Do multiple bank accounts negatively impact credit scores? 24 February at 11:29PM in Credit file & ratings 4 replies 235 views

GlenMSE

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.

adindas

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

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. 

35har1old

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

GlenMSE

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).