I've opened 5 current accounts in 2 years. Will it affect my credit rating?

TightMike

I've opened 5 current accounts in the last 2 years; usually to take advantage of the £100-£150 bonuses they were offering, but I also opened one because it offered free abroad withdrawals for when I went on holiday. 4 of them are now closed, and I've kept one open which I'm using now.

I've read from a few reputable sources that opening and closing current accounts often can reduce the chance of you being accepted for a mortgage because it could suggest you've running away from a loan and/or financially unstable.

I am planning on buying my first house in 3-4 years. How can I check whether I will be eligible for a mortgage or not? I've tried Expedia and other free credit rating companies and they've all given me a good rating, however AFAIK banks have their own screening processes.

[Deleted User]

I doubt a few current accounts will bother anyone.

Expedia are good for holidays, but I wouldn't go to them for mortgage advice. And the CRA scores don't bear much correlation as to whether a lender would see you as a good bet.

When you're ready to buy, engage a broker or research which lenders might be most suitable for you.

CKhalvashi

It shouldn't be too much of a problem IME.

I have 3 current accounts, 2 on my credit report (the other was opened a long time ago and isn't reported) and haven't had a problem. I dabbled with banks previously and again, it hasn't caused me any problems.