credit checks impact upon score??

inespo

Hello, and a very happy easter to all!!

Can anyone please confirm the impact of making a credit application has on your credit score. I read on checkmyfile that it did not impact, but it seems to indicate at various other places [on this site] that it will have a detrimental effect.

I recently applied for Egg Card [accepted] Citi loan [accepted] but was refused a Lloyds classic account!!

very curious as to why this would be. i have been banking wiht barclays for nearly 14 years and am just sick to death of them..finally, i have my debts under control and once the loan and interest free credit card comes through i'll be saving nearly £300 a month, but i have to now stick with Barclays!!

a friend suggested that it was due to my three credit searches...

Thanks in advance for assistance and advice.

Ines.

exel1966

Three searches in a relatively close period may have an adverse effect on your rating as it sets alarm bells ringing to lenders.

To quote MSE;-

"Time applications correctly. Lots of credit searches (the notes left on your file when you apply for things) in a short space of time hurts your score. Space out applications, not just for credit but for car insurance, mobile phones and others, as all can leave searches on your file"

To delve further read this

clio

How far apart were those 3 applications you made, prehaps if it was in space of a very short time then that could deffo be reason for the decline from Lloyds. i've read you have to space them out say 3 in a 6 month spell...

inespo

clio wrote: »

How far apart were those 3 applications you made, prehaps if it was in space of a very short time then that could deffo be reason for the decline from Lloyds. i've read you have to space them out say 3 in a 6 month spell...

the egg was on sunday, the citi on monday and i applied for the lloyds on wednesday...

thanks for all the replies - most appreciated.

CannyJock

inespo wrote: »

the egg was on sunday, the citi on monday and i applied for the lloyds on wednesday...

thanks for all the replies - most appreciated.

I fired in 5 credit card applications same day in January and all went through fine - think it was on a Sunday if that makes any difference.

There's a theory that if you give them time to sit on your file then it'll get noticed, but if you do them all back to back it may not, not sure how real-time the CRA reporting is.

Piggybanker

Hi

Did you apply for the Lloyds account online? I did recently, and had a letter saying they couldn't offer me the Classic Account but invited me to apply in branch for a cash account. I went into the branch, they pulled up my previous application and ran through it, and when they submitted it the result came back offering me the account I had wanted in the first place. Maybe it's worth trying in branch?

inespo

Piggybanker wrote: »

Hi

Did you apply for the Lloyds account online? I did recently, and had a letter saying they couldn't offer me the Classic Account but invited me to apply in branch for a cash account. I went into the branch, they pulled up my previous application and ran through it, and when they submitted it the result came back offering me the account I had wanted in the first place. Maybe it's worth trying in branch?

i did, and they did! I didn't really think about it to be honest. But it does seem like a very good idea to go into the branch and speak to a 'face'.

thanks again for the advice. perhaps i should have fired them all in at once!!

Happy Easter and thanks again!