Is it bad to have multiple bank accounts?

Robbieh

I've opened 9 accounts since last July, always said they are for savings, no overdraft, never had a credit card, home owner, no mortgage ,am retired with only pension going in to my oldest account I've had since 1982! Last loan was in 2010, paid off early. Never ever had a problem getting accounts. How many hard searches may I have had then?

Doctor_Duke

Here is a link that I hope clarifies the position of searches as far as Experian are concerned. Decide for yourself the impact of searches.

http://www.experian.co.uk/assets/consumer/downloads/resources/searches-oct11.pdf

Robbieh

Thanks Dr D, as I don't want credit It looks like it won't affect me much. I'll just have to see if I get refused an account in the future if I need one.

Doctor_Duke

I think the point is it isn't quite so clear cut on the amount of searches as "other information" is taken into account by a lender when they credit score you. Robbieh some lenders these days are doing eligibility checks for accounts that won't leave leave a hard search on your file which is always an option.

noh

Anthorn wrote: »

I'll throw that right back at you. What you're telling people is that they can apply for six accounts over a two-months period all of which have the potential of a hard credit search for each. At best your post is highly irresponsible.

It's common knowledge on MSE and elsewhere that two hard credit searches, three if you're lucky, is the maximum in a six months period! More than that and you risk rejected applications and the imposition of higher APRs.

It's not only me saying two in six months though. Experian says that. Clearscore says that. Equifax says that if you're subscibed to their credit score. Lastly Noddle says that too if you're subscibednto their credit score.

You can apply for as many accounts as you want in any period of time.
I applied successfully for eight 0% credit cards and three bank accounts at the end of January. There is no set maximum of applications.

Dan83

I hope not, I've got loads

20aday

I've opened a few current accounts over the last few months to take advantage of switching incentives and it's not caused me any issues thus far.

eloy7

Yorkshire_Pud wrote: »

Is it bad to ask multiple questions on a forum and rarely give any follow up feedback or engage with the posters that bother to reply?

when the answer is clear, what is the reply? Thanks? There is a button for that.

john1002

My experience of searches is that too many do cause issues, M&S underwriting gave that very reason for me failing to get a credit card and just this month Halifax and bank of Scotland have reduced my credit limits by half, to be fair they were only small anyway and has no impact overall and from other threads seems to be a general thing with LBG.

I don't need any other credit products as I have most CA and cards I'll ever need for my needs.

I'm sure after a year of no searches it will be interesting to see if Halifax and BOS increase again.

John

Anthorn

Honestly, I have to laugh at some of the responses in this thread which are reaching the levels in those threads which ask how many bank accounts or credit cards people have. I'll bet there is someone who has applied for 45 accounts in a day. C'mon own up, who is it?