Quidco affects Credit Score?

Jimmya_

Hi Everyone,

So I'm a regular on this site but as you can see this is my first post, so hi.

I have used Quidco a lot over the past 12 months, but today I had a call from TSB. As I'm in the market for a new car, I asked for a quote for a Loan. The result of which, an extortionate quote of 17% APR when the advertised rate is 2.8%.
I asked the reason for this, as I have a very strong credit file and always made required payments (for what it's worth, my credit score is 999), and I was told it was due to all the searches on my credit file, majority of them Quidco.

So, has anyone any experience of this? Is it just likely to be TSB, or am i likely to struggle with all the banks? The Loan eligibility calculator on this site suggests that I would have an 80/90% chance of getting the loan with other lenders.

If anyone can shed any light it would be much appreciated - quite concerned if Quidco is having such a negative impact..

Thanks!

[Deleted User]

Lots of hard searches, regardless of lender, will make some other lenders nervous.

Not a Quidco issue.

seatbeltnoob

why are quidco doing so many hard searches?

Tom99

Why do Quidco do any searches? You are not applying for credit from them as far as I can see.

Hoogle

Payday loans shows signs of not managing money and appearing desperate, however paying them back in time also shows a good sign of managing debt, SO a negative for type of credit but a positive for paying off on time etc, However I think the negative outweighs the positive in this case to a potential lender.

If you ever get a loan/credit card at the advertised rate then you are very lucky only 51% of applicants have to get it at that rate the other 49% tend to be a lot higher If you are shopping around make sure you ask for quotation searches (Soft searches) as hard searches will be more damaging in the short term.

Lungboy

Hoogle wrote: »

Payday loans shows signs of not managing money and appearing desperate, however paying them back in time also shows a good sign of managing debt, SO a negative for type of credit but a positive for paying off on time etc, However I think the negative outweighs the positive in this case to a potential lender.

If you ever get a loan/credit card at the advertised rate then you are very lucky only 51% of applicants have to get it at that rate the other 49% tend to be a lot higher If you are shopping around make sure you ask for quotation searches (Soft searches) as hard searches will be more damaging in the short term.

Quidco aren't a payday lender, they're a cashback site. Maybe lots of insurance quotes via their comparison tool?

Jimmya_

I'm stuggling to see why Quidco would do the searches. After hearing this, I joined the MSE Credit Club. There are very few searches which 'may' impact my credit score, all where I have opened a Current Account/Credit Card.
In the list of searches which 'do NOT' impact my credit score, there'es one from MSE for Loan Eligibility and a few insurance searches because my Car Insurance was due for renewal, but why should that put off a lender?!

[Deleted User]

Are there actually hard searches from Quidco or not? It sounds as if TSB may have fibbed to you.

The insurance soft searches won't have any impact.

Jimmya_

Definitely no hard searches from Quidco as per the Credit Report. I have a total of 6 hard searches (all for bank accounts/ CC's)with the last one in February.
Thanks for confirming on the soft searches, hopefully just TSB then..