Transfer Bank Acc & Balance Transfer

John71

We need to transfer our credit card balance to a new card within the next 3 months but also need to change our bank account (bank changed conditions of account which will cost more in fees). We have had the bank account for 6 years and this was our first credit card. I guess we would be best changing the card first but would changing the bank account affect future credit card applications.
Bank Account: Bank of Scotland Current Acc with arranged O/D
Credit Card: Bank of Scotland with limit of £2700 and balance of £1000.

CLAPTON

You would be best to apply for a new CC before changing bank account

The length of time you have had the bank a/c is just one factor in creditors' scoring systems but if everything else is fine then it shouldn't really affect future credit applications but in a changing situation it's impossible to be definite.

But why dont you simply downgrade your BoS account to one without fees?

John71

Thanks Clapton,

CLAPTON wrote: »

But why dont you simply downgrade your BoS account to one without fees?

From January our O/D interest will be going upto around 18% per year if we stick with existing account, and the other account they have offered has a £10 monthly fee for addons that we would not need. They have got a lower account but there is no option for an arranged overdraft facility.

CLAPTON

You could consider down grading the a/c ...usually you keep the same a/c number etc and you can continue to say you've had the a/c for 6 years
and open a completely new one with a new bank.
Maybe best of both worlds.

However you really need to consider how you can pay off the debts and hence pay no interest at all irrespective of the interest rate