Hi everyone,
I just watched module 33 and was wondering why Steve says that each credit check leaves a footprint on your credit record. Why it it such a bad thing to have frequent credit checks? I thought it would be better to have them done so you are aware of your position before applying for a mortgage instead of burying your head in the sand and hoping for the best.
Can anyone easily tell me why?
Thanks,
Michelle
Credit history checks
Sun, 30/04/2017 - 1:53pm
#1
Credit history checks
Hi Michelle,
From my understanding with every credit application you make there is an automatic record of it on your credit record. If there are too many applications the banks are wary that you might have a lot of credit that you may be trying to conceal. I guess it is seen as a red flag to the banks. In the past I've had to explain why I had a credit card application foot print on my credit report when applying for a mortgage at a time when I had no credit to my name apart from a mortgage and excellent credit history.
Cheers, Christian.
Hi Christian,
I see, good to know and be aware of. Thanks for that!
Michelle