what's the impact of opening a few current accounts in a short space of time?

splodgethefirst

Good evening all,

I'd be grateful if you can give me some comments/advice on this; I opened a new current account today (to get access to a 6% regular saver) and have heard that M&S bank are doing the same offer. If I apply for the M&S bank current account this month, too, will it aversely affect my credit, and for how long would this be an issue?

(I don't have an overdraft on any account, so I would not be seeking additional credit, but understand that checks are made whether I want an overdraft or not).

Thanks in advance,

Splodge

JKSandy

I opened Tesco, Nationwide and TSB within a week.

It may have a short term effect but I would say very little.

splodgethefirst

grateful for your feedback, JKSandy

YorkshireBoy

Having opened around 8 current accounts in December* and still securing a new credit card just last week I'd have to say no impact.

However, if I was going for a mortgage in the next 6 months I perhaps wouldn't have been so active!

splodgethefirst

Goodness YorkshireBoy! 8?! Goodness. Do you think it'd be viewed as a negative on a mortgage application ?

YorkshireBoy

splodgethefirst wrote: »

Do you think it'd be viewed as a negative on a mortgage application ?

The accounts themselves perhaps wouldn't be (especially if no O/D facilities and managed well), but a large number of searches in such a short time may ring a few alarm bells. That's the reason I'd go easy. Of course if you don't need credit in the next 6-12 months (as I don't) then it doesn't matter.

molerat

I have Equifax alerting and have had no alerts, so no searches, even though I opened Santander, BOS, TSB and Tesco current accounts in December. I did not request overdrafts though.

PaulW922

Mortgage lenders tend to take a more pragmatic approach to credit data (well some do) and as such, a current account application should not be a huge issue.

splodgethefirst

Thanks all for your advice!

JKSandy

molerat wrote: »

I have Equifax alerting and have had no alerts, so no searches, even though I opened Santander, BOS, TSB and Tesco current accounts in December. I did not request overdrafts though.

TSB and Tesco don't search Equifax. Don't know about BOS,Santander.

Strange though you haven't had alerts to say they have been added to your file

molerat

JKSandy wrote: »

TSB and Tesco don't search Equifax. Don't know about BOS,Santander.

Strange though you haven't had alerts to say they have been added to your file

Maybe they will be done on the monthly reporting updates.