credit searches!

Johnnii

After being fed up with the whole loan app process and finally being declined by my own Bank i decided with their advice to wait a few months before re applying to them. I have no idea why i was refused but 4 credit searches don't help do they!
I went for 2 brokers before i knew how rubbish they are and found companiens ring em up from nowhere etc. I now have 5 searches from Welcome Finance within the space of 2 weeks!.
Before that i looked at my credit score and it was FAIR, now it's very poor. I can't believe it. It must be thse searches that are affecting me cos my accounts have never been in better order.
Also in the previous searches section of a credit report is:
Searched by: Credit Expert Reporrt
Appplication Type: Experian Credit Report
i have about 9 entries of this also

What can i do as i can't wait for 1 yr for these searches to go away.
Don't i have at least a chance with the searches by welcome finance and others that were passed on by brokers to get them off my credit file as why would they search my file 3 times within 2 weeks.

Rafter

Credit expert is the subscription service that allows you to check your own record - so those searches are you checking your report - these won't count against you when making a loan application search though - they are classed as a different type of search.

Because you have gone to a loan 'broker' they have tried several different loan companies to underwrite your loan which has generated all these searches. You should find after 3 months or so that most companies would ignore these searches because they can see they haven't resulted in any actual loans on your file.

R.

Johnnii

Rafter wrote: »

Credit expert is the subscription service that allows you to check your own record - so those searches are you checking your report - these won't count against you when making a loan application search though - they are classed as a different type of search.

Because you have gone to a loan 'broker' they have tried several different loan companies to underwrite your loan which has generated all these searches. You should find after 3 months or so that most companies would ignore these searches because they can see they haven't resulted in any actual loans on your file.

R.

thx for ther advice, i may wait a few months as advisd by Barclays

There's a facility where i can check my credit score each month back from Aug. From Aug to Oct it was fair. From Now onwards it's V Poor. I can't think of anything that would make it so low and such a drastic change. I been really happy with keeping my accounts in order and have made no late payments for months.

Rafter

Johnnii,

Calculating the credit scores is a bit of a black art, but your number of applications could be counting against you. The problem is the ratings agencies don't yet know whether the applications you made will result in new debt. To be on the safe side they probably assume that all your applications result in new loans. So if you have several applications it now looks like you have a lot of new debt potentially so they grade you down.

That is the danger of the system, particularly where your current creditors use the information as well. They could flag your account as having a problem when really it is just dead applications that haven't dropped off yet.

R.

Johnnii

Hi

Just a update, I decided to re-applying to Barclays in Feb so it would be 5 months since my last application.
As you said before Rafter after 3 months or so most companies would ignore the searches on my file because they can see they haven't resulted in any actual loans on your file. Do you believe this wil be the case for me?.
With Barclays does anyone know if or what they actually look for when they credit search a 'existing' customer. The reason i ask this is because if they serached primarily my account history with them then hoepfully i will get the loan as my account has been in order since Sept. Or do they go through the whole credit file i.e previous searches, national score etc.