Opening multiple current accounts in quick succession

Curtainrail

I recently opened several current accounts with my main bank (RBS), partly so I could subdivide my spending and keep a a closer eye on it, and partly so I could take advantage of current account switching offers, which I felt I could do as all of them were used, just for different things.

I was aware that opening current accounts affected your credit rating, but I was just turned down for an HSBC Advance account for unspecified reasons, and wondered whether it could have had something to do with this, though there are other reasons they could have detailed below. Basically my question is, how long does rapidly opening current accounts stay as a black mark on your records with a view to opening more of them, and how long is it reasonable to wait before trying again.

I am 21 years old and have been in my current job and address for just over four months. I also have a Bank of Scotland Vantage account and a TSB Plus account and credit card, which is paid off every month.

GTR_King

if you open quite a few current accounts in space of few weeks it will affect your credit score.. Best to wait 6 months or more before applying for HSBC Advance account

Thrugelmir

Not a black mark. It's unusual behaviour that's been identified. Lenders will therefore be cautious and wary.

Ben8282

Curtainrail wrote: »

I recently opened several current accounts with my main bank (RBS), partly so I could subdivide my spending and keep a a closer eye on it, and partly so I could take advantage of current account switching offers, which I felt I could do as all of them were used, just for different things.

I was aware that opening current accounts affected your credit rating, but I was just turned down for an HSBC Advance account for unspecified reasons, and wondered whether it could have had something to do with this, though there are other reasons they could have detailed below. Basically my question is, how long does rapidly opening current accounts stay as a black mark on your records with a view to opening more of them, and how long is it reasonable to wait before trying again.

I am 21 years old and have been in my current job and address for just over four months. I also have a Bank of Scotland Vantage account and a TSB Plus account and credit card, which is paid off every month.

When you say you have recently opened 'several' current accounts with RBS, what sort of number are we talking about?
I understand that you may find it useful to have more than one current account, but why do you need SO MANY of them and why do you need even MORE of them? Surely your finances are not that complicated!

tomxlisa

I opened three accounts all within the space of a week or so, halifax, nationwide, and natwest, all current accounts and all went through credit checks and was accepted, I know this wouldn't of helped towards how many searches I have on my reports, but never had a problem getting them, maybe if I had tried to get more I would of been declined for doing so many searches in such a short time frame.

Kim_13

HSBC are seen as the choosiest. No harm trying again after 6 months (minimum permitted I believe.) Alternatively, you night wish to wait until you've been in the house for a year, as that wouldn't be long away by that point.

HSBC being the choosiest, who knows, maybe one could have got all of the above in that short timescale by doing them in a different order (HSBC first.)

On the plus side, as you already have accounts external from RBS, you won't be left without access to money should RBS have a system issue etc.

Sellurgranny

Did you know that if you have online banking (with Halifax - not sure about any others) that you can open online savings accounts quite quickly? I've got several that I use to move my money about and budget. So i've got one for my emergency fund, and one for putting money aside for bills. Bit like electronic envelopes.

They're not current accounts so you can't set up DDs etc but i would have thought that they wouldn't be counted in the same way for credit referencing. Just a thought anyway.

Candyapple

Sellurgranny wrote: »

Did you know that if you have online banking (with Halifax - not sure about any others) that you can open online savings accounts quite quickly? I've got several that I use to move my money about and budget. So i've got one for my emergency fund, and one for putting money aside for bills. Bit like electronic envelopes.

They're not current accounts so you can't set up DDs etc but i would have thought that they wouldn't be counted in the same way for credit referencing. Just a thought anyway.

The OP has probably opened the BoS and TSB current accounts for the benefits they offer / far better savings rate than the usual crap rates banks offer for their savings accounts. Also when you open a savings account there is no credit check / data doesn't get reported back to the CRA's.

GTR_King wrote: »

if you open quite a few current accounts in space of few weeks it will affect your credit score.. Best to wait 6 months or more before applying for HSBC Advance account

In March I applied for 3 bank accounts and a credit card within the space of 1 week. They were ALL accepted.

Since then I further applied for a credit card in May (accepted) and in August I also applied for another current account (accepted) and last week another credit card (accepted). There's no such thing as a credit score, only credit history.