"How long have you been with your bank ?"

dcellwood

"How long have you been with your bank ?"

I've been asked this question quite a few times on applications for mortgagages and more recently a loan.

Should I let it prevent me from moving to a better current account ?
Why do lenders ask this ?
Could it be detrimental to an application if I were to say 1 month rather than six years ?

Anyone help ?

Thanks

nomoneytoday

They ask it as part of the recipe that goes into a credit score. A longer time at a bank indicates a certain amount of stabiiity (vs. higher interest etc if you move)

How much difference it makes is only known to the actuaries that design the scorecard..

masonic

If you're worried about having to say you've not been with your bank for very long, just have two accounts: keep one for appearances sake and switch the other as often as you like.