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Yorkshire & Clydesdale Banks offering £150 for switching
Comments
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Surprised to hear this - I only assume they would close if you had CIFAS issues etc rather than closing accounts after opening just because you had opened too many other accounts.
I am aware that some of the credit reference agencies can take a while to update - I had an account with one bank that appeared as a new account search 2 months after I had switched it (and closed it). and 3 months after opening.
I am done now pretty much - can't be bothered with the co-op as it offers no reason to hold an account bar the incentive. At least the others offer decent interest or regular savers.
PS Would you care to name the banks - are they for example in the same group? Seems Lloyds/HBOS are quite active on this front?
Lloyds Banking Group and RBS group are the two that have departments that love to review accounts. Although in my case I think it was the fact I actually tried to apply for a donor account with Lloyds that alerted them to look into my credit file and after that they decided to close the account I'd just opened as well as all the existing accounts I held (so did HBOS - it's the same department overseeing things!) with 60 days notice. I successfully opened several donor accounts across RBS group but too many at once as they decided to issue an account closure letter for 60 days notice but I was switching the accounts anyway so closed them that way.0 -
Lloyds Banking Group and RBS group are the two that have departments that love to review accounts. Although in my case I think it was the fact I actually tried to apply for a donor account with Lloyds that alerted them to look into my credit file and after that they decided to close the account I'd just opened as well as all the existing accounts I held (so did HBOS - it's the same department overseeing things!) with 60 days notice. I successfully opened several donor accounts across RBS group but too many at once as they decided to issue an account closure letter for 60 days notice but I was switching the accounts anyway so closed them that way.
How many accounts did you hold with Lloyds/Hbos in total?0 -
Nine in total
Wow - that is a lot.
I now have no Lloyds/HBOS accounts - all switched. Never got round to the Halifax reward - maybe one day.
A bit like RBS/Natwest - I see no reason to have accounts with them and if I needed credit/mortgage there are other options.
My donor accounts were with banks I would never normally use anyway for credit/mortgages (if needed) - except for that purpose.
And I rather like the Yorkshire - its quirky - as oddly are M&S.0 -
Wow - that's scary. I've opened a LOT of accounts and my Experian credit score has dropped from 999 (excellent) to 713 (poor). No late or missed payments, etc though
Similar impact on my Experian score too - though not so dramatic.
Down from 999 to 966 - and the reason for the drop given as:
"You have opened 3 new credit accounts in the last 6 months"
Number of new credit accounts: Opening a large number of credit accounts within a short period of time can reflect you are reliant on credit. This can decrease your credit score.
If you have opened multiple credit accounts in a short period of time, this suggests you are in need of credit you have and aren't able to live off your income. Accounts opened within 3 months will have a negative effect on your Experian Credit Score. If you only have one credit account (or none) under 6 months old, this will not affect your credit score.
Two of these accounts were Yorkshire, and there were a couple more bank accounts contributing to the drop to 966. No big deal as it stands, but certainly something to watch out for.
I wonder how Yorkshire Boy's stands?0 -
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Can I ask if you pay for this service? I believe you can check for £2 with each Credit Agency. Is that what you have done?
Just wondering if I should have a look at mine.
Just the 30 day free trial - worth a go for some remarkably detailed information. Need to remember to cancel the continuing payment authority, of course.0 -
Just the 30 day free trial - worth a go for some remarkably detailed information. Need to remember to cancel the continuing payment authority, of course.
Yes - and sign up via topcashback. If you stay for at least 25 of the 30 free days you may well get cashback - at least thats what the offer says.
http://www.topcashback.co.uk/credit-rating/cashback/0 -
I thought 999 was a default "we don't know" score?0
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