switching accounts and credit files

maggieann155

hi there
i ve been thinking about changing to santander 123 account but it was only about 18 mths ago that i changed to halifax as that was the best deal for me then.
if i change banks again now will that adversely affect my credit file does anyone know?
many thanks

YorkshireBoy

Time with bank is a 'stability' factor in credit scoring, so constantly changing banks will not improve that element of your credit file.

Nothing wrong with opening current accounts elsewhere (I have 16 of them!), but you should keep your longest held account open and ticking over.

Anthorn

It could affect your credit history when the existing bank account drops off your CRA file which in turn could affect your standing with lenders. You might be better off keeping the old account active and getting the Santander account in addition unless you want the extra advantages which Santander offers for switching.

Gromitt

Opening new accounts really doesn't effect your credit file that much (I opened 3 new current accounts over the last 2 weeks, each requiring a credit check).

However, I'd leave you salary going into your existing account and setup a standing order (or do it manually as you should be checking it often anyway) to transfer into your new Santander account.

I'd never close my FD account simply because its been open now for 15 years and is an ideal account for new credit applications.

BugsyBrowne

Credit utilization-debt to income-credit searches.

These three are the biggest killers on credit scoring.

rb10

BugsyBrowne wrote: »

Credit utilization-debt to income-credit searches.

These three are the biggest killers on credit scoring.

Disagree.

Credit searches is a minor point.

Missed payments, electoral roll presence, lack of history are far greater credit scoring killers.

dr_adidas01

rb10 wrote: »

Disagree.

Credit searches is a minor point.

Missed payments, electoral roll presence, lack of history are far greater credit scoring killers.

I would say both BugsyBrown and rb10 are both right the factors they mention are the ones that can kill your credit scoring!!!

maggieann155

Many thanks for all your replies.
Think I ll keep the Halifax running and open another with Santander.
Don't think I'll be going for 16 tho , 2 will be enough to keep checking, what with customer ID s and passwords etc!:)
MSE forummers to the rescue as usual !

BugsyBrowne

rb10 wrote: »

Disagree.

Credit searches is a minor point.

Missed payments, electoral roll presence, lack of history are far greater credit scoring killers.

As none of us know we'll agree to disagree on that one.

pmduk

Let's face it, you might all be right!, every bank has it's own criteria.

System

People on here have found their current account closed (by the bank) or the bank having major technical problems.

Therefore it's prudent to keep 2 current accounts in any case as any problems with one provider.

maggieann155 wrote: »

Many thanks for all your replies.
Think I ll keep the Halifax running and open another with Santander.
Don't think I'll be going for 16 tho , 2 will be enough to keep checking, what with customer ID s and passwords etc!:)
MSE forummers to the rescue as usual !