Current a/c game...

Eco_Miser

bouicca21 wrote: »

Oh and PS: does a transfer from halifax to club lloyds count as external (though I didn't spot any restriction on source of funds in the T&Cs.)

It appears on the statement as a transfer rather than faster payment, so presumably internal. But that doesn't matter for Lloyd's group banks.

bouicca21

Well this switching lark seems more complicated than I thought. Halifax said I'd have a problem because they and metro used different titles for me. I pointed out that my metro debit card used my initials rather than my full name and that surely that was likely to be a bigger problem. Oh no, they said ... So we sorted out the titles bit and guess what, metro have turned down the switch because the names don't match.

So I have to go into metro to sort that out, and then back to halifax to start all over again. Not quite the 5 minute job I thought it was going to be.

bsms1147

BALLYMOSS wrote: »

How many current accounts can you have before your credit rating starts getting affected ?

Your credit rating can be ignored, it is merely a reflection of your credit worthiness based upon the information in your credit file as perceived by a company who do not lend money. At best it's an educated guess, at worst it's a misleading, seemingly randomly generated number. You are essentially the only person who sees that number, so it is safe to ignore.

What matters is the information contained in your credit file (or on all three of them, since information may appear on one and not the others)

All applications for credit will affect your credit file. It may be affected in a positive or a negative way, and two lenders may look at the exact same entry in different lights, with one treating it as a positive and one treating it as a negative.

If you have lots of current accounts (and manage each responsibly) and all other things being equal, one bank may see this in a good light, they may want you as a customer of theirs as you have shown that you are managing your multiple other accounts well. Another bank may see that you have lots of accounts and feel that you are ot someone they want. Granted the former is more likely, and the latter tends to apply more to credit cards than bank accounts, but it is something that should be considered. Each lender will have their own way of scoring your file, so all you can do is make sure your file is accurate and up to date.

Don't forget that more bank accounts means more ways to !!!! things up and negatively impact your file.

And what sort of length of time should I leave between opening current accounts ?

Thanks in advance

There is no hard and fast rule. Apply for too many too quickly and some lenders see this as a negative. Saying that plenty of posters here report that they have successfully applied for several products in succession. General consensus is to space them out, apply for one or two and then no more for another couple of months.

And don't forget that applications for credit products and searches drop off after one year.

B_G_B

bsms1147 wrote: »

And don't forget that applications for credit products and searches drop off after one year.

Credit searches on Call Credit (Noddle) stay for over a year. I have a number of searches on file circa 18-20 months old. Must say though, I can’t imagine anyone taking too much notice of them.

fuzzgun19

moneysavinggirl40 wrote: »

Just an idea... you can set up some tesco savers dd if you didn't want your real dds being split from your main fd account. its easy to set up tesco saving acc. there is internet saver and instant access saver, both can let you "move money in" as they phrase it.

Does anyone know how quick it is to open a Tesco esaver? Is it open instantly or do they have to let you know in a few days?

Nationwide8

Trying to follow this...so you'd set up two DDs from your Halifax reward account to be paid into Tesco savers accounts ? And is the Halifax reward one of these accounts you can pay £750 in/out of on the same day ( eg from a Lloyds club current) and it would comply with t&c s.

Have also just realised I have an old Nationwide current account rarely used,so I could switch to M&S,then switch that to Halifax and be £225 up ?

coolasacucumber

A new question relating to my opening current accounts...


I have my 2 sole name TSB classic plus a/c's, but I'd like to open a joint name a/c with my wife.


I've just tried, but could only enter my details, I couldn't see an option to make it a joint a/c, I proceeded with the application, and of course it was rejected as I have 2 a/c's anyway.


Have I missed something obvious?


Thanks

Fruit_and_Nut_Case

coolasacucumber wrote: »

A new question relating to my opening current accounts...


I have my 2 sole name TSB classic plus a/c's, but I'd like to open a joint name a/c with my wife.


I've just tried, but could only enter my details, I couldn't see an option to make it a joint a/c, I proceeded with the application, and of course it was rejected as I have 2 a/c's anyway.


Have I missed something obvious?


Thanks

A trip to the branch for you
http://www.tsb.co.uk/current-accounts/joint-accounts/

coolasacucumber

Thanking you.

Fruit_and_Nut_Case

coolasacucumber wrote: »

Thanking you.

You're welcome :snow_grin