When you apply for credit, the bank or lender will carry out a credit application search on your credit report. They do this to assess what risk you pose as a borrower, by looking at your report and financial situation. This is known as a ‘hard’ search. It will show up on your report, be visible to anyone who looks at it and is likely to impact your credit score.
This search will stay on your report for one year, and if a lender sees that you have made a lot of credit applications in a short space of time, they are likely to reject you. This is because too many applications can make it seem that you rely on credit to get by, and that you might struggle to pay them back.
Before you make apply for credit, it’s a good idea to check that all the information on your credit report is accurate and up to date. Plus, there might be some small changes that you can make to before you apply, to give yourself the best chance of being accepted.
For more information about credit reports, scores and applications, .