My credit report
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When I turned 18 I started applying for quite a few credit cards not knowing that applications for credit are placed on my credit report. I have recently obtained a copy of my credit report with the only blemish being the high number of consumer credit applications. Do you think this will affect my opportunities to be given credit in the future? How long till this information is taken off my report?
Thanks
Hi Moey,
I did the same thing!
Yes, it affected my ability to get credit. I too had no defaults but a high number of enquiries and was subsequently rejected for finance from Harvey Norman and a few other banks for credit cards.
In the end, the high number of enquiries is only one factor in deciding to decline credit. For example, if your income is high, the enquiries can be overlooked.
Failing that, after five years they disappear from your report.
Hope this helps.
Cameron.
I did the same thing!
Yes, it affected my ability to get credit. I too had no defaults but a high number of enquiries and was subsequently rejected for finance from Harvey Norman and a few other banks for credit cards.
In the end, the high number of enquiries is only one factor in deciding to decline credit. For example, if your income is high, the enquiries can be overlooked.
Failing that, after five years they disappear from your report.
Hope this helps.
Cameron.
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