No doubt many here will already know this but for those who aren't aware...
Banks and lenders love doing credit checks, obviously, and often not even for lending. I have had 3 recent checks done - 2 for business merchant services and 1 to open a transaction account with CoOp (Just to have a look - I don't think I will switch). By my reckoning this has cost about 24 points as it appears to cost 8 points each.
Now I am enquiring about finance. Some lenders like NZCU want to do a credit check before they can even quote me a rate. So far only the mortgage broker has accepted a copy of a very recent check I obtained from the bank at the time of the merchant services application, but even he has indicated he may need to do one at some point. Every other lender wants to do their own to even look at an application.
Each credit check comes with a cost and some/most lenders have credit score as a criteria.
I'm seeing my credit score (which was described by 2 banks as "very good") go down and I haven't borrowed a damn dime.
Banks and lenders love doing credit checks, obviously, and often not even for lending. I have had 3 recent checks done - 2 for business merchant services and 1 to open a transaction account with CoOp (Just to have a look - I don't think I will switch). By my reckoning this has cost about 24 points as it appears to cost 8 points each.
Now I am enquiring about finance. Some lenders like NZCU want to do a credit check before they can even quote me a rate. So far only the mortgage broker has accepted a copy of a very recent check I obtained from the bank at the time of the merchant services application, but even he has indicated he may need to do one at some point. Every other lender wants to do their own to even look at an application.
Each credit check comes with a cost and some/most lenders have credit score as a criteria.
I'm seeing my credit score (which was described by 2 banks as "very good") go down and I haven't borrowed a damn dime.
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