Will switching or adding more accounts to get freebies affect my credit rating?

Spint

I receive the MSE Newsletter and enjoy looking through all the deals.

The one thing that concerns me though is if I keep switching or opening up new accounts to get the free goodies (latest one is 15 bottles of wine) will this affect my credit rating?

Is there a certain way of getting these deals without being affected.

I would imagine that if you have too many bank accounts or credit cards or keep switching them so that it looks like I haven't been with anyone long term then my rating will drop.

Thanks very much.

[Deleted User]

Lenders will see the new accounts and make their own assessments. Although your CRA ratings will drop, there's nothing intrinsically wrong with new accounts and lenders are aware of account switching. 

Try to maintain some old accounts though rather than always closing them.

AAGG1234

Deleted_User said:

Lenders will see the new accounts and make their own assessments. Although your CRA ratings will drop, there's nothing intrinsically wrong with new accounts and lenders are aware of account switching. 

Try to maintain some old accounts though rather than always closing them.

Lenders don’t penalise if you open new bank accounts or new utility accounts. Your credit score will drop but like what a lot of forum members say, your better off counting cornflakes. 

DCFC79

Nothing wrong with it imo but do remember your credit rating is only seen by you only, your history is seen by lenders.

Fighter1986

Some lenders credit scoring models do consider Account Longevity so opening a new account is likely, on average, to have a more deleterious effect in the short term than not opening a new account.

Once your newest account is six months or more old, it is no longer likely to be having a deleterious effect on your creditworthiness. 

PRAISETHESUN

Another thing to consider is that if you apply for new accounts (rather than switching between accounts which are already open) then you will leave a "hard" credit search on your file. Multiple searches in quick succession can cause you issues trying to obtain further credit in the short term so the accepted wisdom is to wait 3-6 months between applications, particularly if you have an important application on the cards (eg. mortgage). 

And as above ignore the credit rating/score number. Focus on your credit history (ie. the actual standing of your accounts and how you manage them).