Switching bank - impact on credit rating?

zkw29
zkw29 Posts: 176 Forumite
edited 30 December 2013 at 1:46PM in Budgeting & bank accounts
I understand that switching bank can be seen as a slight negative on your credit report (because being with the same bank for a while looks better). Normally that wouldn't bother me but I have also recently moved house and jobs which I believe can also look slightly bad.

I am considering applying for a mortgage, although probably not for another year. My question is whether I'm better just to stick with my current bank or will it not make a big difference a year down the line?

Comments

  • grumbler
    grumbler Posts: 58,629
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    edited 30 December 2013 at 11:55AM
    Is there any reason for switching, not just opening another current account and keeping the old one?

    It's obvious that the effect of losing, say, 10 y.o. account, whatever small it is, will be pretty much the same even in a year time.
  • zkw29
    zkw29 Posts: 176 Forumite
    grumbler wrote: »
    Is there any reason for switching, not just opening another current account and keeping the old one?

    It's obvious that the effect of losing, say, 10 y.o. account, whatever small it is, will be pretty much the same even in a year time.

    I was going to switch because using the switching service gets me an introductory offer.

    I just wasn't sure how much value lenders place on a long banking relationship. I know they place some value on it - just not sure at what point they stop caring - months or years.
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