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Applying for current accounts in quick succession

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KingS6
KingS6 Posts: 400 Forumite
edited 8 August 2016 at 6:11PM in Credit file & ratings
Usually only in the habit of changing my current account once every two years on average, due to a combination of customer service issues and cash bonuses. Now I want to get in to the current account mass switching game fellow forum members have been getting into.

However I'm concerned about the impact of credit searches against my credit file. I have always passed credit checks for bank accounts. I do appreciate though that to do the switching game will result in multiple hits against my file within a short time frame.

Other forum members seem to have no issues in doing this time after time. Are they simply absorbing the impacts against their scores or are the credit searches performed by the banks not as reflective as say a search by a credit card or mobile phone network?

I recently failed a credit check for a sim only contract with a mobile phone network and the only reason I can think of failing it is I have had two credit card application within a short space of time. So this is obviously a negative. First time I have failed a credit check by the way.

Bottom line is it prudent to begin the switching game or should I make no sort of application which involve credit searches for a number of months before proceeding?

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    A decline for a phone contract would generally be down to an ID issue, rather than two credit card searches, I'd imagine? Maybe they searched a different CRA than the credit card providers searched? Or maybe they made a mistake when entering your information (assuming you didn't do it yourself)?


    As for current accounts, my belief is the searches have no impact on an otherwise healthy credit rating. Indeed, I've had some real blitzes on them (18 in 3 months last year) and still got credit cards during/after the period. Just be sure not to ask for overdraft facilities.
  • KingS6
    KingS6 Posts: 400 Forumite
    edited 9 August 2016 at 4:19PM
    Double checked the information as always to try and avoid a potential failure.

    As you mention a potential ID issue I moved into a property just under 11 months ago. The annual electoral registration forms were posted out in August. To my knowledge the electoral roll could have only have been updated in November however. O2's criteria could be a minimum of 12 months at a current address with 12 months electoral roll matched to boot?

    I will keep this in mind with bank account applications too.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    KingS6 wrote: »
    O2's criteria could be a minimum of 12 months at a current address with 12 months electoral roll matched to boot?
    Did you supply a previous address, like you have to do with bank account/credit card applications if at your current address less than, say, 3 years? If not, you could be right.
  • KingS6
    KingS6 Posts: 400 Forumite
    I was not asked for one funnily enough.
This discussion has been closed.
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