if i can't, how long will they stay on there for, i searched applied too many times for credit now i know it affects your score, i got offered loans before but tried to get a better deal now i can't even get one!
2007-03-13 23:23:50 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
They stay on for two years.
Stop applying for a lot of different loans and credit cards. When a lender looks at that and sees a bunch of different inquiries on there, it looks like you are desperate or something and it really does lower your score.
If you have credit cards now, use them judiciously over the next year or so and pay everything on time. On time payments make up 35% of your score. Reduce your debt. How much you already owe makes up 30% of your score.
Your score will go back up but you need to stop applying all over the place. Pick a credit card or two and stick with them and stop trying to find a better deal. In the long run, the better deal has hurt you.
2007-03-13 23:31:32 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
This all depends on where you are.
UK credit report companies keep records of your credit searches for 6 months, this is just a record of who has looked at your credit report. If you then had a loan, Credit card or mortgage then the information for that will remain on the system for between 3 and 6 years after the debt has been settled. CCJ's take a bit longer, I think between 6 and 10 years after settlement to clear from the report.
You can obtain a copy of your own credit report and check it to see what is on there and request information be removed is it is not correct. moneysavingexpert.com has many tips on how to do this, well worth a look
2007-03-13 23:39:16 · answer #2 · answered by Colin Willson 3 · 0⤊ 0⤋
Sadly the fact your history has shown you have done a fair bit of searching does have an effect. It is what is known as risk assessment. Theory being that is you have been turned down in the past by 3 or 4 companies then why should this 5th company be any different? Plus they will look at who done the searches if the 5th applicant is not one of the desirable lot but your previous 4 searches were the top end then it may not be too bad but if it was the other way round it would not get past step 1.
Example - MBNA, Barclaycard- high end
Vanquis or Capital one low end.
The likes of Vanquis feed on those who cannot get top end cards like MBNA, american express where as if you have been turned down by Vanquis etc then MBNA will not entertain you.
2007-03-13 23:57:31 · answer #3 · answered by shayd 1 · 0⤊ 0⤋
You can contact Baycorp or Vero as they are now called and ask about having these entries removed.
The fact that you've shopped around for a deal shouldn't have a detrimental effect on your credit history, and a lender should ask you what these are regards when assessing your application. Unfortunately whether you're applying for a credit card or purchasing a mobile a credit check is performed. But regardless your lender should ask with regards to this.
Generally entries stay on there between 3-5 years. It's not so much the queries you've made that you should be concerned with buy any defaults registered.
2007-03-13 23:31:36 · answer #4 · answered by callyfae 1 · 0⤊ 1⤋
You cannnot remove them. They are a simple fact. Time heals!
2007-03-14 00:29:44 · answer #5 · answered by fred35 6 · 0⤊ 0⤋
thats a good question... some say its on for a time period, some say it can be removed when you request it.
CREDIT REPORT INFO / REPAIRS
https://www.annualcreditreport.com/cra/helpfaq
http://www.bankrate.com/brm/news/forms/credit-report-error-fix.asp
http://www.bankrate.com/brm/news/bankruptcy/20070313_credit_report_stains_a1.asp
http://www.bankrate.com/brm/news/forms/credit-report-error-fix.txt
2007-03-17 04:05:21 · answer #6 · answered by Yvette B yvetteb 6 · 0⤊ 0⤋