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Mortgage provider made multiple searches and footprints on file.
Legacy_user
Posts: 0 Newbie
I got a new mortgage (moved house) last June.
Just noticed that nationwide (our provider) has made 4 hard searches of our file. We obviously only applied once and were approved there and then.
I know multiple searches close together are detrimental. Why would they do this? Is this damaging?
Just noticed that nationwide (our provider) has made 4 hard searches of our file. We obviously only applied once and were approved there and then.
I know multiple searches close together are detrimental. Why would they do this? Is this damaging?
0
Comments
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Four is perhaps more than normal, but most mortgage providers will run more than one search to ensure nothing has changed.
It's nothing to worry about.0 -
Whats the likelyhood of something changing between the 29th May and 1st June lol. :rotfl:
Ahh well, as I am not looking for any lines of credit in the next few years it's of no real concern I guess. Just found it alarming.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
If another lender looked at this, what would he see? I'm of the understanding that they don't see the name of the provider, so this would look like a load of sequential credit applications - very bad. It's not even flagged as a mortgage application, where an assumption of a single application could then be made. So, does anyone know exactly what another lender sees on a credit report?0
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There is no reason to be alarmed, they are just doing due diligence. The only thing that would be affected is your fictitious "score" but a search related to your mortgage isn't going to have any real impact on your credit - lenders will just look at your existing record and debt
Sam 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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There is no reason to be alarmed, they are just doing due diligence. The only thing that would be affected is your fictitious "score" but a search related to your mortgage isn't going to have any real impact on your credit - lenders will just look at your existing record and debt
Is this true? I understand that they can also see credit searches, and the list in the screenshot above would/might set alarm bells ringing.0 -
johnsmith1890 wrote: »Is this true? I understand that they can also see credit searches, and the list in the screenshot above would/might set alarm bells ringing.
Why? Someone had a credit check done for a mortgage. The lender in the future will look at income, debt and judge whether that is affordable, not whether a bank did some searches last yearSam 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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johnsmith1890 wrote: »If another lender looked at this, what would he see? I'm of the understanding that they don't see the name of the provider, so this would look like a load of sequential credit applications - very bad. It's not even flagged as a mortgage application, where an assumption of a single application could then be made. So, does anyone know exactly what another lender sees on a credit report?
Google is your friend here: http://bfy.tw/M3zw0 -
But will people see it is a mortgage application?Why? Someone had a credit check done for a mortgage. The lender in the future will look at income, debt and judge whether that is affordable, not whether a bank did some searches last yearThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Google is your friend here: http://bfy.tw/M3zw
Thanks, but couldn't get it to load for some reason (IE10). Just blank screen with garbled black writing in the centre. You got any more screenshots? I guess what we're looking for is someone who works for a lender to show us a screenshot.0 -
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