Changing current account and credit score

pilotamx

Hi,

I am considering to change my current account from Barclays to HSBC. I do not have an overdraft and not planning to get it. My account is just 4 months old.
I am worried about the impact on the score. I understand that score number is fictitious but it has some kind of psychological appeal.

My history is just 5 months long, as I wasn't living in the UK before May. Experian (today rating me good) has recorded a search in May from Barclays, another one from AMEX done this month to get a credit card (it is a charge card, so no revolving). The average length of my current account is 4 months (technically there is a 1 month length for Nationwide that I opened and closed within one month as they apparently lost/forget to ship two times in a row my debit card!)

Even if I am not planning to borrow money in the next months, I am not sure that changing frequently the current account might be seen as a true bad thing (even if there is not credit request associated, so I should not be viewed as desperate for credit). The plan is to open an HSBC account and maybe to apply for their VISA credit card shortly just to have an alternative to AMEX where it is not accepted.


Thanks
S

[Deleted User]

There's nothing to worry about. If you want, keep both accounts open.

But never ever let a pretend number stop you from making sensible financial decisions.

tykesi

pilotamx wrote: »

I understand that score number is fictitious but it has some kind of psychological appeal

So you don't actually understand this at all then??

NineDeuce

I was told that it doesnt affect it very much although changing current account on a frequent basis is not particularly recommended at a time where you are applying for large finance, such as a mortgage....