Bank history

The_Boss

My NatWest current account pays a pitiful amount of interest and has a fairly high overdraft rate.

I'm looking to change, but one thing I'm thinking is that I have had that account for almost 10 years. When you are looking to borrow money, does the length of current account history count for much?

Also, do the current account figures appear on a credit report? Mine doesnt. But then again neither did my original NatWest credit card. I cancelled the card last year after 7 years and then reapplied a few months ago and this is now showing on Experian. So will a new account show up?

jonesMUFCforever

Do you keep a lot of money on your current account? If so how much on average?
Do you use the overdraft and if so how what is the rate they charge you?
You have said this and that but actually we have nothing to go on to help you.
Give us more details if you want proper help.

YorkshireBoy

The_Boss wrote:

When you are looking to borrow money, does the length of current account history count for much?

Yes.

Also, do the current account figures appear on a credit report?

Some do, some don't. I'm sure I've read somewhere (on MSE?) that any account opened, or upgraded, after 1998 can be reported to the CRA's. Prior to this date the T&C's didn't allow for it.

But then again neither did my original NatWest credit card. I cancelled the card last year after 7 years and then reapplied a few months ago and this is now showing on Experian.

This proves my earlier point then.

So will a new account show up?

Quite possibly, but then again it'll only show a small overdraft limit surely? It's not like you'll have a £12K limit is it?

The_Boss

ejones999 wrote:

Do you keep a lot of money on your current account? If so how much on average?
Do you use the overdraft and if so how what is the rate they charge you?
You have said this and that but actually we have nothing to go on to help you.
Give us more details if you want proper help.

Yorkshire Boy managed to give 'proper help'. Then again, he bothered to read it properly.

Cheers YB, I think I shall just stay with my NatWest account then and put any extra dosh into my ISA.

jonesMUFCforever

The_Boss wrote:

Yorkshire Boy managed to give 'proper help'. Then again, he bothered to read it properly.

Cheers YB, I think I shall just stay with my NatWest account then and put any extra dosh into my ISA.

Sorry boss but then again I'm not a mind reader!
I don't know whether you have pennies in your account (therefore credit interest is irrelevant) or whether you have thousands of pounds in your account (where it would)
I also do not know if you borrow money on overdraft because in your posting you do not tell us.

lindabea

ejones999 wrote:

Sorry boss but then again I'm not a mind reader!
I don't know whether you have pennies in your account (therefore credit interest is irrelevant) or whether you have thousands of pounds in your account (where it would)
I also do not know if you borrow money on overdraft because in your posting you do not tell us.

Don't be so picky!! Perhaps you should practice the sayings in your signature more often.

jonesMUFCforever

lindabea wrote:

Don't be so picky!! Perhaps you should practice the sayings in your signature more often.

Who asked you?
The fella asked for advice without giving any meaninfull information to help.
Being a women you probably know the answers to the questions I asked even though the OP did not post the answers!

Experian_company_representative

Banks are starting to share details on current accounts overdrafts facilities through the credit reference agencies. Credit balances are not reported though and are shown as balance zero. Although 'time with bank' is something some lenders can build into their credit scoring systems, awarding more points to the more stable applicants, I personally wouldn't think twice about switching banks to get a better deal.