How many credit enquiries are considered too many?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How many credit enquiries are considered too many?

Post by Otto Dargan »

Hi Brawn89 . Welcome to the forum.

Credit enquiry is a record left in your credit file each time you apply for a loan. Every credit application creates a credit enquiry, it doesn’t matter whether you apply for a home loan or a small credit like those of telephone bills and utilities.
Credit enquiries on your credit file contain the following information:
  • The name of the lender with whom you applied for a loan
  • Loan reference number
  • The type of applicant you were, i.e. whether you were the main applicant, co-borrower or a guarantor
  • The amount of the loan
  • The type of application - if it was an application for home mortgage or for a credit card
Typically, when it comes to credit enquiries, the major lenders prefer if you only have one or two enquiries in the last six months. If it’s any more than this then the banks are likely to decline your mortgage.

That is due to the reason that when you are applying for credit multiple times within a short period, it may make the lenders feel that you have been declined in all of your previous loan applications, or else you need not have applied for credit multiple times. Consequently, multiple enquiries on your credit file may reduce your credit score.

You could try our url=https://www.homeloanexperts.com.au/cred ... home-loan/]low credit score home loan[/url]. You can call us on 1300 889 743 for further assistance.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How many credit enquiries are considered too many?

Post by Otto Dargan »

Hi Brawn89 ,

An enquiry remains on your credit file for five years. As time passes, the enquiries will have less effect on your credit score. So, it may not create much of a problem in the long run.

If you want to fix the problems, you could try doing these:
  • Don’t overdraw your cheque account.
  • Don’t go over the limit on your credit cards.
  • Pay off your credit card debt as much as possible.
  • Pay all of your debts on time, every time.
If you want to proceed now, there are some specialist lenders that specialise in these kinds of applications and lend money despite you having multiple enquiries.

If you have applied for a home loan and have been declined because of your credit score, then please enquire online or give us a call on 1300 889 743 and we’ll help you to get approved by another lender.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How many credit enquiries are considered too many?

Post by Otto Dargan »

Thank you for taking the time to answer my queries. I will definitely call you guys soon. Cheers.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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