Bank account application and credit score

nathan86

Hello,

I have had a quick search and am unable to find the answer to this but I am sure its out there! Feel free to move the thread if you know where it is.

I am looking to start 'Piggybanking' but I already have a, lets say delicate, credit score. If I apply for an account and get rejected will this affect my credit score further?

Thanks! :beer:

Nathan

colsten

You can do a lot better with YNAB, which allows you to have an unlimited number of piggys and needs no credit check.

There is a lively YNAB user community on https://forums.moneysavingexpert.com/discussion/5027025

nathan86

Thank you Colsten, I will check that out now

InsideInsurance

nathan86 wrote: »

If I apply for an account and get rejected will this affect my credit score further?

Assuming you are in the UK there is no such thing as universal credit scores. No significant credit provider uses the scores provided by the CRAs but simply the data and combined with other data they have gotten from you or other sources they make a decision, that may involve generating a "score" or it may not.

The CRAs do not record the outcome of an application, simply that an application has been made and a search conducted. The creation of new accounts can take up to 3 months to show on the CRA (and some may never show) and so a subsequent potential creditor would be simply guessing as to if you were accepted but declined the offer, accepted and the new accounts just not showing yet or you were actually declined.

Just the pure fact you have made another application somewhere may make a bank a little wary though as they dont know if someone else has just given you a massive credit line or not but in practice one or maybe two searches in a 6 month period isnt going to make a major impact but if your history is so checkered that everythings going to be borderline anyway you may not want to risk it

nathan86

Thanks I'll take that on board