Switching current accounts - affect credit rating?

SLITHER99

I want to switch current account, possibly to either Santander or First Direct.

However, I am worried as I want to re-mortgage in May next year. Would switching now adversely affect my rating?

I never go overdrawn and do not have a bad credit history.

Thanks

Polly05

I'm wondering the same thing... anyone got any idea?

Gromitt

Switch your account and leave your old account open, that way you still have history that can be checked via credit reports. You don't need to use the old account.

BugsyBrowne

Gromitt wrote: »

Switch your account and leave your old account open, that way you still have history that can be checked via credit reports. You don't need to use the old account.

They will still have your old credit history for you bank even if you close it down as these stay on your credit file for 6 years.

sariebeth

It's better to keep your old account open as you will have a longer history with that one - lenders like to see a long history on an open account on your file.

It will leave a search on your file, but if it's only the one it wont make much difference, and it will have disappeared off by may next year

MoneySaverLog

I did not think having recent Bank Account searches, lasting 12 months, really make much of a difference these days as most people have more than one bank, using benefits from more than one bank has become commonplace nowadays.

Agree about leaving the account open if you've banked with the previous bank a long time though and they are reporting to the CRA as it looks good on your report.

Bosie

When I opened a LTSB account on the application it asked how many non LTSB accounts held. I had to tick the box 3+:eek:
Got a feeling that may have lowered my score with them.
Got a Yorkshire Bank with over 6 years history but it's now dormant. So is it best to close that down?