Previous Searches

jimbo26

I regularly shop around for the best deals whether it be credit cards, utilities, insurance etc. The problem is these leave traces in the 'previous search' section of my credit file. Is this something to be concerned about. Does it affect your credit rating much? Is there an optimal number of previous searches?

gazza975526570

Yes it can affect your chances of getting credit if you have a high number of searches.

There are no gard and fast rules and every provider will have a different interpretation.

I would suggest particularly not having many in a short time scale - ie a month as this may show you are really struggling and getting desperate - many in a day may suggest id fraud

jimbo26

Thanks, see what your saying but most of the searches don't end up with me obtaining credit. It's about seeing what's out there and getting the best deal.

gazza975526570

Why do you need to have a credit search to make sure you get the best deal?

You can freely look around without needing that

jimbo26

No idea. there are quite a few entires from companies that I have contacted to see if what deal they can offer and an entry has been made. I guess they have done a check to see what they can offer me.

YorkshireBoy

The 'non-credit' searches (savings accounts, utilities, insurance, etc) will most likely be logged 'ID Enquiry', 'ID: Money Laundering', or 'ID: Generic Enquiry', and therefore classed as unrecorded enquires, meaning they are not seen by anyone other than the CRA and yourself.