However
if you fill in a longer enquiry form on many of the lenders'
websites you are in effect going through the first stage of
their application process. This means you are getting an "acceptance
in principle" decision made by them.
The
problem is that getting an "acceptance in principle"
decision probably involves a credit search
being made on you.
Every
time you have a credit search done this is noted by the credit agencies, Experian
and Equifax.
If
you have more than 2 or 3 credit searches carried out on you
in a short time scale this can start looking dodgy to the
lenders.
They
will ask themselves:Why
are you making more applications? Does this mean you've been
turned down? Ah ha. If you've been turned down by the competition
then there must be something wrong with you...
...
so goes the highly developed thinking.
While
each lender has their own methods of credit scoring you, it appears
that a common measurement used is if there's evidence that you've
been making a lot of applications this can adversely affect the
credit score they judge you by.
To
answer a common question we get: please don't worry. Simply
filling in our
mortgage enquiry form does not involve
an automatic credit score.
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