The disadvantages of closing accounts you don't use anymore???

Organic12

I'm sure my question has been answered before but I cannot find anything using the search function. Would someone kindly direct me to the relevant thread or provide an answer?

I've had accounts with a particular bank for more than five years. I've moved all my banking elsewhere now. Will I be disadvantaged in any way by closing the accounts please? For example, does credit history look at how long you've had accounts with banks?

I don't anticipate doing business with the particular bank again and I do not owe them any money, my finances are fortunately clean and simple!

My thanks in advance for your help,
O

Paul_Herring

Length of time holding a current account is (only) one of the factors affecting 'stability' on your credit score (along with time with employer and time at current/previous addresses.)

There's no set length where it magically improves your credit score if you've been with a bank for a certain length of time. (And to be honest, if you're no longer using that account, you cannot reasonably use that account as the one you mention on any credit applications.)

If you fully intend to not use that account again, you're better off just closing the account. It's one less account to worry about.

456789

Also if it has an O/D on it then that may also affect the amount of O/D you can get on another a/c

sofa_surfer

Every now and then offer comes where if you move your existing banking to a certain provider, you'll be rewarded in one way or another. Then what you do is use that dormant account to quickly setup a SO/DD/(whatever sign is required to convince your new provider your account isn't dead) in order to take advantage of the low hanging fruit.
Repeat the process whenever/until possible.