More than 2+ savings accounts

Janlou79

Hi I have managed to save enough for a deposit for a house by myself, (yeah) I currently have it in a ISA which the interest rate has vanished!! but I have found an account I can transfer my money into. But the thing is I already have 2 savings accounts running in the back ground earning good interest, which I can't add anymore to, The question is.. If I open another Regular savers account with the good rate is it going to effect my credit score for getting my mortgage later on??  P.s I have no debt...

Any advise please....

eskbanker

Savings accounts aren't reported to credit agencies and so don't affect credit status.  Are you using a Lifetime ISA (or no-longer-available HTB ISA), as these are specifically aimed for those saving a deposit for their first property?  Too late to start now if you're likely to buying within a year though....

Zanderman

Janlou79 said:

... The question is.. If I open another Regular savers account with the good rate is it going to effect my credit score for getting my mortgage later on??...

No

george9071

If you have a look on your credit files, your savings accounts won't be there. They arent credit nor a current account so your safe and as far as i am aware you can have as many savings accounts as you want.

schiff

george9071 said:

If you have a look on your credit files, your savings accounts won't be there. They arent credit nor a current account so your safe and as far as i am aware you can have as many savings accounts as you want.

This is what I don't understand about credit scoring. Surely the money you have in bank accounts, ISAs, anything other than current accounts has an enormous value when considering someone's credit worthiness. If you have a million in savings and your credit history has some faults, does that stop you getting the credit card and the limit you would prefer?

ColdIron

Money in savings are not accessible to people offering credit facilities and can be placed out of reach in the blink of an eye. Previous behaviour is a much better guide to future conduct

colsten

schiff said:

This is what I don't understand about credit scoring. Surely the money you have in bank accounts, ISAs, anything other than current accounts has an enormous value when considering someone's credit worthiness. If you have a million in savings and your credit history has some faults, does that stop you getting the credit card and the limit you would prefer?

If you are loaded, and your credit history "has some faults" that prevent you from getting a credit card, you just have to get by on your debit card and/or cash until you have repaired those faults, or until they disappear by themselves. 

Janlou79

george9071 said:

If you have a look on your credit files, your savings accounts won't be there. They arent credit nor a current account so your safe and as far as i am aware you can have as many savings accounts as you want.

Do you use credit Expedia to check your credit file?

MovingForwards

Janlou79 said:

george9071 said:

If you have a look on your credit files, your savings accounts won't be there. They arent credit nor a current account so your safe and as far as i am aware you can have as many savings accounts as you want.

Do you use credit Expedia to check your credit file?

Expensive holidays Expedia.

Experian is a CRA.

Free reports are available from Credit Karma, MSE credit club and Clearscore (there's a very small 4th one who isn't used by many).

You can join check my file for about £15 per month and it shows the date for all four CRAs. Not all financial institutions report to all of them, some just one, some two. Which is why it's important to check all reports.