How long do hard searches stay on credit file

When applying for credit almost all lenders will carry out a hard credit search on you before the final approval of your loan, mortgage or credit card application. These hard searches can have an adverse affect on your credit rating and credit score. Multiple credit searches on a credit file could have an adverse affect when enquiring for borrowing in the future. This is partly because it looks like you may have been declined elsewhere, if no new finance has started after the searches were carried out. In general a hard credit search will be prominent on your credit file for around 12 months although it may remain on file for longer.

It is important to understand that when you agree to a full credit search, subsequent lenders you may speak to will be able to see the searches you have already had and who did them. When you enquire to First Choice Finance we will use our expertise in lending criteria and will gather all your information, search the market and find the most suitable plan you are likely to get approved for. With your permission we can carry out a `soft search` which enables us to see your current credit profile without damaging your credit rating. We then use this data to match you to the right lender for your borrowing requirements. So we will not do a `hard` credit search unless we are confident you should get approved based on the information that you have provided being accurate.

Can a hard search be removed from my credit file?

In most cases the credit if a search has been carried out of you because of a credit application then it will remain on your credit file for a set period of time and can not be removed as it is a matter of record for lenders to use as a reference. The only time it can be removed is if it has been added by error, but this can still be a difficult task.

How many points does a `hard` enquiry affect credit score?

Each credit agency have their own scoring system, but with each agency a hard credit search may cause a reduction in your credit rating, multiple hard searches in a short amount of time may have a cumulative impact so it is important to keep these hard searches to a minimum. To be fair a search followed by a new related line of credit (e.g. a mortgage or loan) can actually help your credit score and will not usually impair it in any case.

Mortgage advice from First Choice Finance

First Choice Finance has relationships with numerous major UK lenders, we can source a mortgage for you from a pool of thousands of constantly changing mortgage products. With so many products available First Choice Finance connects clients with the some of the best deals in the mortgage market.

Find a mortgage with us - HIGH STREET BANKS AND BUILDING SOCIETYS MAY OFFER THEIR `BEST` MORTGAGES THROUGH ADVISERS.

Why do people use First Choice Finance?
Advisers explain everything at the outset and arrange everything from then on our staff are encouraged to go out of their way to help, and communicate in plain, jargon free English. We do not get paid any charges unless you get your money first.

Mortgages For People With Bad Credit Score

At First Choice Finance, we understand that you may have ended up with bad credit score for reasons beyond your control. Our mortgage advisers have financed people who thought that their bad credit would prevent them from getting a mortgage.

Refinancing your mortgage could save you hundreds of pounds per month. We also provide new mortgage financing nationwide, no matter what shape your credit is in, apply now and see if we can help you.

Have you paid your bills on time for a year? Maybe it`s time to refinance and get rid of that high mortgage rate. Hassle Free Mortgage Refinancing! The better your credit, the better your rate will be. Even shaving 1% off your rate will yield you significant savings.

Our mortgage advisers are highly trained when it comes to working with people who have bad credit. We can show you how to save money every month and pay your mortgage off several years early thereby savings your many thousands of pounds.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.