ChatterBank0 min ago
Four, Yes Four Credit Checks
14 Answers
I applied for a Vanquis Credit Card at the end of March to improve my Credit Score. I sent Proof of Identity to them last week.
Experian have informed me of four Credit Checks having been carried out on me, (one every 7 days), but no acceptance or refusal has been received.
What on earth is going on and surely this will be detrimental to my Credit Score, will it? Thanks.
Experian have informed me of four Credit Checks having been carried out on me, (one every 7 days), but no acceptance or refusal has been received.
What on earth is going on and surely this will be detrimental to my Credit Score, will it? Thanks.
Answers
Best Answer
No best answer has yet been selected by chrissa1. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.It doesn't matter whether you are refused or accepted it still affects your credit score. Lots of searches in a short time is credit file death.My brothers really dipped and it affected it for a long time, he hadn't applied for anything, the bank just randomly credit checked him and it took him over 12 months for them to amend the searches on his credit file and only after threatening them with legal action. Experian has a little article about it.
http:// www.exp erian.c o.uk/co nsumer/ questio ns/askj ames206 .html
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Right - from that article of sheri's, I still infer that I am correct. If the searches are all to do with different credit applications (which looks bad, as if a person is hedging their bets applying for credit with a number of organisations) then I can see that it affects your rating. If however it's the same application (e.g. Vanquis in chrissa's case) and Experian are just double-checking that she's not applying for anything else in the same timeframe, why would that affect your rating? It's only a check, it's not a rejection. Multiple rejections can do you a lot of harm - this is only a search (not a decision) to make sure you're remaining credit-worthy. IMO.
Thanks for all the input everyone.
What boxtops says, makes sense. In my case, as a discharged bankrupt, I wouldn't have been daft enough to launch a Credit Card Search blitz. Vanquis advertises itself as a card to "repair" a Credit Score. I could accept maybe two searches to check that multiple applications were not being made but four seems rather excessive.
Sharingan. As your brother's bank was making the searches, it could have been that he was applying, or had applied for an overdraft, Maybe, maybe not and the bank had made a mistake. The article you posted actually read like an advert for Experian as well as being informative.
I think I'll give Experian and Vanquis a ring and see what they say.
What boxtops says, makes sense. In my case, as a discharged bankrupt, I wouldn't have been daft enough to launch a Credit Card Search blitz. Vanquis advertises itself as a card to "repair" a Credit Score. I could accept maybe two searches to check that multiple applications were not being made but four seems rather excessive.
Sharingan. As your brother's bank was making the searches, it could have been that he was applying, or had applied for an overdraft, Maybe, maybe not and the bank had made a mistake. The article you posted actually read like an advert for Experian as well as being informative.
I think I'll give Experian and Vanquis a ring and see what they say.
The fact that several searches have come from the same credit provider shouldn't set too many alarm bells ringing within the system. (It's not unusual for this to happen).
If you'd like to consider another card provider which is good for repairing your credit status, Capital One is well worth a look.
If you'd like to consider another card provider which is good for repairing your credit status, Capital One is well worth a look.
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