credit ratings and multiple bank accounts

mrs_baggins

I opened a new smile account in september and now want to open a diff bank account ( mainly for housekeeping reasons) at a and l (for the £50 quidco) If I do this will it have a bad effect on my credit ratings? as far as I know mine is Ok and I am not intendinng to apply for credit in the next 6 months anyway so dont know if these things have a time limit kind of thing on them. Thanks all. I know that I can always open another smile account and maybe do away with it all but I thought I may as well get £50 as I am intending to transfer £500 a month into it for all the bills and things

Cardinal-Red

Hey MB,

I did something similair to you in moving from Smile Current Account to A&L but for slightly different reasons, which were opening a joint account with A&L for my partner and I.

I continue to pay my salary into my old Smile account, and transfer most of it to A&L.

When applying, A&L did credit searches on both me and my partner. I think even if they find something they don't like, they'll only limit your overdraft limit or not provide one at all.

Anyway since then, having 2 accounts has not hampered our credit rating and we've taken out a mortgage and large unsecured loan between us, and neither broker mentioned the 2 accounts. For the sake of any future credit applications you do happen to make, I'd use your smile bank as the one you list, as I'm told lenders like to see long banking relationships.

Good luck!

(P.S. Have you considered getting a friend with A&L to refer you so you both get £50??)

mrs_baggins

Cardinal-Red wrote:

Hey MB,


(P.S. Have you considered getting a friend with A&L to refer you so you both get £50??)

Well my son whos over 21 has an a and l bank account but not the premier one and they wont let him change over to it even though he gets his wages paid in. they have told him he hasnt got enough points but I dont know what this means but i dont think he is going to chase it up