Do multiple bank accounts negatively impact credit scores?

Hi,

I see there are some exciting deals reported on MSE about switching your current account to other banks. I'd like to take advantage of deals. However, I want to keep one stable current account in place.

So, would opening another current account to take advantage of these deals be negatively reflected in my credit score?

Would semi-frequent switching of current accounts between banks be negatively reflected in my credit score?

Thanks in advance.

Comments

  • adindas
    adindas Posts: 6,803
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    edited 24 February 2023 at 11:44PM
    GlenMSE said:
    Hi,

    I see there are some exciting deals reported on MSE about switching your current account to other banks. I'd like to take advantage of deals. However, I want to keep one stable current account in place.

    So, would opening another current account to take advantage of these deals be negatively reflected in my credit score?

    Would semi-frequent switching of current accounts between banks be negatively reflected in my credit score?

    Thanks in advance.

    Yes GlenMSE ... >:)
  • MalMonroe
    MalMonroe Posts: 5,783
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    Hi, here's some very recent and comprehensive info from this site -

    https://www.moneysavingexpert.com/banking/multiple-bank-switching/

    Your credit score is never seen by anyone else but you but lenders do have access to your credit report and credit history when you apply for credit. 
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • GlenMSE said:
    Hi,

    I see there are some exciting deals reported on MSE about switching your current account to other banks. I'd like to take advantage of deals. However, I want to keep one stable current account in place.

    So, would opening another current account to take advantage of these deals be negatively reflected in my credit score?

    Would semi-frequent switching of current accounts between banks be negatively reflected in my credit score?

    Thanks in advance.
    Read the full article in the link in the above post


  • OK, many thanks for the responses!

    From what I understand, it can negatively affect your score but not in a way that wouldn't make it worthwhile — unless you've a mortgage application or something coming up (which might be the case for me, unfortunately).
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