Age of accounts?

Red-Squirrel_2

I'm finally jumping onboard the current account switching bandwagon and moving away from the account my dad opened for me when I was 11(which is a more or less a quarter of a century ago!) I've also closed the savings account that was linked to it and had a terrible rate.


I also have a Natwest current account that I opened as a student account 7 years after that. I'm thinking of closing this too so that at some point I'll be a 'new customer' to take advantage of their switching deals.

My concern is, I'm shedding all my oldest accounts! How much of an impact does this really have?

If I close these two I'll be left with:

HSBC Advance - opened Jan 2019
TSB Classic Plus - opened Jan 2019
Monzo - opened September 2018
Starling - opened September 2018
Co-op credit card, limit £1000 - opened around 2002
MBNA credit card, limit £6200 - opened Feb 2016
Mortgage account with Natwest - opened November 2015

Would I be better keeping the Natwest current account to show stability? I have no debt except the mortgage , credit cards are at £0, a good history with no late payments or anything iffy.

Thanks for any advice!

(Oh and I am well aware the 'scores' are irrelevant, its my credit worthiness I want to maintain so I can always make sure I an access the best products in future!)

[Deleted User]

Age of account is very over rated as a lending criterion, largely because the CRAs chose it as a key factor to change their scores, as it's easy to measure and requires little thought.

Once you have an established file, with well managed accounts, it's not something most people need to worry about.

Red-Squirrel_2

Deleted_User wrote: »

Age of account is very over rated as a lending criterion, largely because the CRAs chose it as a key factor to change their scores, as it's easy to measure and requires little though.

Once you have an established file, with well managed accounts, it's not something most people need to worry about.

Thanks, that's really helpful, so you don't think my set of accounts is an issue?

[Deleted User]

No - you've got a wide range of open accounts, and lenders will see that you've also had previous accounts which are now closed.

If your accounts are well managed, there's nothing to suggest that the accounts were forcibly closed by the lender.

Red-Squirrel_2

Deleted_User wrote: »

No - you've got a wide range of open accounts, and lenders will see that you've also had previous accounts which are now closed.

If your accounts are well managed, there's nothing to suggest that the accounts were forcibly closed by the lender.

Brilliant, thanks, I shall continue with my plans to be an account hopper! :money: