Will changing C/A affect my credit score?

blueiosoma

Hi everyone,

I was just wondering whether changing to a different current account (halifax -> first direct) would affect my credit score.

Im buying a place in december, so of course I need to look good on the books, my thinking is as long as I dont get refused I should be ok. But these things tend to bite back so im quite cautious.

Any advice? and what do people think of first direct?

Thanks for your help

anniecave

Yes, changing your current account certainly does. Take a look at:

http://www.debtadvicebureau.org.uk/explained/credit_score_killers.html

I changed bank account, then tried to apply for a credit card, and they said my credit score was a few points down of where they accept, and said that the fact i'd changed banks recently had reduced my credit score. So they turned me down!

The motto is apply for the credit card or mortgage or whatever BEFORE you change current account.

First Direct are good, and I'd highly recommend them, apart from there's a thread in this section that they might be starting to charge, so I'm not sure what that's all about.

KTF

Keep your existing account open but dont use it for a few years. You could always put that down on any application forms if you are worried.

blueiosoma

Thanks for the advice everyone. I just thought logically it would have been better to setup a new account before getting a mortgage. Ill probably follow your advice though and keep the accounts open just in case.

Its a bit worrying this whole monthly charge thing with first direct. But ive heard nothing but good about them.

Thanks again :j