Will this affect my credit score?
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Nelso
Posts: 2 Newbie
If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
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Comments
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Your credit score will go down when making any credit application.
But it's ok as banks/building societies/financial institutions don't see your score, only you do.Mortgage started 2020, aiming to clear it in 2026.0 -
No.
Your score and rating isn't a factor used in lending, so even if it did drop then it makes no difference0 -
If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
Short answer: YES.
Long answer:
Your credit score goes down whenever:
1) you make an application JUST because you make it
2) you open a new account
3) the average age of your account drops (unless you have many long standing ones)
CheersYour cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
:eek:.0 -
Short answer: YES.
Long answer:
Your credit score goes down whenever:
1) you make an application JUST because you make it
2) you open a new account
3) the average age of your account drops (unless you have many long standing ones)
Cheers
Middle ground answer: none of the above matters0 -
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Ignore any reference to your credit "score" as this is not seen or used by lenders - instead they make their own decision based upon the contents of your credit file so you need to focus on having a solid credit history instead.
Hard credit searches, such as those resulting from recent credit card/current account applications will be seen by lenders and will negatively affect your ability to get credit for a short while (usually 3-6 months or so). A single search here and there is normal and nothing to worry about, but multiple searches (resulting from multiple applications) will start to negatively impact things.0 -
If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
Oddly enough, in the short term your score is more negatively impacted if you apply for an account and you get it than if you apply and you don't get it. But, it will be back to where it was (and possibly higher) within 6 months.Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
:eek:.0 -
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If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
@OP - I would recommend that you ignore any reference to a credit "rating" or "score" - these numbers generated by the CRAs are not seen by anyone except for you and not factored into lending decisions. I'd suggest instead focusing on building and maintaining solid credit history.
When you apply for credit, the lender will leave a "hard" credit search on your file which will be visible to other lenders. The search is left regardless if you are successful in your application or not. It will not say if you are rejected or not, but if a new account doesn't appear on your report in the next few months other lenders can usually put two and two together.
The good news is that this will only impact you for a short while, particularly if there is only 1 search on your file - it will become less important over time, usually 3-6 months or so before it won't really affect anything at all.0
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