Effect of Multiple Credit Checks?
Discussion
Can anyone advise for certain what effect multiple credit checks have on your credit score?
For example if I was to apply for three different credit cards in the space of a few days - but only take one of the offers would my score me effected negitivly each time I applied?
Credit score is good at the moment with no history of any defaults, late payments, never had credit declined etc and don't want to have a negative impact on this.
For example if I was to apply for three different credit cards in the space of a few days - but only take one of the offers would my score me effected negitivly each time I applied?
Credit score is good at the moment with no history of any defaults, late payments, never had credit declined etc and don't want to have a negative impact on this.
I'm not an expert by any means, but I have just run an Experion and an Equifax credit check on myself for a mortgage application.
Your record has a log of when credit checks have been carried out, and the checks themselves did not appear to register as a negative or a risk against my credit score. Opening a new credit card will though, although out of your 0-999 Experion score, it may only add a -5 or -10 or so (at least it did on mine. YMMV).
Both websites give you 30 days for free then will charge you £14.99 per month after that. If you open an account, you will need to call up their customer services line to cancel before the 30 day free period is up. Both reports were quite interesting with the Experion being easier to digest.
Your record has a log of when credit checks have been carried out, and the checks themselves did not appear to register as a negative or a risk against my credit score. Opening a new credit card will though, although out of your 0-999 Experion score, it may only add a -5 or -10 or so (at least it did on mine. YMMV).
Both websites give you 30 days for free then will charge you £14.99 per month after that. If you open an account, you will need to call up their customer services line to cancel before the 30 day free period is up. Both reports were quite interesting with the Experion being easier to digest.
Checks have a negative effect on your credit score.
My other half had some shenanigans when starting a new phone contract. She got all set up in store with a new phone and was all set ready to leave the shop when the salesperson realised it was an Internet only price plan. Her new phone was taken away, and she was told she'd have to do the online registration process to set the contract up, order the phone and come into the store to collect it.
Except, on returning home, going onto the phone company's website, and signing up for the contract, the website told her shed failed the credit check. A 30-something woman, owns her own home, has an exemplary credit record turned down for a tenner a month phone contract.
Much digging, and many phone calls later, it turned out she was turned down because she failed the online credit check due to the in store credit check made only a couple of hours beforehand.
My other half had some shenanigans when starting a new phone contract. She got all set up in store with a new phone and was all set ready to leave the shop when the salesperson realised it was an Internet only price plan. Her new phone was taken away, and she was told she'd have to do the online registration process to set the contract up, order the phone and come into the store to collect it.
Except, on returning home, going onto the phone company's website, and signing up for the contract, the website told her shed failed the credit check. A 30-something woman, owns her own home, has an exemplary credit record turned down for a tenner a month phone contract.
Much digging, and many phone calls later, it turned out she was turned down because she failed the online credit check due to the in store credit check made only a couple of hours beforehand.
timbob said:
Much digging, and many phone calls later, it turned out she was turned down because she failed the online credit check due to the in store credit check made only a couple of hours beforehand.
Could that be due to the timings of the checks though? Multiple checks in a short space of time might bring up a flag for some automated systems perhaps? Only a guess though, I'm no expert either.I have heard somewhere, but you can't take it as fact, that if you apply for multiple credit cards at a similar time the system assumes you're going to run up debts on them all and run away - why else would you need more than one new card now?
OK, yes, obviously you might have a valid reason, short term cash flow and you're going to pay it back, but the automatic system doesn't know that.
OK, yes, obviously you might have a valid reason, short term cash flow and you're going to pay it back, but the automatic system doesn't know that.
It certainly had a negative effect on my credit score. Whilst sorting a mortgage out, the mortgage company completed credit checks every week for 4 weeks. In addition, a change of employer meant that I had to get a personal phone contract and at the same time, my credit card company decided they should increase my credit limit, thus a credit check. Ran a credit score on myself to see experian's view of my credit and the resulting score has taken a substantial nosedive.
The report outlines the reason to be multiple credit searches in a short period.
The report outlines the reason to be multiple credit searches in a short period.
What you will see is different to what the creditors see, when you or anyone looks at your credit file that 'check' with flag but only you can see when or how many.
When you apply for any type of credit that will show and will be visible to creditors, it will not show if the application was accepted or declined or you decided not to take on the credit but the application will remain there.
Multiple applications can have a negative impact, but in the instance you are decribing I wouldn't worry, as long as you have good payment history and pass affordability checks you'll be fine.
When you apply for any type of credit that will show and will be visible to creditors, it will not show if the application was accepted or declined or you decided not to take on the credit but the application will remain there.
Multiple applications can have a negative impact, but in the instance you are decribing I wouldn't worry, as long as you have good payment history and pass affordability checks you'll be fine.
Does anyone have experience of www.checkmyfile.com for multi-agency credit checking combined. Looks good in theory.
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