Is it worth switching to Virgin for their 2.02% current account?

JustAnotherSaver

Clydesdale? Hmm. This could be a recipe for disaster then. When I took out their credit card I couldn't even register for online banking. 

ischris85

Yorkshire_Pud said:

colsten said:

SpreadableToast said:

wiseonesomeofthetime said:

Personally, I don't see it worth another credit check on your file for the sake of £20 (max) a year, especially if you may be seeking credit in the near future.

End of the day though, it is what you want personally and how bothered you can be to chase the pennies.

I chose not to bother with the Virgin current account, however, my financial position is likely to be very different to yours.

It's difficult times, trying to see any decent returns on our holdings.

Nobody is going to give two spits about a credit check for a current account, especially not when it comes to credit checking for an actual credit account.

This is true if you only apply for one or two current accounts. If you apply for a dozen, though, you will feel the effect for the next 6-12 months as you are likely to then getting turned down for e.g. a credit card, or even for another current account.

Oops probably explains why my credit score previously climbing had a one month drop of 230 points. 

Same

Wheres_My_Cashback

From my experience opening multiple current accounts within short time frames has a very negliable effect on credit scoring providing you don't have any credit facility linked to the account. i.e an overdraft facility.

JustAnotherSaver

I don't bother about that credit score thing. Never had a problem in the past & i've opened a ton of accounts. Never been refused a credit card or a mortgage. I pay everything up on time, never been in debt.

colsten

Wheres_My_Cashback said:

From my experience opening multiple current accounts within short time frames has a very negliable effect on credit scoring providing you don't have any credit facility linked to the account. i.e an overdraft facility.

JustAnotherSaver said:

I don't bother about that credit score thing. Never had a problem in the past & i've opened a ton of accounts. Never been refused a credit card or a mortgage. I pay everything up on time, never been in debt.

Speaking as the current owner of over 3 dozen current accounts, I say again: it all depends.

One or two current account applications in short succession make no difference for anyone.

If you don't plan on applying for any large credit in the next 6-12 months, any number of current account applications won't matter. If you do need the credit, however, you might well get turned down, even for another current account, if you have applied for lots of current accounts recently, even if none of these account have an agreed overdraft.

Wheres_My_Cashback

JustAnotherSaver said:

I don't bother about that credit score thing. Never had a problem in the past & i've opened a ton of accounts. Never been refused a credit card or a mortgage. I pay everything up on time, never been in debt.

Ditto, even opened 7 current accounts and five credit cards on the same day back in the stoozing days. Never stopped me getting more accounts or further credit when required.

Wheres_My_Cashback

colsten said:

Wheres_My_Cashback said:

From my experience opening multiple current accounts within short time frames has a very negliable effect on credit scoring providing you don't have any credit facility linked to the account. i.e an overdraft facility.

JustAnotherSaver said:

I don't bother about that credit score thing. Never had a problem in the past & i've opened a ton of accounts. Never been refused a credit card or a mortgage. I pay everything up on time, never been in debt.

If you don't plan on applying for any large credit in the next 6-12 months, any number of current account applications won't matter. If you do need the credit, however, you might well get turned down, even for another current account, if you have applied for lots of current accounts recently, even if none of these account have an agreed overdraft.

But then again you might well get accepted. On what basis do you believe that it will affect you without credit facilities attached ?

colsten

Wheres_My_Cashback said:

colsten said:

Wheres_My_Cashback said:

From my experience opening multiple current accounts within short time frames has a very negliable effect on credit scoring providing you don't have any credit facility linked to the account. i.e an overdraft facility.

JustAnotherSaver said:

I don't bother about that credit score thing. Never had a problem in the past & i've opened a ton of accounts. Never been refused a credit card or a mortgage. I pay everything up on time, never been in debt.

If you don't plan on applying for any large credit in the next 6-12 months, any number of current account applications won't matter. If you do need the credit, however, you might well get turned down, even for another current account, if you have applied for lots of current accounts recently, even if none of these account have an agreed overdraft.

But then again you might well get accepted. On what basis do you believe that it will affect you without credit facilities attached ?

I won't go into further detail on a public forum but years of heavy multi-accounting have given me substantial experience.

Also worth noting that a current account w/o an agreed overdraft is still considered a credit account because it can be used with an unauthorised overdraft. This is the reason that hard credit checks are happening for current account applications in the first instance.