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Close old bank accounts?

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As a result of taking advantage of offers I've got about 14 bank accounts. I've not closed the ones I don't use because I've heard credit score agengies look at you average bank account length, is this true and if so is it a big impact? Thanks,
No one has ever become poor by giving

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Unless you've a need to use a particular one. Then might as well close it. Retain just what you need. 
  • Unless you've a need to use a particular one. Then might as well close it. Retain just what you need. 
    Closing them doesn't affect credit score?
    No one has ever become poor by giving
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 21 November 2020 at 6:26PM
    Yes, but that's not important. Lenders will only look at the data on your file, never the score.

    Keep the ones you need.
  • Yes, but that's not important. Lenders will only look at the data on your file, never the score.

    Keep the ones you need.
    I appreciate the score is not important but the data on the file is. I'm guessing I can close all my redudant accounts apart from the oldest one since Credit Karma says:

    Age of credit

    18 yrs 1 mo

    Since opening or joining your oldest account

    Try not to close your ###### account as this could impact your score.

    WHAT THIS MEANS

    This is the age of the oldest active account on your credit report, or if a joint account, the date you became an account holder.

    WHY THIS IS IMPORTANT

    Lenders like to see how long you’ve been managing active credit for. The more financial history you have, the more chances to prove that you can meet your obligations and organise your finances responsibly.

    WHAT YOU CAN DO

    Even if you rarely use it, unless it’s costing you too much money, try not to close this account. After 6 years, points are added to your score, but keeping it open for more than a year will start to improve this factor. The longer you keep your oldest account active, the better for your score.


    No one has ever become poor by giving
  • JGB1955
    JGB1955 Posts: 3,848 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    edited 21 November 2020 at 7:11PM
    Close all but the oldest one.  Having so many accounts opens you to financial abuse. (So many accounts, so many passwords, so many transactions potentially going unnoticed...)
    #2 Saving for Christmas 2024 - £1 a day challenge. £325 of £366
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 21 November 2020 at 7:21PM
    Yes, but that's not important. Lenders will only look at the data on your file, never the score.

    Keep the ones you need.
    I appreciate the score is not important but the data on the file is. I'm guessing I can close all my redudant accounts apart from the oldest one since Credit Karma says:

    Age of credit

    18 yrs 1 mo

    Since opening or joining your oldest account

    Try not to close your ###### account as this could impact your score.

    WHAT THIS MEANS

    This is the age of the oldest active account on your credit report, or if a joint account, the date you became an account holder.

    WHY THIS IS IMPORTANT

    Lenders like to see how long you’ve been managing active credit for. The more financial history you have, the more chances to prove that you can meet your obligations and organise your finances responsibly.

    WHAT YOU CAN DO

    Even if you rarely use it, unless it’s costing you too much money, try not to close this account. After 6 years, points are added to your score, but keeping it open for more than a year will start to improve this factor. The longer you keep your oldest account active, the better for your score.


    Only keep the oldest one if that's the one you like the best. Lenders understand that current accounts come and go, especially with the current trend for switching, and they can see that you've had previous accounts.   Keep a couple of them, so you have a back up in the event of closure.

    Don't worry about the ramblings of Credit Karma.
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