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  • FIRST POST
    • Amyyy
    • By Amyyy 14th Sep 17, 4:33 PM
    • 1Posts
    • 0Thanks
    Amyyy
    Does having a current account with a building society affect my credit score?
    • #1
    • 14th Sep 17, 4:33 PM
    Does having a current account with a building society affect my credit score? 14th Sep 17 at 4:33 PM
    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
Page 1
    • zx81
    • By zx81 14th Sep 17, 4:51 PM
    • 13,208 Posts
    • 13,518 Thanks
    zx81
    • #2
    • 14th Sep 17, 4:51 PM
    • #2
    • 14th Sep 17, 4:51 PM
    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
    • By Car1980 16th Sep 17, 8:27 AM
    • 158 Posts
    • 77 Thanks
    Car1980
    • #3
    • 16th Sep 17, 8:27 AM
    • #3
    • 16th Sep 17, 8:27 AM
    There are three credit companies. Not every account you have will necessarily appear on all three.
    • Ben8282
    • By Ben8282 18th Sep 17, 1:47 AM
    • 2,010 Posts
    • 885 Thanks
    Ben8282
    • #4
    • 18th Sep 17, 1:47 AM
    • #4
    • 18th Sep 17, 1:47 AM
    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.
    Last edited by Ben8282; 18-09-2017 at 1:49 AM.
    • nic_c
    • By nic_c 18th Sep 17, 9:00 AM
    • 908 Posts
    • 547 Thanks
    nic_c
    • #5
    • 18th Sep 17, 9:00 AM
    • #5
    • 18th Sep 17, 9:00 AM
    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
    • By takman 18th Sep 17, 11:27 AM
    • 2,627 Posts
    • 2,182 Thanks
    takman
    • #6
    • 18th Sep 17, 11:27 AM
    • #6
    • 18th Sep 17, 11:27 AM
    There are three credit companies. Not every account you have will necessarily appear on all three.
    Originally posted by Car1980
    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
    • By tenchy 18th Sep 17, 2:45 PM
    • 88 Posts
    • 20 Thanks
    tenchy
    • #7
    • 18th Sep 17, 2:45 PM
    • #7
    • 18th Sep 17, 2:45 PM
    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.
    Originally posted by takman

    Do you have any further details? I wondered if or when TransUnion would also be moving in the UK.
    • takman
    • By takman 18th Sep 17, 8:12 PM
    • 2,627 Posts
    • 2,182 Thanks
    takman
    • #8
    • 18th Sep 17, 8:12 PM
    • #8
    • 18th Sep 17, 8:12 PM
    Do you have any further details? I wondered if or when TransUnion would also be moving in the UK.
    Originally posted by tenchy
    Crediva is the forth licensed Credit Reference Agency in the UK.
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