Credit Score takes hit

JoeLondon

Evening,

October last year I applied & was approved to transfer to the First Direct bank account as mentioned on MSE.

I went on holiday during this process and sent the paperwork off when I returned. They then called me to inform me as it was after 30 days from my initial application I had to apply again. Whilst this went through I was approved for a new credit card.

On MSE credit club it now advises that my score has dropped due to recent applications.

How long does it take to clear this off my credit score?

If I now go through the application again as I need to so I can complete the account opening, will this be a new application on my credit score?

[Deleted User]

Doesn't matter. Your score is fictional.

A couple of searches on your files is no great cause for concern. Reapplying will probably result in an additional search though.

National_Debtline

Hi JoeLondon and welcome to MSE,


It is possible that a several searches in a short space of time could affect your rating, but zx81 is right about your score. Don't put too much stock in it - it is not something that future lenders see.


Searches generally stay on your file for 12months and then come off.


Laura
@natdebtline

Jenkic20

In the last 12 months I've cleared over £10k of debt, nearly debt free actually, and closed 5 credit accounts and reduced available credit on the few that remain. My credit rating has gone from 'excellent' to 'fair' even though I am in a far superior financial position. Go figure!

[Deleted User]

You need to run up a bit more debt, and maybe miss some payments. That should get your score up again.

DCFC79

JoeLondon wrote: »

Evening,

October last year I applied & was approved to transfer to the First Direct bank account as mentioned on MSE.

I went on holiday during this process and sent the paperwork off when I returned. They then called me to inform me as it was after 30 days from my initial application I had to apply again. Whilst this went through I was approved for a new credit card.

On MSE credit club it now advises that my score has dropped due to recent applications.

How long does it take to clear this off my credit score?

If I now go through the application again as I need to so I can complete the account opening, will this be a new application on my credit score?

No 1 but you can see your score.
Your credit report lists your financial life if you like.

Speak to Experian or Equifax if they will lend to you based on your credit score.

Jenkic20 wrote: »

In the last 12 months I've cleared over £10k of debt, nearly debt free actually, and closed 5 credit accounts and reduced available credit on the few that remain. My credit rating has gone from 'excellent' to 'fair' even though I am in a far superior financial position. Go figure!

Possibly because its a change but as I just said only you can see your score.

forgotmyname

Bought something expensive on the CC and paid it all off when the bill arrived and my "score" dropped because i had spent more than 50% of my CC's limit.

So using the card sensilbly reduces your "score". Maybe i should abuse it and see if my "score" improves.

Or maybe i should ignore the made up number? I know the answers YES.

Jenkic20

Yeah I guess what I am saying is that I realised that the number doesn't really mean anything. It's the detail of how you manage money.