Applying for credit cards and credit score

debyluann

Hi All, does applying for a credit card, ie to balance transfer money from exisiting card mean that you will get credit checked everytime??

We are currently undergoing changing mortgages and trying to find the best deal, so wanted to know if this would affect our credit score??

thanks:rolleyes:

YorkshireBoy

debyluann wrote: »

Hi All, does applying for a credit card, ie to balance transfer money from exisiting card mean that you will get credit checked everytime??

Not every time*, but usually, yes.

We are currently undergoing changing mortgages and trying to find the best deal, so wanted to know if this would affect our credit score??

Firstly, there's no such thing as a (meaningful) "credit score". Each lender will assess you based on their own criteria. Secondly, if you're searching for the best mortgage deal, be sure to ask for quotation** searches initially, and only agree to a full credit search when you've settled on the lender/deal you want.


* If you're offered a 'guaranteed' card from, say, your current account provider, these are sometimes assessed internally based on your account conduct.

** Quotation searches are classed as 'unrecorded enquiries' on your credit file. As such, they will not be seen by other lenders when searching your file for credit providing purposes (although they will still be visible to yourself and the CRA).

debyluann

Thankyou, that really helps XXX