Moneysavingexpert.com/ Your Credit Rating discussion area

tango

dollymouse wrote:

an online application will submit a credit search straight away but if accepted this is usually only 'accepted in principle'. Behind the scenes the company will make further checks and may need to see proof of income etc if at anytime any info arises that means you are not eligible then they are able to refuse credit.

A credit search should appear within a month but is usually straight away and this will remain on your credit file for a number of years. Multiple searches ie applying for lots of credit in a short space of time will effect your credit rating. When a search is made the decision accept/decline will be shown.

Hi i didn't think whether you were accepted or declined was recorded on your CRA

cashcow_4

Hi,

Credit searches are recorded on your credit file for 6 months, not years. After this they are removed.
(defaults etc. are left on your file for 6 years)

If the credit search is by yourself to check your own credit then it doesn't show to people checking your file when you apply for credit. Only checks by third parties show on your file to others.

Credit searches only record the fact that a search took place and who it was by, they do not record if the search resulted in you receiving credit or not (they can also show certain details submitted at the time of the application, such as time at address etc.)

Experian and Equifax both advise that having more than two credit searches on your file in the space of six months may adversly affect your score. This doesn't mean instant rejection, but lenders may be put off if you've had a lot of activity like that recently on your file.

CTT_2

Because of applying for too many zero percent offers in a short period of time my credit rating wiith the two main agencies is poor. However I applied for a loan this evening with LLoyds for £25k and was agreed immediately and money has been transfereed into my account. Just goes to show that the ratings given by the agencies is a complete waste of time.

Experian_company_representative

Cashcow - Experian keeps searches on file for one year not six months. On the issue of searches, having than two searches in the space of six months is very unlikely to cause problems. Only an excessive number of searches in a short space of time will ring alarm bells, but there is no definitive guide as to how many this might be as lenders view this differently.

mr_fishbulb

I sent off for credit report from the 3 agencies (cheers the for article martin!) got 2 back and a note from the post office saying I have an A4 envelope with 58p underpaid postage which will cost me £1.58 to get. I bet it's the 3rd one.

Experian_company_representative

Which two did you get back already?

mr_fishbulb

JamesJones wrote:

Which two did you get back already?

Experian and Equifax. Just got the envelope I had to pay for. It was callcredit. They didn't even put a stamp on the envelope!

Experian_company_representative

Oh dear. I'm sure they'll reimburse you though.

mr_fishbulb

I'm not to worried because all the reports say I'm not dodgy so I can apply for a mortgage

superclio

I've long heard this idea that bad credit at an address 'rubs off' on the other tenants. I'm currently NFA as they say (I'll be off travelling for a long time and won't keep my flat on during this time) and would like to use a friend's address for my mail, bank accounts and stuff. She owns her house, but at the moment I know she will say no as she will think my bad credit will affect hers (I have VERY bad credit as I had to get some IVAs last year). I don't know if this is an urban myth or not, I have heard of it in the past. But if I'm not family, have no similar name, how can it affect her? If I was lodging with her I would be able to use her address, how would it bear any connection with the landlord just because the tenant has bad credit? Also, what difference would it make to her if I went on the electoral roll? Would that make her credit worse? Would her council tax go up?