Changing Current Account

sfelmingham

Will moving my current account to get a better overdraft rate of interest (and also get an incentive payment into the bargain) affect my credit scoring/rating? I don't want to jepardise my mortgage chances as we are also trying to remortgage to get a better rate

Thanks

grumbler

1. Application for a new account with an overdraft involves credit search record on your credit file that has a negative short-term impact on your credit scooring. However, effect of just one credit search is very small, especially with regard to further mortgage application.
2. When applying for a credit (including mortgage) you are often asked how long you have current account with your bank. The longer the better for you. For this reason I wouldn't switch account, but open a new one and keep the old one.