Current Accounts Affecting Credit Score?

James_Saver1

Good Evening,

I am coming to the end of a fixed term with a bank for my current account (with linked savings) and credit card. I want to open (lots) of new accounts to get my money into the places where it will earn the most interest. I am just a little concerned that I will be doing lots of searches on my credit file, however if I open a new current account that doesn't have an overdraft will a search be carried out on my account, what if the current account has an overdraft which I can't opt out of during account opening? I presume a current account is subject to credit checks if being opened with an overdraft?

I currently have:
1x current account with a maxed overdraft (interest free until July 2017)
1x current account with an overdraft facilitate which is £1000+ in credit
1x current account with an overdraft which goes in and out of the overdraft (never exceeding limit and always ending the month in credit)**
1x credit card with -£600 balance that I am looking to transfer. **

I want to switch the above ** current account to a new provider (without an overdraft is fine) to get £100 switching bonus and access to a help to buy ISA.

I want to switch above ** credit card to a new 0% balance/purchase card

I then want to also open another new current account (without an overdraft is fine) to get a 5% interest rate and a second linked 5% interest savings account.


My concern is I currently have 4 accounts with credit available (even if its never been used) and will apply to open a NEW 5th credit account in the form of a credit card before being able to switch and then within a couple of weeks I will open another 2 current accounts which may again involve searches on my credit file.

The credit card I like the look of is showing a 50% eligibility so if I apply for that and get rejected, is this going to really negatively affect me for applying for the current accounts?

Am I likely to be rejected for the current accounts anyway based on the fact I will perform so many new searches with account openings in such a short space of time?

Last time I checked (year or so ago) my credit score was 900+ with Experian if that helps at all.

Any advice would be greatly appreciated!

Thanks,
James.

nb0825

Remove any overdrafts attached to bank accounts that you have no intention of using as this affects the credit limit you'd be offered with a CC provider.

As long as the bank account provider doesn't perform a hard search you can open as many as you like. Make sure when you apply to the CC provider you quote the bank with your longest running relationship (e.g. Natwest, 10 years, not Halifax 2 years).