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Soft searches - do they affect credit?
GlasweJen
Posts: 7,451 Forumite
I have a couple of credit cards, Aqua and Vanquis. I used them to build credit history but now want something a bit less sub prime.
I used money supermarket to see what I was likely to be accepted for, then went away to look into things like customer service and the like. Went back into moneysupermarket and now I'm 9.5/10 likely to get a card that was 10/10 (guaranteed).
Has searching more than once affected my credit chances?
I used money supermarket to see what I was likely to be accepted for, then went away to look into things like customer service and the like. Went back into moneysupermarket and now I'm 9.5/10 likely to get a card that was 10/10 (guaranteed).
Has searching more than once affected my credit chances?
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Comments
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Soft searches are not seen by lenders, so of no consequence.
https://www.experian.co.uk/consumer/guides/searches-and-credit-checks.html
I've had a similar experience. Pre-approved, checked an hour later, not eligible, check the next day pre-approved again.0 -
Weird, I've only dropped from 10 to 9.5 so should still be safe to apply.0
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All that will affect whether you get the card is your available credit and income (and whether the lender wants you as a customer).
You do know that the type of card you have is irrelevant except to you? Unless you are getting a card with bonuses like cashback or whatever then changing is much of a muchness, you aren't seen as a better borrower because you have a prime cardSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I know that I just get nothing on my current cards and the interest rates are astronomical. I'm looking at the Costco Amex rewards card as I am a Costco cashback member and the card would get me another 1%.0
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If the interest rates are too high, then don't look for a card with rewards. It won't offset the interest you're paying, so focus purely on getting a lower APR.
If you're clearing in full each month, then the interest rate doesn't matter and you can look for rewards.0 -
I don't currently have a balance on the cards as I pay it off monthly but I'd like the option and at 49.9% and 39.9% respectively I'd be stupid to spend on either card if I'm paying over a couple of months.0
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Then consider two separate cards. One for rewards that you know you can clear, and a lower rate one in case you need to carry a balance.0
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