Savings accounts...?

AnonymousForObviousReason

A point that's been made in other places, is that by keeping unused accounts (e.g. just nominal amount in not really making cash) is that you aren't available for their new customers only offers. Some may exclude you for life but most don't seem to.

I would always have one backup no penalty for withdrawal, easy access, savings account. They are especially useful for holding cash when moving current accounts.

adindas

It makes sense for Credit Card application but what about current a/c without Overdraft facility ?

If the CRA see this as negative signal and reduce the rating I am spechless. It is a useless system to believe CRA, not to mention various errors that they have made regarding people circumstances.

I will see managing to open a/c should be see as positive signal, as it is a trust and privilage from the bank, as they need to meet certain condtiions. It also means that by having multiple a/c you have more money to put into the systems.

ADINDAS

AnonymousForObviousReason wrote: »

I know if you open/apply for a number of bank accounts/credit cards at the same, it can hit your credit rating because they do a credit check and multiple checks in a short space of time can reduce your rating (guess it looks like you need credit quickly, so they reduce your chances of getting it). I can't see this being the same for pure saving accounts as CLAPTON there is no credit involved but you may want to confirm that they arn't doing checks for other reasons (like trying to flog you a credit card).

AnonymousForObviousReason

adindas wrote: »

It makes sense for Credit Card application but what about current a/c without Overdraft facility ?

If the CRA see this as negative signal and reduce the rating I am spechless. It is a useless system to believe CRA, not to mention various errors that they have made regarding people circumstances.

I will see managing to open a/c should be see as positive signal, as it is a trust and privilage from the bank, as they need to meet certain condtiions. It also means that by having multiple a/c you have more money to put into the systems.

ADINDAS

Hmmm, you seem to be assuming logic and common sense impact on our financial systems?

The CRA takes no account of the money you have or earn. I was once refused a credit card for £150 which was less than a days earnings. I was most likely rejected for not being on electoral roll at that time.

I think they do a check by default for current accounts, you can ask them not to do one - especially if no O/D but don't know if they'd just refuse you an account outright.

I didn't mean to give the impression it was the number of accounts that had the impact, it's having lots of credit checks done at once (I was thinking about 6 or 7 in a month, not say 1 every few months).

adindas

AnonymousForObviousReason

I am not opposing your view. I know they do credit check as I have experienced it myself opening several bank a/c .

But whether they will have impact on CRA when there is no OD facility, this is I do not know.

I am not saying it will or not but when it will effect on your CRA I think people could see how insensible the CRA system is.

ADINDAS

AnonymousForObviousReason wrote: »

I think they do a check by default for current accounts, you can ask them not to do one - especially if no O/D but don't know if they'd just refuse you an account outright.

I didn't mean to give the impression it was the number of accounts that had the impact, it's having lots of credit checks done at once (I was thinking about 6 or 7 in a month, not say 1 every few months).