Credit card customers could avoid leaving a footprint

Feb 16

Credit card customers could avoid leaving a footprint

As many people already know doing a search on credit cards and making an applications can leave a footprint on your credit file, and when lenders look at your credit file to make a decision with regards to whether to give you credit they will be able to see the trail of footprints that have been left on the file.

If it is evident that you have been applying for or searching for a range of finance in a relatively short period this can make the lender assume that you are not in a good financial position, and you may not get the answer that you want.

However, there are a handful of companies that could help consumers to avoid leaving these black marks or footprints on their credit files when they are looking for a decent credit card deal, as they will first carry out a simple search that will determine how likely the application is to be successful before doing a proper search. With the ‘pre search’ facility no black mark is left on the credit file, and the consumer can decide whether or not to go ahead with the full application based on the results of the initial search.

Amongst the companies that offer this facility for consumers are online operation Zopa, credit card giant Barclaycard, and the Nationwide Building Society. The quotation search that these companies offer means that consumers can work out whether they are likely to qualify for a particular credit card deal without the risk of leaving a mark on their credit file that could then influence the decision of other lenders if they apply for finance again in the future.

A credit file is a key part of applying for finance, and because lenders reference the credit file to determine what sort of credit risk an applicant may pose it is vital that consumers check their credit files regularly and ensure that the information is correct and up to date.

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