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

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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...

Comments

  • Hoenir
    Hoenir Posts: 7,577 Forumite
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    Close down the accounts you have no need of. 
  • Brie
    Brie Posts: 14,564 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.  
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  • Mr.Croesus
    Mr.Croesus Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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
    Hoenir Posts: 7,577 Forumite
    1,000 Posts First Anniversary Name Dropper
    Initially closing the accounts will be negative. As no one will know the reasons why. Over time the picture will normalise again. 
  • Emily_Joy
    Emily_Joy Posts: 1,490 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    Could you play with Balance Transfer/Money Transfer offers instead of a loan?
  • 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
    Nasqueron Posts: 10,620 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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 

    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.

  • Mr.Croesus
    Mr.Croesus Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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...
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