Current accounts and credit score

cubbybear

hi all,

i have a current account with ulster bank and have done for years. there is no credit facilities on it such as overdrafts as i dont need them.

i opened a new current account with northern bank 2 weeks ago as i was applying for a mortgage with them and if i had their freedom account they would wave the fees of the mortgage (this is an offer they have)

thing is, the mortgage application was declined but the account still got opened. the opened up two accounts. one for my salary to go in to and on for all direct debts and stuff to come out of. this was all good at the time and their online banking system was very simple.

now that im not involved with them with the mortgage, i have no need for the account with northern bank, it has today put on to my experian credit report and made my score drop 10fold. can i get out of this account easy and if so would it look worse from a credit view? the northern bank account did not have any overdrafts etc either. ive no need for it and wont be using it, but if its going to effect my credit score anymore ill just leave it sitting empty.

thanks for reading

CLAPTON

what do you mean your credit score has dropped 10 fold?

a couple of credit searches may have adversely affected your creditr rating but that would only be a temporary effect, but having a bank a/c won't make any difference to you

cubbybear

My score was in the fair section even after they done their searches for the account. Today the actual account was added to my experience report and my score is now in the very poor section. Experians reason is because I've added "credit account" to my name, even tho there is no credt facility on the account. I understand how this could be right and after a few months it will correct itself, but if I was to close the account after just opening it would it be a "negative factor"?

BugsyBrowne

cubbybear wrote: »

My score was in the fair section even after they done their searches for the account. Today the actual account was added to my experience report and my score is now in the very poor section. Experians reason is because I've added "credit account" to my name, even tho there is no credt facility on the account. I understand how this could be right and after a few months it will correct itself, but if I was to close the account after just opening it would it be a "negative factor"?

Why would you take any notice of the dribble experian gives you.

Gromitt

Why would a lender care what Experian thinks? They'll download your credit report and make their own decision.

If you don't want and have no use for the account, close it. It'll just say "Settled" on your report with a nil balance.

Lith

Long as you have no overdrafts or credit cards just

'fee free bank accounts'


Your credit history should be good no ? or non existent...

Find it weird you got declined... or maybe you got declined because you have 'no credit history' as the old saying goes (door swings both ways)

Maestro.

BugsyBrowne wrote: »

Why would you take any notice of the dribble experian gives you.

Are you on an anti-CRA vendetta or something?! Almost all of the recent posts I've seen from you are to the above effect, just sayin' :A

And I think the word you're looking for is drivel, not dribble :rotfl: