Does having a current account with a building society affect my credit score?

Hi all,

I am looking to increase my credit rating as I am looking to buy my first home.

I have noticed my building society current account does not show on my credit score, only my Barclays one.

My Barclays account is a graduate account that I have my student overdraft in which I am slowly paying off every month. I get paid in to this account, have my direct debits going out of it, transfer money to savings accounts and then transfer my monthly spends to my building society current account. My Barclays account is therefore always in minus figures (slowly decreasing by £100 a month). So it must look like from my Barclays account that I use all my money on the 1st of the month.

Could this be damaging to my credit score? Should I open another Barclays current account so they can see I am managing my money effectively throughout the month?

Thank you :)

Comments

  • Use of overdrafts can be viewed negatively.

    Ignore any impact on your credit score (it's fictional), but manage your credit n a way that looks lower risk.
  • Car1980
    Car1980 Posts: 296
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    There are three credit companies. Not every account you have will necessarily appear on all three.
  • Ben8282
    Ben8282 Posts: 4,821
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    edited 18 September 2017 at 12:49AM
    If an account is not reported it can hardly be affecting your score can it?
    It looks bad being constantly overdrawn. Why don't you leave some money in the Barclays account so the overdraft gets repaid?
    Just to clarify a point. Credit balances of current accounts are not reported. Balance will be shown as 0 or - if overdrawn. The amount of a +ve balance will NEVER be shown.
  • nic_c
    nic_c Posts: 2,928
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    Are you been charged interest on your OD, do you get interest on your savings? Which is higher? Usually debt costs more, so its best to pay debt off with savings.
    You may be saving for a deposit, but will you have the OD then, or paid off by then? Maybe paying it off now and rebuilding savings will both look better for your credit history and yield more savings (having paid less interest on OD)
  • takman
    takman Posts: 3,876
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    Car1980 wrote: »
    There are three credit companies. Not every account you have will necessarily appear on all three.

    There are actually more that three credit reference agencies in the UK but the three big ones are the only ones you really need to check for now.
  • tenchy
    tenchy Posts: 486
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    takman wrote: »
    There are actually more that three credit reference agencies in the UK but the three big ones are the only ones you really need to check for now.


    Do you have any further details? I wondered if or when TransUnion would also be moving in the UK.
  • takman
    takman Posts: 3,876
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    tenchy wrote: »
    Do you have any further details? I wondered if or when TransUnion would also be moving in the UK.

    Crediva is the forth licensed Credit Reference Agency in the UK.
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