Does changing bank accounts hurt your credit score?

AircraftHandler

Hi there i have banked with Lloyds TSB for 13 Years and i'm thinking about leaving them as they really screwed me over by upping my interest rate on my credit card and crippling me with the interest.

All i need to know does moving bank accounts hurt your credit rating?

Regards

adamc260

The only thing that affects your credit score (to my knowledge) is applying for anything that gives you credit. Applying for a new account should have no affect on it (but don't take that for gospel). If you apply for a lot of say credit cards, loans, finance etc that will dent it. (but I could be wrong!)

Innocent_Guy

When applying for credit lenders ask the time with current bank. The longer with your account the more stability you can show. I would suggest switching accounts but leaving the Lloyds one open so that you can still answer 13 years on future credit applications.

HardSpend

I think that when opening new current accounts they always do credit checks and if you are rejected then this will hurt your rating - likelihood of rejection obviously depends on existing credit rating, possibly less important just for a current account?? would like to know this for certain