Does opening a lot of current accounts hit your credit score?

Abby23

I was looking into getting a new credit card and according to the card eligibility calculator on here my chances of getting most cards I'm interested in falls between 10-40% (I looked at the the two credit cards I've previously owned and my chances were 30% and 20%).

I currently have no credit cards as I cancelled my Santander 123 card as I didn't use it enough to earn enough cashback to cover the annual fee.
I'm in full time employment, I've never had a late payment on anything and besides my glasses which I'm pay off monthly I have no debts (and that has an outstanding balance of £70 until it's done). (All confirmed by looking at my credit file).

I did however recently start using current accounts for savings and opened around five new bank accounts at the end of March-beginning of April, I didn't take the overdraft options on any of them besides the one I switched to to use as a main account and even then I opted for £200.00 limit. I'm just wondering could this be the reason I have such a bad chance of getting credit right now?

Tixy

Lots of new credit application searches or new credit accounts appearing on your credit file can have a short term impact on your ability to get accepted for new credit.

Typically the impact on these searches is minimal after 6months. And 6 months of running the new accounts within terms should also help indicate stability.

One other possibility - which credit reference agency(ies) have you looked at your file with? The checker on here uses callcredit primarily. If you haven't looked at your callcredit file recently you might want to just double check it is as you expect (shows you being on the electoral roll, no unknown entries etc). You can see your callcredit file for free through their noddle website.

Abby23

Yeah I've checked with Noddle and nothing I wasn't expecting, except an anti-fraud search from Paypal from about 10 months ago but I asked about that in another thread and someone said they don't think lenders can see it so I guess it's all the current accounts. Guess I'll have to wait six months and see if my credit eligibility improves when the accounts are less new.

Thank you.