no switchin so now i'm !!!!!in !

pmduk

OP, just because M&S won't offer you an account, doesn't mean you can't switch accounts. I suggest you look for a new account which doesn't offer any credit facilities.

exponential

Maybe a silly question but does applying to open a bank account have the same impact on your credit files as applying for a credit card or loan or is it just a generic search.

Mike.

grumbler

It does. The effect is a full credit search recorded in the credit file.

Possibly, no search or a generic (ID) search if you apply for a most basic account without any credit facilities.

exponential

Wow. Didn't know that! Glad I asked as I am about to apply for a new 0% balance transfer credit card and it couldve scuppered my application.

Cheers grumbler.

YorkshireBoy

grumbler wrote: »

It does.

Maybe we read the question differently grumbler?


Yes the outcome is the same, ie a hard search footprint is left on ones credit file, but in my opinion, a current account application search has nowhere near the impact a credit card search would have on ones credit rating (as determined by lenders, not a CRA). Indeed, I'd go as far as to suggest that an "application search: current account" has a negligible impact, if any at all (in isolation).

exponential

Hmmm. Youve certainly put the cat amongst the pigeons Yorkshireboy. LOL

I just wanted to switch from barclays to TSB as the offer they currently have (5% on balances up to 2k etc) would suit my needs perfectly. Barclays just don't seem to offer anything at all really....

I'll look.into it..

YorkshireBoy

exponential wrote: »

I just wanted to switch from barclays to TSB as the offer they currently have (5% on balances up to 2k etc) would suit my needs perfectly. Barclays just don't seem to offer anything at all really....

It's a pity you didn't have any thoughts about this earlier, as you could have had up to £125 for switching to them until very recently. That's nearly double the interest amount you'd get PER YEAR if you maxed out the account to £2K.

YorkshireBoy

exponential wrote: »

Hmmm. Youve certainly put the cat amongst the pigeons Yorkshireboy.

To put some detail behind by 'disagreement', I opened around 20 current accounts over a short period 10-13 months ago, and still successfully obtained 4 credit cards a very short time later. I was declined for another credit card at the same time, but that was not the last one I applied for in my flurry.

Hence why I said the impact of current account searches, even though they're the 'hard' type, was negligible, if any.

exponential

YorkshireBoy wrote: »

To put some detail behind by 'disagreement', I opened around 20 current accounts over a short period 10-13 months ago, and still successfully obtained 4 credit cards a very short time later. I was declined for another credit card at the same time, but that was not the last one I applied for in my flurry.

Hence why I said the impact of current account searches, even though they're the 'hard' type, was negligible, if any.

Thanks for clearing that up. I was wondering what you were basing your information on. I always thought the same, current account opening has a negligible impact on your files.

I'm gutted I didn't apply earlier, looked at it too but got side tracked and never followed it through.

Never mind, still want out of barclays, they offer next to nothing unless you're a very high earner..

colsten

I am with Yorkshireboy on the impact of current account applications to the credit records.

exponential wrote: »

I'm gutted I didn't apply earlier, looked at it too but got side tracked and never followed it through.

If you don't have a Nationwide FlexDirect already: it pays the same interest as the TSB plus, on up to £2,500, and they have a great switching bonus offer. You just need a mate who refers you.http://www.nationwide.co.uk/products/current-accounts/landing-page/recommend-a-friend