Halifax Offer £135 to switch

SlovakianGuy

badger09 wrote: »

Care to explain what you mean by a 'negative mark'?

Are you talking about some made up number/scale/% credit 'score'?

No, it's not a number. It's called a hard search (also hard check, hard inquiry, hard pull), as opposed to soft search. You can see hard searches flagged up with red, for example, on your Experian credit report. They say this affects your ability to borrow in the near future. If you have multiple hard searches in relatively short period of time (just couple months), this will temporarily lower your creditworthiness. Potential lenders will consider you a higher risk because multiple hard searches / applications for credit, may indicate you are in financial difficulty.

alandaniel132

It said that "Paid at least £1500 into your switched Halifax current account each month from your switch date.".

Can I deposit £1,500 today, and then few hours later, withdraw £1,500 to HSBC to fulfilled this requirement?

masonic

alandaniel132 wrote: »

It said that "Paid at least £1500 into your switched Halifax current account each month from your switch date.".

Can I deposit £1,500 today, and then few hours later, withdraw £1,500 to HSBC to fulfilled this requirement?

There's no need to wait a few hours

alandaniel132

masonic wrote: »

There's no need to wait a few hours

You transfer in and transfer out?
Will it be fulfil this requirement?

masonic

alandaniel132 wrote: »

You transfer in and transfer out?
Will it be fulfil this requirement?

The requirement is to pay money in. It doesn't matter how long it stays there. If it had to stay there for a certain amount of time, then that would be in the T&C.

surreysaver

SlovakianGuy wrote: »

Not sure about that... As far as I know, most banks only perform a soft check which doesn't leave a negative mark on your credit report. I will see on my Experian and Equifax reports 2 weeks later. I'll let you know if I don't forget

Every current account I've applied for (about a dozen) over the last couple of years has left a hard search, even though I have not, or been given, an overdraft. The reason for this is because even though I have £0 overdraft limit on all if them, I can still go overdrawn into an unauthorised overdraft.

ceredigion

SlovakianGuy wrote: »

No, it's not a number. It's called a hard search (also hard check, hard inquiry, hard pull), as opposed to soft search. You can see hard searches flagged up with red, for example, on your Experian credit report. They say this affects your ability to borrow in the near future. If you have multiple hard searches in relatively short period of time (just couple months), this will temporarily lower your creditworthiness. Potential lenders will consider you a higher risk because multiple hard searches / applications for credit, may indicate you are in financial difficulty.

Don't believe the marketing hype.

SlovakianGuy

surreysaver wrote: »

Every current account I've applied for (about a dozen) over the last couple of years has left a hard search, even though I have not, or been given, an overdraft. The reason for this is because even though I have £0 overdraft limit on all if them, I can still go overdrawn into an unauthorised overdraft.

I opened Monzo and Starling in July and neither of them has left a hard search on my credit report. Nationwide has left a hard search but it's because I also applied for their credit card the same day when I opened a current account with them.

surreysaver

SlovakianGuy wrote: »

I opened Monzo and Starling in July and neither of them has left a hard search on my credit report. Nationwide has left a hard search but it's because I also applied for their credit card the same day when I opened a current account with them.

Perhaps with Monzo and Starling you cannot go overdrawn unless you've got an arranged overdraft? With proper banks you can. This would also mean that Monzo and Starling can only perform transactions online.

SlovakianGuy

surreysaver wrote: »

Perhaps with Monzo and Starling you cannot go overdrawn unless you've got an arranged overdraft? With proper banks you can. This would also mean that Monzo and Starling can only perform transactions online.

They are proper banks, unlike Revolut, Monese, etc. They also have a small buffer, I think £10, yet they still don't perform the hard search when you're applying for their accounts. Post Office Money, for example, also don't do hard search unless you apply for an overdraft. At least that's what they've told me.