Current Account Tarting

GreyPilgrim

fishface-69 wrote:

Not bad grey pilgrim but every time you apply for credit yur rating is affected - do it too much, too often & it has a negative effect. I'm with you though - get money out of the banks! Have been thinking of swapping to A&L - partly due to incredibly bad service from Lloyds & the £50 makes it worth the hassle...I think!! Wouldnt do it regularly though!

Is it the same as applying for credit though? Are the same checks applied? I suppose there is scope for 'taking more money than you put in' with an unauthorised overdraft, cheques, DD's etc.

Anyhoo, I promise I'll stop at the A&L.

$17mma

Wont opening accounts affect credit ratings? and now that bank accounts are listed on Credit Files as an account for 6 yrs from opening or closing (not sure) is it worth it for £50 a pop

GreyPilgrim

$17mma wrote:

Wont opening accounts affect credit ratings? and now that bank accounts are listed on Credit Files as an account for 6 yrs from opening or closing (not sure) is it worth it for £50 a pop

Would be interested in some more feedback actually. I'm starting to get nervous now. I didn't intend to actually close the accounts... just not use them so they go dormant after three years. maybe it's not worth £50 quid.

CLAPTON

opening or enquirying about opening a current a/c involves a credit search of your credit records, just like an enquiry about a credit card or any other form of credit.
is doesnot adversely effect your credit rating as such, unless you do too many...so relax. too many is not a very well defined number as each company has their own rules. queries stay on your file for 1 year.
best to check your credit file once ayear if you intend to be a current a/c tart and/or credit card tart so you can see how it looks (only cost £2) . also best to close a/cs if you dont intend to use them.

don't panic so far so good.

In_Search_Of_Me

EVERY time you apply for credit (& now some insurance poicies do it) they run a credit chek. If there are too many on your account (especially if you take them out!!) people get nervous! It DOES affect your rating and you should apply for credit as rarely as possible. While compaies have their own criteria for allowing you to proceed with them its best not to do it often! Your credit file also contains details of late payments so these should be avoided at all costs...Why dont you leave it 6 months and then change? Where possible accounts that are not used should be closed (something I must do!) as they are effectievly still active even if you're not using them...not sure of that helps. In short yes it is applying for credit! Each company uses different agency (thread on here somewhere for who uses what!) Do get a copy of your credit rating though...good to know so you can have errors rectified etc!

GreyPilgrim wrote:

Is it the same as applying for credit though? Are the same checks applied? I suppose there is scope for 'taking more money than you put in' with an unauthorised overdraft, cheques, DD's etc.

Anyhoo, I promise I'll stop at the A&L.

Annie_Fanny

Grey Pilgrim - I am a proud money wrestling from the clutches of the banks coffers to the tune of £100 (got £50 from A&L before they lowered the incentive to £25 & £50 from First Direct). As was said before when I applied for any of these account I mentioned my Lloyds TSB account only (which I have had for at least 10 years!) and left the direct debits on the Lloyds account as well. An easy £100 if you ask me!