How long to wait between SUCCESSFUL current account applications?

Dird

I wasn't talking about accounts? Simply credit search counts that they trigger. Or maybe if they have an identifier about whether an account has an overdraft (maybe it's just 2 checks instead though, initial app then OD app)

My curiousity isn't around their scoring algorithms but whether Lloyds will now be affected as HSBCs recently has been. The algorithms may be different but they all probably check the number of hard searches and give it some weighting. If a month ago Lloyds had me at A1 with 2 recent searches and now I'm B2 with 14 searches then it's probably had an impact (unless being on electoral roll can somehow be worse than not being on)

gingercordial

franandez wrote: »

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.

It depends on what you want to do with your credit record. Will you be trying for a mortgage or something like that in the next 6-12 months?

I have been happily opening one or two accounts per month for switching bonuses, access to regular savers and so on. Coupled with moving house towards the end of last year, I did get rejected for a Nationwide credit card (despite holding a current account and them showing it to me under "your offers") but then accepted for HSBC Advance and their credit card a fortnight later. Since I'm not planning on requiring large amounts of credit any time soon, I don't really care.

However I expect to want to buy a house in around three years' time, and therefore I intend to stop making so many applications, possibly close down some current accounts and pay off my stoozing credit cards well before then, to ensure everything looks as good as it can for a mortgage application. That's when I think it might make a difference.

cheexy

I opened about 12 accounts within a two month period. All got accepted. No issues. it is usually better to make multiple applications within a short period of time because credit files are updated once a month. This means that if you make multiple credit applications, it may not reflect on your credit file until the following month depending on when within the cycle you apply.


Just don't accept any overdraft offers and you should be fine.