Credit rating for opening a new account

Moomin123

Hi

When do you think I can pick up my account switching project again?

I was to eager when I started in Jan and tried to use all the deals at once, consequently my credit rating went down to very poor. Now 3 months have passed and it is back to fair.

Do you think I will be approved again or should I wait until it is up to good?

Kind regards,

Moomin

[Deleted User]

Whenever you wish to.

Credit scores and ratings are made up and are not seen by lenders.

ValiantSon

!!! is right, but too many searches in a short space of time increases the chance of you being rejected. There is no hard and fast rule that we can give you, but I would suggest that something closer to six months since your last search might be the better option. Of course, if you want to give it a try and grab a deal that might disappear soon, like the Barclays one, then it will do little harm to have a go. At worst they will say no and you'll just need to wait another few months before trying for a different one. (If you do give it a go and are rejected then I'd leave it another three months before trying again, but this is just my speculation on how it works).

18cc

I'm not 100% convinced that opening bank accounts has any effect whatsoever on your ability to open further current accounts

in the last few months I have switched several times from lloyds to First Direct, then to 'B' then to NatWest then to HSBC tjen to Halifax and then have opened a Barclays account for the double rewards and even recently reopened my First Direct account - no incentive of course as I've already had it but nevertheless reopened

I have had no problems with refusal at any stage

binaryuniverse

I have opened something like 15-17 bank accounts since Feb 2017. First Direct rejected me (who later accepted on second application). Metro also rejected me, first time. Again, accepted a few months later.

I've also applied for something like 8 credit cards. Only one rejected me, who then accepted me, about 8 months later.

So that's 20+ applications, in 15 months, with hardly a problem.


It's not worth thinking too much about imo. Especially when it comes to current account applications.

No_6

Only trouble with opening so many accounts at the same time,
is when they are due for repayment, where do you go then ?
You may have the money to pay all the cards but it is to keep the game going.

without spending YOUR money