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  • FIRST POST
    • Nelso
    • By Nelso 29th Jul 19, 4:11 PM
    • 2Posts
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    Nelso
    Will this affect my credit score?
    • #1
    • 29th Jul 19, 4:11 PM
    Will this affect my credit score? 29th Jul 19 at 4:11 PM
    If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
Page 1
    • MovingForwards
    • By MovingForwards 29th Jul 19, 4:13 PM
    • 1,864 Posts
    • 2,164 Thanks
    MovingForwards
    • #2
    • 29th Jul 19, 4:13 PM
    • #2
    • 29th Jul 19, 4:13 PM
    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.
    • Gary_Dexter
    • By Gary_Dexter 29th Jul 19, 4:13 PM
    • 5,719 Posts
    • 3,796 Thanks
    Gary_Dexter
    • #3
    • 29th Jul 19, 4:13 PM
    • #3
    • 29th Jul 19, 4:13 PM
    No.

    Your score and rating isn't a factor used in lending, so even if it did drop then it makes no difference
    • gionnetto
    • By gionnetto 29th Jul 19, 11:37 PM
    • 178 Posts
    • 36 Thanks
    gionnetto
    • #4
    • 29th Jul 19, 11:37 PM
    • #4
    • 29th Jul 19, 11:37 PM
    If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
    Originally posted by Nelso
    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
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    .
    • Gary_Dexter
    • By Gary_Dexter 30th Jul 19, 7:32 AM
    • 5,719 Posts
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    Gary_Dexter
    • #5
    • 30th Jul 19, 7:32 AM
    • #5
    • 30th Jul 19, 7:32 AM
    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
    Originally posted by gionnetto
    Middle ground answer: none of the above matters
    • MEM62
    • By MEM62 30th Jul 19, 8:53 AM
    • 2,633 Posts
    • 2,312 Thanks
    MEM62
    • #6
    • 30th Jul 19, 8:53 AM
    • #6
    • 30th Jul 19, 8:53 AM
    If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
    Originally posted by Nelso
    Who knows? Your 'score' is nothing more than a randomly generated number produced for amusement purposes only.
    • Gary_Dexter
    • By Gary_Dexter 30th Jul 19, 9:08 AM
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    Gary_Dexter
    • #7
    • 30th Jul 19, 9:08 AM
    • #7
    • 30th Jul 19, 9:08 AM
    Rather, your score is generated each time a lender requests it, according to the credit scoring model of their choice.
    Originally posted by ToryJay
    Which isn't the one used by the CRA's
    • PRAISETHESUN
    • By PRAISETHESUN 30th Jul 19, 10:32 AM
    • 1,137 Posts
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    PRAISETHESUN
    • #8
    • 30th Jul 19, 10:32 AM
    • #8
    • 30th Jul 19, 10:32 AM
    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.
    • gionnetto
    • By gionnetto 12th Aug 19, 4:29 PM
    • 178 Posts
    • 36 Thanks
    gionnetto
    • #9
    • 12th Aug 19, 4:29 PM
    • #9
    • 12th Aug 19, 4:29 PM
    If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
    Originally posted by Nelso
    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.
    .
    • Gary_Dexter
    • By Gary_Dexter 12th Aug 19, 4:30 PM
    • 5,719 Posts
    • 3,796 Thanks
    Gary_Dexter
    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.
    Originally posted by gionnetto
    It's really not...
    • PRAISETHESUN
    • By PRAISETHESUN 13th Aug 19, 10:36 AM
    • 1,137 Posts
    • 623 Thanks
    PRAISETHESUN
    If I was to apply for a particular bank account and get refused, would my credit score be negatively impacted?
    Originally posted by Nelso
    @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.
    • gionnetto
    • By gionnetto 13th Aug 19, 9:24 PM
    • 178 Posts
    • 36 Thanks
    gionnetto
    It's really not...
    Originally posted by Gary_Dexter
    Because the Pope said so.
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    .
    • Gary_Dexter
    • By Gary_Dexter 13th Aug 19, 9:40 PM
    • 5,719 Posts
    • 3,796 Thanks
    Gary_Dexter
    Because the Pope said so.
    Originally posted by gionnetto
    Erm. No.
    Because people posting on here (financial advisors, mortgage advisors, CRA reps, bank staff etc.) have all stated the score from the CRA’s is irrelevant...
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