3 credit scores in one week & I'm a student

donaldm_3

I recently turned 18 and think I may have made a big mistake - which affects my credit rating. 3 weeks ago, I applied for an RBS student account and since then I have heard no confirmation of a new account being opened. Since I needed an overdraft at the time, I decided to open a student account with HBOS and apply for a student credit card at the same time. I had appointments with HBOS and RBS yesterday, to sort my accounts out. I was at HBOS first, where I wanted to open a new student account and student credit card. They had to check my credit rating to open the account, and had a problem with the system and told me to come back the next day (today). I then went to the RBS, intent on closing one of my accounts and upgrading one of my accounts to a standard current account. However, the customer adviser there began talking about the student credit card and current account and I was impressed - RBS were the better offer. I told her about the 3 weeks I'd been waiting, and she simply upgraded my existing account to a student account with the click of a button, and I also applied for the credit card. I went back to HBOS today and found out my student account application had come through, but I was able to cancel the credit card application. Now, I have two student accounts and a credit card. I am hoping I can change the status of my HBOS account from a student to a standard current account and hopefully able to keep the same account numbers etc. But my worry is this - at the end of this month I will have opened 1 new account, upgraded 2 accounts, closed 2 accounts, and applied for a credit card. I have been told this week I have 3 credit scores. How does this affect my credit rating? My dad said not to worry as the credit rating is about your ability to pay credit cards and debt etc, but now I am really worried that I have ruined my life. Is it going to seriously affect my credit rating, and how will it affect me long term?

~Brock~

Thinking that you have ruined your life is a bit OTT.

At worst you have had three credit searches in a short space of time. Hardly the end of the world. It 'may' affect the result of any further applications you make in the near future, but in 6 months time they will be disregarded anyway.

IMO you should stop worrying about such trivialities and get back to doing what students do........... in which case, mine's a pint of Carling :beer:

CannyJock

It won't ruin your life There's still plenty of time to do that

You have a couple of searches on your credit report. These don't do a great deal of harm, and disappear after 12 months.

You've got the credit card and student accounts sorted (paying gross interest I hope) so you've got no reason to apply for any additional credit or accounts for the foreseeable.

Personally I'd keep the two student accounts. You may find it useful in later years to have a bank account that pays you gross interest as a hang-over from your student days. I know I did

All you need to do now is sit back and relax. Make sure you don't go crazy on the credit card or poison your liver at the student uni

brians_daughter

it may affect a credit decision but just ensure for the next 6 months or so you dont go ott with searches!

Moggles_2

I have been told this week I have 3 credit scores.

Not credit scores, credit searches.

Is it going to seriously affect my credit rating and how will it affect me long term?

No. Credit checks leave footprints on your credit files, but these are viewed as negative only if you attract too many in a short space of time.

Each footprint drops off your file after 12 months, so the effect is fairly short-lived

Very best
M

cash-magnet

I probably just had my 5th search in as many months and I'm finding it not really much of a problem. Perhaps it depends on what the searches are for as to how much weight their impact carries against you? I just open lots of current accounts to use as savings accounts! Does that make me a bad person? ) lol

donaldm_3

Thanks alot for the quick replies, you've really put my mind at ease. The way the customer advisor was talking about it scared me, it was her that said "credit scores" to me. Anyway, thanks alot