Is it bad to have multiple bank accounts?

Anthorn

eskbanker wrote: »

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....

The number two is as you probably know a "rule of thumb" within which it is generally regarded we are relatively safe. In fact Experian states "any credit searches".

Your Experian Score will decrease if you have had any credit searches in the last 6 months. A large number of recent credit applications may indicate that you are somewhat ‘desperate’ for credit and therefore may struggle to pay it back.

https://help.creditexpert.co.uk/help/sv635/Applying_for_credit/searches_on_credit_report

Doctor_Duke

Your meaningless credit score may well reduce as a result of searches, but not your credit worthiness that are actually two different things.

eskbanker

Anthorn wrote: »

The number two is as you probably know a "rule of thumb" within which it is generally regarded we are relatively safe. In fact Experian states "any credit searches".

Your Experian Score will decrease if you have had any credit searches in the last 6 months. A large number of recent credit applications may indicate that you are somewhat ‘desperate’ for credit and therefore may struggle to pay it back.

https://help.creditexpert.co.uk/help/sv635/Applying_for_credit/searches_on_credit_report

So what Experian are actually saying is that their arbitrary number is lower if someone has any search activity within a six month window then, which is nothing like what you were claiming before! Likewise, I don't think many reasonable people would consider two to be a large number....

Anthorn

eskbanker wrote: »

So what Experian are actually saying is that their arbitrary number is lower if someone has any search activity within a six month window then, which is nothing like what you were claiming before! Likewise, I don't think many reasonable people would consider two to be a large number....

"Any" in this context is lower than two.

But splitting hairs. Now I know I've won the debate. Thank you and good-night Larry.

masonic

Anthorn wrote: »

"Any" in this context is lower than two.

But splitting hairs. Now I know I've won the debate. Thank you and good-night Larry.

'The number two is as you probably know a "rule of thumb" within which it is generally regarded we are relatively safe'

'"Any" in this context is lower than two.'

LOWER than two...

<waits for penny to drop>

Anthorn

masonic wrote: »

'The number two is as you probably know a "rule of thumb" within which it is generally regarded we are relatively safe'

'"Any" in this context is lower than two.'

LOWER than two...

<waits for penny to drop>

I agreed with eskbanker's comment.

But of course if we consider that Experian's figure is one then I should have reported that one hard credit search will affect a credit score and that would have been true. Saying "two" was generous.

But still splitting hairs.

My last in this thread. Pointless continuing.

eskbanker

Anthorn wrote: »

Pointless continuing.

First sensible thing you've said.

Anthorn wrote: »

good-night

I thought it must have been your bedtime by now - never mind, the grown-ups will fill you in in the morning on what you've missed and who knows, maybe even start to educate you on basic logic....

masonic

Anthorn wrote: »

I agreed with eskbanker's comment.

But of course if we consider that Experian's figure is one then I should have reported that more than one hard credit search will affect a credit score and that would have been true. Saying "two" was generous.

But still splitting hairs.

It appears that you have not understood the text you have quoted, so here begins your reading comprehension lesson...

Experian stated, "Your Experian Score will decrease if you have had any credit searches in the last 6 months."

You have taken that and reasoned, "if we consider that Experian's figure is one then I should have reported that more than one hard credit search will affect a credit score and that would have been true."

What you should have reported is that more than zero hard credit searches will affect a credit score, because "any" means a number greater than zero.

Stating that "more than one" or "more than two" searches will affect a credit score is misleading, because it implies in the former case that one (or in the latter case two) searches will not affect a credit score, but your chosen source contradicts that.

So, yes, it is not exactly incorrect to say that "more than one" or "more than two" searches will affect a score, but it is no less correct to say that more than 16 or more than 60 searches will affect a score. What people want to know is how many searches can they make before it starts affecting their credit score, and, if you want to use Experian's statement as evidence, your answer needs to be a number that is not "any", namely zero.

Anthorn

masonic wrote: »

It appears that you have not understood the text you have quoted, so here begins your reading comprehension lesson...

Experian stated, "Your Experian Score will decrease if you have had any credit searches in the last 6 months."

You have taken that and reasoned, "if we consider that Experian's figure is one then I should have reported that more than one hard credit search will affect a credit score and that would have been true."

What you should have reported is that more than zero hard credit searches will affect a credit score, because "any" means a number greater than zero.

Stating that "more than one" or "more than two" searches will affect a credit score is misleading, because it implies in the former case that one (or in the latter case two) searches will not affect a credit score, but your chosen source contradicts that.

So, yes, it is not exactly incorrect to say that "more than one" or "more than two" searches will affect a score, but it is no less correct to say that more than 16 or more than 60 searches will affect a score. What people want to know is how many searches can they make before it starts affecting their credit score, and, if you want to use Experian's statement as evidence, your answer needs to be a number that is not "any", namely zero.

Now you've progressed from splitting hairs to nitpicking. But I'm so sorry: I didn't know I was entering a literary competition when I posted.

Bye-bye

masonic

Anthorn wrote: »

Now you've progressed from splitting hairs to nitpicking. But I'm so sorry: I didn't know I was entering a literary competition when I posted.

I don't think it is nitpicking when you have previously stated:

Anthorn wrote: »

applying for them carries a hefty penalty if you do it twice or 3 times maximum within a short period

If it carries a hefty penalty, then getting the maximum number right is important, isn't it? So, based on what you have subsequently posted, that maximum number you can have on your file and avoid "a hefty penalty" is zero. Either that or the information from Experian is being misinterpreted by you.