Hard Credit Check from Nationwide

w00519772

I currently have four current accounts to maximise interest payments. The most recent was opened in January 2017.

I want to open a Nationwide account and switch from one of my other accounts to get the 5% interest rate and £100 refer a friend. None of my current accounts have an overdraft facility and this will include Nationwwide.

Nationwide tell me that they will do a hard credit search leaving a ermanent marker on my credit file. I seem to remember the other lenders telling me that they would only do a soft check (I could be wrong).

I don't want to open a new account earning about £80 more per year (and the £100 refer a friend) if it means that I will have to pay a lot more on my borrowing in the future. I will need to review my mortgage when my fixed rate expires in two years.

My credit score with Experian is "Excellent". My credit score with Noddle and Clearscore is: "Good". Nationwide tell me that they use Experian.

Will this "hard" check have an impact on my borrowing in the long term (eighteen years plus)? I realise it may in the short term (three months).

[Deleted User]

One search is nothing to worry about. Ignore any impact on your credit scores as these are fictional and can be disregarded.

molerat

A hard search may impact on your borrowing ability in the short term but as it will likely be shown as a search for a current account that should be taken into account by a lender. It will have no effect on borrowing in 2 years time.

binaryuniverse

Nationwide do soft searches on credit card applications, to get a quote, but will do a hard search when you accept that quote.

Not sure if that's the same with a current account application, but I don't think current account searches have as much impact as a credit card one.

w00519772

Do all banks do hard credit checks for current accounts?

MABLE

w00519772 wrote: »

I currently have four current accounts to maximise interest payments. The most recent was opened in January 2017.

I want to open a Nationwide account and switch from one of my other accounts to get the 5% interest rate and £100 refer a friend. None of my current accounts have an overdraft facility and this will include Nationwwide.

Nationwide tell me that they will do a hard credit search leaving a ermanent marker on my credit file. I seem to remember the other lenders telling me that they would only do a soft check (I could be wrong).

I don't want to open a new account earning about £80 more per year (and the £100 refer a friend) if it means that I will have to pay a lot more on my borrowing in the future. I will need to review my mortgage when my fixed rate expires in two years.

My credit score with Experian is "Excellent". My credit score with Noddle and Clearscore is: "Good". Nationwide tell me that they use Experian.

Will this "hard" check have an impact on my borrowing in the long term (eighteen years plus)? I realise it may in the short term (three months).

We had a few currant accounts with Nationwide and enjoyed the 5% interest. When I rang them a few weeks ago they said because of the time limit I could now have another 5% deal. However this would either involve a hard search or they could transfer the existing account to another one and transfer back straightaway and taking that option no hard search is necessary.

glosoli

w00519772 wrote: »

Do all banks do hard credit checks for current accounts?

I believe so, unless it is their most basic account.

john1002

Even basic accounts these days are hard searched, at the end of the day the OP must decide if they want an account then they get one hard search otherwise they don't and are free till the next time.

Good luck

John