Help! Current account/mortgage question

sharon1982

Hi

I am wondering if anyone can help me. I'm trying to get my finances in order so I can get an mortgage agreement in principle. I am closing unused credit cards etc etc. I have been with my bank (Barclays) for 11 years, and although I have used my overdraft every month, I have always stayed within the agreed limit. However I recently cleared it in full and have opened an account with A&L because of the £100 incentive to switch. I closed my account with Barclays yesterday but they can't officially close it until Monday when the final transaction goes through.

I just read Martin Lewis' guide and it says "However long standing bank accounts with good credit histories can be a benefit to your credit score, so they're often best left open."

Have I made a mistake in closing my account and shall I stop them closing it?
I could leave it sitting open with no money in but I'll only do that if it will be a benefit to my mortgage application...

Thanks very much in advance for all your help!

worried_jim

keep it with £10 left in, as soon as you buy a house close it.

Fire_Fox

Cancel the overdraft facility and check all direct debits etc. have definitely been stopped if you leave it open. Also check with Barclays there are no charges for a current account that isn't funded every month. There's been a ton of cases on this site of people who have been charged, say, £5 for not funding the account then gone into overdraft, then been charged interest on the overdraft .... several months later they check the dormant account and find out the owe hundreds.