Too many new accounts opened, how long does affect last?

Mr.Croesus

I've been a bit foolish and opened multiple accounts/cards at the same time taking advantage of various offers. This is despite there is virtually no credit being used on them. 

I have just tried to get a personal loan at a reasonable rate and been declined several times, along then with having the Hard Searches. My 'credit score' is otherwise quiet high and healthy. 

I understand how this behaviour is a 'red flag' to new lenders, but how long will that last? I can wait 6 months to allow stuff to settle with no further changes, however I am not sure whether it is worth waiting if that isn't long enough. 

Any advice/insight would be very welcome...

Hoenir

Close down the accounts you have no need of. 

Brie

It's not just opening a lot in a short period but how much credit you have available.  Seems like you may have reached the limit so shut down the things you don't need and wait 3 - 6 months and only apply for something that you actually want to use.  

Mr.Croesus

I will proceed on that basis. It's whether the 6months was then long enough to wait for it to make a difference. Rather foolish. 

Hoenir

Initially closing the accounts will be negative. As no one will know the reasons why. Over time the picture will normalise again. 

Emily_Joy

Could you play with Balance Transfer/Money Transfer offers instead of a loan?

Mr.Croesus

I did look at the balance transfers, but a reasonable rate loan is more affordable and less complicated. It's an option if I can't undo the damage. Just going to do nothing but timely repayments for 6months. Really stupid of me as my credit score is other excellent, and I have very little debt. Grrr.

Nasqueron

Mr.Croesus said:

I did look at the balance transfers, but a reasonable rate loan is more affordable and less complicated. It's an option if I can't undo the damage. Just going to do nothing but timely repayments for 6months. Really stupid of me as my credit score is other excellent, and I have very little debt. Grrr.

Credit score isn't seen by anyone but you, don't worry about it, it never plays any part in lending decisions 

Mr.Croesus

Thanks, I have seen how that it's only marketing gimmick. Annoying bit is that it's high because I have been otherwise on fine form for many years. Lenders evidently can see the number of accounts and hard searches.

I didn't realise the implications till too late so am now hoping 12months helps, but some say it is the full 2 years with the searches. I know I can wait 6months and 12 at a push, but 24 will be too many...