How long to wait between SUCCESSFUL current account applications?

franandez

I used to own 2 current accounts with the same bank. In the past month, I have successfully switched one of these to Santander using the switching guarantee. I would like to switch the other one to First Direct.

I'm conscious that one should wait at least 6 months between unsuccessful credit / bank account applications before submitting a new application - but what's the advisable waiting period after a successful application, if any? Is there such thing as applying for too much access to current accounts within a short amount of time? I don't want my application to First Direct to be rejected and for that to hurt my credit score.

Thanks in advance!


EDIT:
This is the advice from the MSE Credit Scores guide, which prompted me to ask the above question, but lacks guidance on acceptable timeframes:

Every time you apply for a credit product (be it a credit card, contract mobile phone, car insurance paid annually or more), it adds a footprint to your file for a year.
Too many, especially in a short space of time, can trigger rejections as it makes it look like you're desperate for credit.
Therefore, space out applications if you can and don't do them frivolously.

ruudy

I've made about 5 successful current account applications in the last 2 months (Halifax, Santander, Nationwide, Co-op and Tesco Bank) . In amongst that I have had 2 that were unsuccessful. The unsuccesful applications for me were First Direct and TSB.

YorkshireBoy

I successfully opened 17 or 18 current accounts over a 2 month period at the end of last year/start of this year. I would say I haven't had any issues (accepted for 3 or 4 credit cards successfully over the same period), but HSBC declined my recent Advance account application so maybe they thought I had too many (at circa 26) or had made too many searches over the preceding 6 months?

Dird

Similar to YB, I switched to TSB last week, M&S + Halifax this week, Co-op + NationWide next week. HSBC card is pending & I had a mortgage application and my Lloyds account upgraded recently too. Also Tesco iSavers.
In total that's 15 credit checks (new Lloyds accounts to switch from) over about 5 weeks. No rejections so far.

Always tick that you don't want an overdraft

TheTracker

I've opened several on the same day before.

Jennifer_Jane

I've opened quite a lot this year too, but have good credit (ie no debts/loans, voter registered, lived in my house a good while, several credit cards), and so far it's all been OK.

My best experience at opening accounts was with RBS and they allowed 2 or 3 to be done literally one after the other, and no problems with immediate acceptance, all online.

VAGH

So do I ,it's ok

SuperHan

I usually open accounts at least 2 at a time (one to switch from and one to switch to), and I wouldn't think much of doing more applications. I do keep overdraft requests to a minimum though.

It will depend on the bank and your wider circumstances too how they view numerous applications (if they even consider them at all), so there really is no solid and robust advice on this one.

book12

After a successful application, I would still wait for a minimum of 6 months though. Waiting longer the better.

A number of credit searches no matter if it's an acceptance or decline, would still damage the credit record.

badger09

book12 wrote: »

After a successful application, I would still wait for a minimum of 6 months though. Waiting longer the better.

A number of credit searches no matter if it's an acceptance or decline, would still damage the credit record.

What is your evidence for this statement?

Archi_Bald

book12 wrote: »

After a successful application, I would still wait for a minimum of 6 months though. Waiting longer the better.

Why? Searches stay visible for 6-12 months. So if you want to open multiple current accounts, you may as well get as many done in as short as possible a time. I have often done 3 or 4 on the same day, and never had any issues. I still get loan and credit card offers - may be even more than before, as I now have at least one current account with literally everyone who offers one.

book12 wrote: »

A number of credit searches no matter if it's an acceptance or decline, would still damage the credit record.

any 'damage' will be absolutely minimal, particularly if you don't request overdrafts. Your credit record also only matters if you are planning to make large applications (mortgage, loans) in the next few months.