time with bank - does it matter these days?

greyster

Just a quick question -

In apps when they ask you how long you've been with bank - why do they ask this and does it influence the success of any application?

This kind of question makes me never close down my HSBC account because I've been with them since Midlands where as other accounts have come and gone

Thanks in advance.

ShelfStacker_3

Lenders look for signs of stability in your life - for example, they want to make sure that you don't change jobs a lot (could lead to loss of earnings and inability to repay debts), that you don't change banks a lot (could hint at either unprofitable rate tarting or acrimonious relations with them) and that you don't move house a lot (might make you untraceable). The time with bank thing is just a manifestation of that.

As to whether it helps your applications, I don't know. Each lender has their own criteria, but in honesty I would imagine that it ranks far lower than payment history, electoral roll, available credit etc. I very much doubt it'd be a deal breaker.

natweststaffmember

"Time with bank-does it matter"

The answer is NO for applications, possibly for bank charges(reputational risk and no previous charges to be clear), NO for loan and Mortgage applications.