Credit Score When Opening Accounts

skv16

Am keen to take advantage of the tips on MSE for accounts with good savings rates. It would be benefit me to open several accounts to spread my money and get the best return. Is it likely to affect my credit score if I open 3 or 4 accounts with different banks?

DCFC79

skv16 wrote: »

Am keen to take advantage of the tips on MSE for accounts with good savings rates. It would be benefit me to open several accounts to spread my money and get the best return. Is it likely to affect my credit score if I open 3 or 4 accounts with different banks?

Forget your score from now on, your history is what lenders banks can see. Will it affect your history, maybe a little bit ( i cant say for sure as no way to tell ).

Dont ooen all at once, open 1 maybe once a month or every other month. Maybe asking for no overdraft would help.

Anthorn

skv16 wrote: »

Am keen to take advantage of the tips on MSE for accounts with good savings rates. It would be benefit me to open several accounts to spread my money and get the best return. Is it likely to affect my credit score if I open 3 or 4 accounts with different banks?

Depends on the bank and the account. If you're opening pure savings accounts they are not reported to the CRAs so won't affect your credit history. If current accounts where you are likely to get the best return, credit searches arising from applications are more important. If you don't have any credit searches in the last 6 months on your credit history you could probably apply for 3 or 4 current accounts at the same time. Nevertheless personally I would apply for one a month.

Get your credit reports first before proceeding so you know where you stand with regard to credit searches