Is it bad to have multiple bank accounts?

bigadaj

Anthorn wrote: »

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?

The problem is that you're extrapolating your experience to everyone else but you're not typical, and maybe neither am I.

There's also the problem with conflating credit cards and bank accounts, the former are always credit checked and is the point of the poster just abive yours.

This isn't the case with bank accounts, certainly not where credit ie overdrafts are being applied for, and the impact of multiple applications on these is minimal for most people.

Everyone's case is different and people are held to account for their historic behaviour, for good and bad.

You've had historic credit problems and now seem to have largely resolved these, but as you're only too aware this takes time. What is easily possible in terms of applications for many people with a good record isn't so for those with problems on their credit files, which could be anything from a single missed payment to bankruptcy. This has been the case since 2008 and won't change anytime soon, just look at the number of people arbitraging through their good credit record to get tens of thousands on 0% credit cards and utilising interest paying current accounts to make hundreds or even thousands a year with little to no risk.

Anthorn

bigadaj wrote: »

The problem is that you're extrapolating your experience to everyone else but you're not typical, and maybe neither am I.

There's also the problem with conflating credit cards and bank accounts, the former are always credit checked and is the point of the poster just abive yours.

This isn't the case with bank accounts, certainly not where credit ie overdrafts are being applied for, and the impact of multiple applications on these is minimal for most people.

Everyone's case is different and people are held to account for their historic behaviour, for good and bad.

You've had historic credit problems and now seem to have largely resolved these, but as you're only too aware this takes time. What is easily possible in terms of applications for many people with a good record isn't so for those with problems on their credit files, which could be anything from a single missed payment to bankruptcy. This has been the case since 2008 and won't change anytime soon, just look at the number of people arbitraging through their good credit record to get tens of thousands on 0% credit cards and utilising interest paying current accounts to make hundreds or even thousands a year with little to no risk.

All I can say is I'm glad I don't have your credit history. Bye bye.

maas

bigadaj wrote: »

The problem is that you're extrapolating your experience to everyone else but you're not typical, and maybe neither am I.

There's also the problem with conflating credit cards and bank accounts, the former are always credit checked and is the point of the poster just abive yours.

This isn't the case with bank accounts, certainly not where credit ie overdrafts are being applied for, and the impact of multiple applications on these is minimal for most people.

Everyone's case is different and people are held to account for their historic behaviour, for good and bad.

You've had historic credit problems and now seem to have largely resolved these, but as you're only too aware this takes time. What is easily possible in terms of applications for many people with a good record isn't so for those with problems on their credit files, which could be anything from a single missed payment to bankruptcy. This has been the case since 2008 and won't change anytime soon, just look at the number of people arbitraging through their good credit record to get tens of thousands on 0% credit cards and utilising interest paying current accounts to make hundreds or even thousands a year with little to no risk.

I agree with this.

There's no doubt that multiple hard searches on your credit file in quick succession impact your credit history, but the level of impact is different depending on your own credit worthiness.

If you're borderline on affordability, low income, blotchy credit history, and then have a bunch of hard searches placed on your file in a short period may turn a narrow accept into a reject.

Whilst I havent quite opened 45 accounts in one day, since middle of January I have applied for a mortgage (which put 2 hard searches on my file), a loan, a credit card and 3 current accounts (one of which put 2 hard searches on my file).

Thats 8 hard searches in about 6 weeks. They've all been accepted without any referral.

Im sure each hard search is pushing me closer towards a reject, but the idea that you cant apply for more than 2-3 in a 6 month period is nonsense. Depends on your own circumstances.

Anthorn

maas wrote: »

I agree with this.

There's no doubt that multiple hard searches on your credit file in quick succession impact your credit history, but the level of impact is different depending on your own credit worthiness.

If you're borderline on affordability, low income, blotchy credit history, and then have a bunch of hard searches placed on your file in a short period may turn a narrow accept into a reject.

Whilst I havent quite opened 45 accounts in one day, since middle of January I have applied for a mortgage (which put 2 hard searches on my file), a loan, a credit card and 3 current accounts (one of which put 2 hard searches on my file).

Thats 8 hard searches in about 6 weeks. They've all been accepted without any referral.

Im sure each hard search is pushing me closer towards a reject, but the idea that you cant apply for more than 2-3 in a 6 month period is nonsense. Depends on your own circumstances.

Wow it looks like you have the new record for this thread. Anyone have an increase on that?

bigadaj

Anthorn wrote: »

All I can say is I'm glad I don't have your credit history. Bye bye.

You really are a very odd person; that's your prerogative and you have obviously suffered in your approach, just don't mislead others into making mistakes on the basis of your very odd view of the world.

eskbanker

bigadaj wrote: »

You really are a very odd person; that's your prerogative and you have obviously suffered in your approach, just don't mislead others into making mistakes on the basis of your very odd view of the world.

Fortunately there are usually enough grown-ups around to point out the obvious gaping holes in this poster's bizarre and irrational arguments!

Anthorn

john1002 wrote: »

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

Read the above quote. As I said previously, it's not only me saying it.

Personally, over the last two months I have hard credit searches related to a credit card, insurance and telecoms and all those applications were successful. I have more planned but I won't be making any more applications until August at the earliest.

Doctor_Duke

I had thought that sharing a link from Experian about an informative info concerning the impact of credit searches might put this to bed, clearly not! If you actually read the link, it indicates that a lot of searches in a short space of time can make you look credit hungry BUT it is not so clear cut as that as well as other information on your credit file is taken into account alongside the searches. This means that there is not one rule for everyone and your individual circumstances, not just the amount of searches, is taken into account. That explains why some posters have had limited impact having lots of searches while others have had limits reduced!

Anthorn

Doctor_Duke wrote: »

I had thought that sharing a link from Experian about an informative info concerning the impact of credit searches might put this to bed, clearly not! If you actually read the link, it indicates that a lot of searches in a short space of time can make you look credit hungry BUT it is not so clear cut as that as well as other information on your credit file is taken into account alongside the searches. This means that there is not one rule for everyone and your individual circumstances, not just the amount of searches, is taken into account. That explains why some posters have had limited impact having lots of searches while others have had limits reduced!

The post starts off well by stating Experian's view and that's true. Credit searches are referred to in Experians credit score service as impacting a credit history. It's one of those things which Experian is hot on. But then the post goes on to disagree with Experian in that respect. But where is the evidence for that disagreement. It appears to me that all consumer credit history services agree with Experian including Equifax, Noddle and Clearscore.

When we cross a road we can do it where it's most convenient and risk being run over or we can walk further on to the crossing and be safer. In the same way we can take the chance that extra hard searches will not affect us but is it worth the risk?

eskbanker

Doctor_Duke wrote: »

I had thought that sharing a link from Experian about an informative info concerning the impact of credit searches might put this to bed, clearly not!

Never mind, when Anthorn produces the other Experian link, i.e. the one that explicitly endorses his view that "It's not only me saying two in six months though. Experian says that.", perhaps that'll put it to bed! Don't hold your breath though....