price comparison site searches

london1973

hi, i frequently search for loans through credit agencies, clearscore, credit karma, experian etc, pretty much everytime they email
me (which is alot!) -  i do this because i’m interested in what’s out there basically and what my credit rating might
get offered, i.e i don’t do it to
actually apply for a loan, i’m just intrigued and it literally takes 2 clicks!- as they always say its a soft search i’ve never worried
about any negative impact to my credit rating

i’ve noticed recently i’m literally getting nothing offered, which has concerned me (usually a few pop up)- i’ve since heard a rumour that each time i do this it’s technically treated as an application by the lenders on the panel, and obviously multiple frequent applications are detrimental, as i guess lenders get suspicious- or their algorithms do! does it mean i’ve now burnt my bridges with various lenders, any advice? i will actually need a loan soon so worried i won’t get any offers now- would be really handy to understand how it all works, for now i obviously won’t be making any random searches!

Thanks so much in advance

[Deleted User]

Soft searches for things like insurance are one thing, looking for loans regularly, even if only soft searches, is somewhat suggestive that you are desperate for funds or likely to try a lot of applications for credit hence the reduction in offers. I would suggest stopping searching and apply only for a loan when you need it when you will have the hard search

london1973

yes i agree, i was just under the impression that the searches don’t ‘register’ with the lenders as they are soft…obviously i’ll stop searching now but would be useful to understand how long these multiple ‘applications’ stay on file with the lenders and therefore how long should i leave it… anyone who knows how lenders work out there?!

[Deleted User]

Yes, but they all put different emphasis on different factors, so there is no standard length of time that they would keep internal data for or factor it into decisions.

Just apply for credit when you need it and always use consistent information when you do.