New accounts & Credit score

prezzacc · 19 May 2017 at 1:23PM

So after much help from this site and forum, i plan on opening 3 new bank and 1 savings account. Im planning to do this within a short timescale, ie a month.

Obviously this wont look great on my credit score but how long will it be before its not a major concern to lenders. I have a mortgage i cant see making any changes to for many years if at all. And plan to have no credit card / phone etc credit applications so dont see it should be a major problem?

Just wondered if others had a different view?

Thanks

eskbanker · 19 May 2017 at 3:48PM

Each credit search stays on your file for a year so if you're successful with your three bank account applications then that'll be three searches, but obviously if you have to look further afield for the three bank accounts then there'll be more searches. Savings accounts aren't credit products and therefore don't involve credit searches.

It's not practical to say that it is or isn't a major concern to lenders, i.e. they don't publish criteria that say you'll be OK with no more than x searches in the past y months, and each lender will have their own scoring methodology anyway, much of it based on their own internal rules, so credit file data is only ever part of the picture.

See http://www.moneysavingexpert.com/loans/credit-rating-credit-score for further info....

New accounts & Credit score

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