Oldest Bank Account and Credit Ratings

oysteroyster

I've quite a few current accounts open (due to chasing interest rates in the good times and scoring bonuses) but I'm gradually reducing them now their offerings are dropping. Currently my oldest current account (7.5 years) is with Santander (123 Lite downgraded from 123 when that deteriorated) and it's costing me money keeping it open. Should I close the account and take the credit score hit or is it possible to switch to another account with Santander whilst maintaining the age (or would it be seen as starting from scratch?). My next oldest account is probably about 6 years old. My credit rating is excellent - near full marks for different agencies. In hindsight I probably shouldn't have closed my 15 year old free NatWest account last year! 

DebtHurricane

Downgrade the account to the Everyday Current Account which is free. The age of the account will remain and therefore it’s good to keep it open. Downgrading won’t ‘restart’ the account age. 

Hope that helps :-)

oysteroyster

Perfect - thanks! 

born_again

oysteroyster said:

My credit rating is excellent - near full marks for different agencies. In hindsight I probably shouldn't have closed my 15 year old free NatWest account last year! 

Which means nothing to lenders.
It is your credit history that counts.
That figure is nothing more than a made up figure they use to sell you products now.

oysteroyster

born_again said:

oysteroyster said:

My credit rating is excellent - near full marks for different agencies. In hindsight I probably shouldn't have closed my 15 year old free NatWest account last year! 

Which means nothing to lenders.
It is your credit history that counts.
That figure is nothing more than a made up figure they use to sell you products now.

Fair enough - well, either way, my history is fine.

oysteroyster

born_again said:

oysteroyster said:

My credit rating is excellent - near full marks for different agencies. In hindsight I probably shouldn't have closed my 15 year old free NatWest account last year! 

Which means nothing to lenders.
It is your credit history that counts.
That figure is nothing more than a made up figure they use to sell you products now.

Fair enough - well, either way, my history is fine.

onwards&upwards

I don't think its makes much difference, I worried about this too but now none of my current accounts are more than 2 years old and I haven't had any issue getting credit any time I've needed it.  Experian has me as a '999' which I realise is rubbish but its at least a vague indicator that there are no huge issues.

[Deleted User]

Simply shows stability but won't make a massive difference in credit scoring once the other account is a few years old.

bazzyb

If everything else is ok then closing your oldest account that isn’t needed any more will make very little difference.