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Help with bank switching and Credit report

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EminemPrimeDaddy69
EminemPrimeDaddy69 Posts: 55 Forumite
10 Posts First Anniversary Photogenic Name Dropper
edited 31 March 2024 at 5:36PM in Credit file & ratings
For a friend can she apply for a sim only contact if she has done 2 switches Lloyds and NatWest with a hard check on her credit report and purchased car on finance

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  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    For a friend can she apply for a sim only contact if she has done 2 switches Lloyds and NatWest with a hard check on her credit report and purchased car on finance

    She can apply for anything she wants. Nobody knows whether a credit provider says  yes until you apply - but as she appears to have some credit history, I can't see why they wouldn't grant a sim-only contract. The only time where hard searches really matter is very close to a mortgage application - so if she's not moving house next week - tell her to go for it and see what they say.
  • For a friend can she apply for a sim only contact if she has done 2 switches Lloyds and NatWest with a hard check on her credit report and purchased car on finance

    She can apply for anything she wants. Nobody knows whether a credit provider says  yes until you apply - but as she appears to have some credit history, I can't see why they wouldn't grant a sim-only contract. The only time where hard searches really matter is very close to a mortgage application - so if she's not moving house next week - tell her to go for it and see what they say.
    Okay I'll tell her that
  • When do hard  searches matter since I have 7
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    When do hard  searches matter since I have 7

    Before a large financial commitment like a mortgage generally - but if you have 7 over the last year, you might find another application for credit while they're still recent might lead to a decline.


  • Okay.
    What do I do now?
  • cymruchris
    cymruchris Posts: 5,562 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Okay.
    What do I do now?

    Nobody knows. You balance the risk and make a decision. The worst they can say is no - and then you wait 6 months before making another credit application.

    Some people have a dozen or more hard searches in a year through account switches and have no issues - others have 3 or 4 hard searches and then get declined.

    It's related to many factors, your long term credit history, your income, your management of your accounts, your levels of debt - and so on, and so on.

    If you don't have a mortgage any time soon, you can give it a try, and if successful - hold off on any new applications for a few months to let the recent searches fade away.
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