Are credit checks recorded in real time

jimbo26

I am looking at getting a new lower rate CC. As you know you don't get your interest rate until after you have applied and been accepted.

My question is if I applied for two or three the same day do the checks get recorded in real time? If not I could wait and see what I've been accepted for then choose the one with the best rate.

davidlee

IMO, it is better to wait and see.

jimbo26

I hear what you are saying davidlee, but it could take several months if I leave say a month between each application..

Clariman

jimbo26 wrote: »

I am looking at getting a new lower rate CC. As you know you don't get your interest rate until after you have applied and been accepted.

My question is if I applied for two or three the same day do the checks get recorded in real time? If not I could wait and see what I've been accepted for then choose the one with the best rate.

When the lender does a credit check then that credit check appears on your credit file more or less in realtime. Anyone else who checks your file subsequently will see that search. However, don't forget that not all credit applications (even online ones) are real time. Sometimes your 'online' credit application is just filling in a form which then gets reviewed at a later point, so the credit check won't happen until the form is processed. That said, many applications are now true real time online applications.

Although it is generally recommended to space out any credit applications, there is one argument in favour of applying for a few at the same time. Let's say you did 3 applications one evening. Lender 2 would see credit check 1 and Lender 3 would see credit checks 1 and 2 ... and that would be it. However, if you spaced out those same applications by applying every fortnight, then lenders 2 and 3 would see the same credit checks. However, they would also see that your available credit was higher assuming that lender 1 and 2 had given you cards. So, your credit record may look slightly worse at that point than if you had applied for all 3 the same day.

Clariman

jimbo26

Thanks Clairman. It's a shame there is no way of finding out what interest rate you will be offered without having the credit check done. I don't stooze or move balances about. I only have one CC and am looking for a lower APR only.

Once I've got the new card I won't be having any more checks until next June when I change my mortgage.

I'm confused now, not sure which way to go about it. I'm not desperate for the card as the balance is about£20. I generally pay it off each month, but occasionally it goes a couple of months carrying a balance.

I may just try one and space out my applications.

Clariman

It's a shame there is no way of finding out what interest rate you will be offered without having the credit check done. I don't stooze or move balances about. I only have one CC and am looking for a lower APR only.

When card issues advertise a card with a "typical APR of nnn", then legally they have to offer at least 66% of customers that APR, so that gives you a fair indication of what you might get. Agreed it is not a guarantee.

Clariman

SiuLoong

I applied for three CC in 24hrs a couple of weeks ago, approved on all three but with credit limits going 7.2k, 4.5k, 1.5k in order of application.. not sure if that was just the companies and coincidence or if it was due to multiple applications. My previous applications were a 1.5k acceptance a month before, and a refusal a month before that and a 3k acceptance a further month prior. Before that no applications for a year or two..

In this situation, the multiple apps helped I think, as had I waited in between the available credit would have shown on my record, but with only a search the searching organisation can't assume it was denied as it was so recent but has no indication of credit limit given.

thatboydean

SiuLoong wrote: »

In this situation, the multiple apps helped I think, as had I waited in between the available credit would have shown on my record, but with only a search the searching organisation can't assume it was denied as it was so recent but has no indication of credit limit given.

Good point

jimbo26 what is yr credit score by the way

cashing_in

I believe one should apply for CC in an interval of 15-20 days.

Volcane

cashing_in wrote: »

I believe one should apply for CC in an interval of 15-20 days.

Why's that?

jimbo26

In answer to my original question. Yes they are. I applied for three credit cards and a bank account to weeks ago and all checks were recorded on my Experian file in real time.