Top Bank Accounts Discussion Area

Steve_xx

whoz wrote: »

HI all


As I'm sure you all know, the Banks are offering cash incentives to switch to them which I am gratefully accepting as I move from one bank to another..


My question is, does anyone know how much (if any) this affects my credit score?


I had a quick look at Noodle and that has given me a reasonable score but I don't have a point of reference to see if it was better before I started switching..?


Any ideas?


Thank you!

The answer is that nobody here knows how multiple applications will affect your credit score because we don't know you.


However, generally speaking, your score will be affected by applications made close together, albeit maybe it'll only be affected for a short period, assuming that you play the game and don't run up any unpaid debt etc etc.

cnm

bigadaj wrote: »

Get the referral first and then apply for the account through topcashback. Some times it works and sometimes it doesn't, worked for me, waiting to see if it works for my missus currently.

This worked for me for FlexDirect - i.e. waiting for referral from a friend, and applying via Quidco / Topcashback. Both Quidco and Topcashback took more than 4 months to come through.
My wife and I both applied for FlexDirect accounts - one via Quidco, and the other via Topcashback. I applied first, being recommended by a friend (£100 for me); and my wife applied later, recommended by me once my account was open (2 x £100 for us). Also, I think that Quidco were paying £75 at the time (earlier this year) - it's currently £35. So it was over £400 in total!
FlexDirect also gets 5% interest on up to £2500 for first 12 months, so very beneficial overall.

cnm

If anyone from MSE is watching this thread, a couple of points about the FirstDirect section in the original article:
1. The £10 per month fee is waived for the first six months of the account: http://www1.firstdirect.com/1/2/rates-and-charges/banking-charges.
2. You can also potentially get £100 for leaving between 6 and 12 months (with various criteria) - see http://www1.firstdirect.com/1/2/banking/current-account.

glaister

Hi,

Could I ask whether I could open a second bank account to take advantage of switching offers, while holding onto my main account? Cheers

Josh

Steve_xx

glaister wrote: »

Hi,

Could I ask whether I could open a second bank account to take advantage of switching offers, while holding onto my main account? Cheers

Josh

Indeed you can.

glaister

Great, cheers!

Navybhoy

I've read a lot of good things recently about the Natwest Rewards CA, given that I'm in the process of buying my buying my first house I thought it would be pro-active of me to get a joint account sorted out for me and the Mrs prior to us moving in.

So I applied online several weeks ago and haven't heard anything by post or email since. I popped into my local branch (Congleton, Cheshire) to see if they could track my application, to which the staff said they couldn't assist me - no surprises there hence the online application!

So I'm just wondering if anybody else has had any issues applying for this account?

I'm a bit disappointed that I haven't been informed either way as to the success of the application. Perhaps this is a sign of things to come and a subliminal sign from a higher power telling me to avoid Natwest?

cantgoonhols

Hi

I've been moving accounts around for the switching bonus and I was looking at going to First Direct next, however ML said if you have ever had a FD account you won't qualify for the switching bonus. Does he mean this literally? I had a joint account with my husband with them around 14 years ago. I thought they were only allowed to keep records for a maximum of 7, so how would they know, because it would be registered with CRAs

politicfool

Been trying to get the new HSBC Advance bonus. Just a word to the wise that it may not be so easy.

Spent 45 minutes on the phone with them doing the application (they do not accept online applications from anyone who has to pay tax in another country, which I do as a dual UK/US citizen). The application required a huge amount of useless information about monthly bills and the like which I could see the point of for a mortgage application but seems overkill for a current account.

They then referred it on for further assessment, which took a few days, after which time I was accepted only for a standard bank account with no switching bonus - which I declined as I couldn't see the point.

They said it was due to information in my Equifax credit report, but I checked it recently and it contains no adverse information whatsoever, so it seems like they're making excuses.

Steve_xx

politicfool wrote: »

They said it was due to information in my Equifax credit report, but I checked it recently and it contains no adverse information whatsoever, so it seems like they're making excuses.

That's interesting. It makes me wonder if perhaps looking at your Equifax report they can maybe see that you have several bank accounts and so their thinking is that you might be milking the system and so they've decided not to bite? Could that be a possibility in your case do you think?