Will it affect length of time with bank by closing one of accounts?

cheekylorna87

Hi.

I have a bank account on my own that i've had for about 12 years. I also have a joint account that i opened with my boyfriend 2 years ago. Both are with HSBC. To simplify life a bit I want to close my own account so we just have the joint one.

I was wondering if that affects that question they like to ask you on credit applications 'length of time with bank'...if i close the one ive had for twelve years, can I still say ive been with the bank for 12 years even if the joint accounts only been open for two?

Does that question actually have a lot of bearing on your credit rating?

Thanks in advance.

Paul_Herring

I was wondering if that affects that question they like to ask you on credit applications 'length of time with bank'...if i close the one ive had for twelve years, can I still say ive been with the bank for 12 years even if the joint accounts only been open for two?

Depends on the phrasing of the question:

"How long have you been with your bank?" 12 years.

"How long have you had your current account?" 2 years.

Does that question actually have a lot of bearing on your credit rating?

Along with "how long have you had your current job" and how long you've been at your present (and previous) address, they all give insight into your 'stability.'

As will all things credit rating, some institutions will give more, or less, weighting to it, and the weighting may differ depending on the product you're intending to use (credit card/overdraft/mortgage, etc.)

I wouldn't say it had "a lot" of weighting, but it will usually have at least some; that said, even 2 years with an account will usually count for something.