Does How Many Bank Accounts I Have Affect My Credit Rating?

rosieraspberry

I have 7 bank accounts. I have had some of them for years but there are 3 that I opened in the last 18 months; one I switched to M&S for a £170 (voucher) incentive and the other 2 are Nationwide accounts (1 joint) that pay 5% interest on savings up to £2500.
I think only 2 accounts have overdrafts but I never use them.
I want to buy a new house in about 18 months and I am thinking I shouldn't apply for any more bank accounts before then.
Will having a lot of bank accounts be damaging to my credit record or does it not matter how many I have as long as they have not all been applied for recently?

DCFC79

You will be fine.

I have 1 Lloyds, 2 TSB, 1 Halifax, 1 RBS and 1 Tesco account , 1 of the agencies rated me highly, 1 was middle ground and the other was just below report 2.

Your credit rating has no bearing on loans, mortgages etc.

Westminster

I have the following current accounts (primarily for their credit interest rates &/or regular savers) and have not been declined for any new product for many years and have no trouble getting substantial remortgage (completed yesterday) and headline 0% spending cards etc

3 Bank of Scotland
1 Barclays
1 First Direct
1 Halifax
1 Lloyds
1 M&S
1 Nationwide
1 Santander
2 Tesco Bank
2 TSB (1 is joint)

I have no idea what imaginary number the credit reference agencies attribute to the above, but its certainly not prevented me doing anything.

adindas

Westminster wrote: »

I have the following current accounts (primarily for their credit interest rates &/or regular savers) and have not been declined for any new product for many years and have no trouble getting substantial remortgage (completed yesterday) and headline 0% spending cards etc

3 Bank of Scotland
1 Barclays
1 First Direct
1 Halifax
1 Lloyds
1 M&S
1 Nationwide
1 Santander
2 Tesco Bank
2 TSB (1 is joint)

I have no idea what imaginary number the credit reference agencies attribute to the above, but its certainly not prevented me doing anything.

I have more current accounts than this also as a sole account holder. Based on my personal experience, If you are unlucky and get a newbie, ignorant underwriter make decision on your case, they might link you to money laundry.

They might ask you.
"why do you need so many bank accounts" and If you are still lucky they will refer you to his/her senior to make decision. If not, they will follow the easiest route "decline".

Unfortunately there are still some newbies, ignorant who do not know what is going on their own industry.

Back to the question. With regard to how many accounts, just a matter of fact although I have many bank accounts and credit cards I could still get new credit cards and/or new bank accounts. So it does not seem to have any correlation with it. Just a matter of personal interpretation.