Bank switching and credit score

k4ren2006

I'm hoping someone at MSE towers picks this up and campaigns against this as I don't think it's right that switching bank accounts, without any borrowing such as an overdraft, should affect your credit score.

We're being super savvy to save for a mortgage yet our credit scores are lowered every time we make a switch...bit daft since we're not actually borrowing anything.

What does everyone else think?

[Deleted User]

Yes, it will affect your credit score, but that doesn't matter, as it's not used in lending.

It's a comedy gimmick for your entertainment only. Campaigning against it would be like campaigning against unicorn skateboard parks.

So be as super savvy and super everything else as you want. Just manage your credit responsibly.

[Deleted User]

Whether you take an overdraft or not, you have the facility to potentially take one at a later date.

That aside, credit scores in the UK are there purely to panic people and make them pay for “improvement products”.

Ignore it.

Ben8282

Well why do you keep switching then ?
You ask what other people think. I think you should open a bank account and stick with it to show some stability. As others have said the credit score is meaningless so ignore it, but each time you open a new account there will be a hard search on your credit files. A new account will be added to your credit files. You don't say how many times you switch but give the impression that you do iit frequently. You are destroying your average account age figure and giving the impression of instability.

moneywow1

Ben8282 wrote: »

Well why do you keep switching then ?
You ask what other people think. I think you should open a bank account and stick with it to show some stability. As others have said the credit score is meaningless so ignore it, but each time you open a new account there will be a hard search on your credit files. A new account will be added to your credit files. You don't say how many times you switch but give the impression that you do iit frequently. You are destroying your average account age figure and giving the impression of instability.

You get paid easy money for switching banks.

Ben8282

moneywow1 wrote: »

You get paid easy money for switching banks.

Fair enough.
So they get the easy money - they pay the price on their credit files.

[Deleted User]

Not really.

A few bank account switches a year has no real detrimental effect.