will switching banks often negatively affect my score?

JamesyG111

Hi all, I wanted to ask a question relating to the some information given on this website.

I just joined the MSE Credit Club. On one of the sections, it gives you your credit profile.
It states ways in which in which you can improve your profile, or things to avoid, two of them include:

"Credit applications
Too many credit applications in a short space of time can make it look like you're desperate for cash. You've made quite a lot of applications in the past six months, which may put some lenders off. You may want to wait until some of these are a bit less recent before making any more applications. Applications are usually wiped off your report after a year.

Account stability
The average length of your financial relationships is less than six years. Remember, this isn’t just bank accounts, mortgages, loans and credit cards, it can include utilities, mobile phone contracts, broadband and more."

Now, my question is... Where MSE advises you of the "best bank accounts" I was thinking of taking advantage of the £100+ switching bonus offered by multiple banks... now, if i choose to switch, grab the bonus, switch again, etc. etc.

will this be negatively affecting my credit score as per the information posted on the MSE credit club, i posted above? and thus, something i should avoid doing too often?

thanks in advance for your help!

James

[Deleted User]

You score will drop everytime you apply for anything, pay off a debt, or take on a new one. Ignore it.

Moving bank account won't hugely concern lenders, generally speaking. But I wouldn't do it right before a mortgage application.