacted by all of the credit applications and searches?

Thrugelmir

Four bank current accounts in a year will make people wonder. Decide who you main account is with and stick with them.

[Deleted User]

Good news OP. Your score means nothing, so please feel free to ignore it.

Jlawson118

Thrugelmir wrote: »

Four bank current accounts in a year will make people wonder. Decide who you main account is with and stick with them.

Yeah I'll be going from four to two very shortly

dm19

The score is just a generated number based on one companies algorithms, it will vary at every bank. I think credit file searches remain there for a year.

If your settled that's great, just leave it for a while and things will sort themselves out. Doing nothing is the most active way to improve your credit file by the sound of things.