Basic to current bank account impact on credit file

Crystalpalacian1

Hello 

A few years ago, I made the decision to get rid of my current account after getting in overdraft debt. To resist further temptations, I decided to open a completely new account with no overdraft facility which ended up being a Basic Bank Account. I've been completely debt free for 4 years now & also have a bit of saving in premium bonds. My financial situation has greatly improved & I've some really high affordability scores. I opened some credit card accounts to build up my score but pay them back literally the same week they are used.

My question is can my bank swap my basic account to a current account by letting me keep the same account details? I bank with HSBC and planning to apply for a mortgage next year. I don't want a new hard search on my file nor do I want to close a 5 year old account. 

Thanks

Brie

I doubt that any bank would be able to add extras to a basic account.  But the question is why do you want something different?  Current accounts were established so people could write cheques as well as have an overdraft (sometimes necessary due to the delays in cashing cheques).  If you don't write cheques (so few of us do now) and potentially you don't want an overdraft what are you going to gain from changing your account's features?

As for your credit history....applying for anything now shouldn't effect a mortgage application in 6 - 12 months.  And even if you do close your basic account it will remain on your credit history for quite some time - 6 years is the norm for most things.  

MorningcoffeeIV

Crystalpalacian1 said:

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I opened some credit card accounts to build up my score but pay them back literally the same week they are used.

Stop doing that.

Build up some good history by waiting for the statement and ten clearing in full.

Never do anything to to try to change the pretend score. Just build good credit history.

Crystalpalacian1

Brie, I don't really want to close it, I want it upgraded to a current account but ideally with the same account details. Don't think any bank would really offer a mortgage with a basic account, although I don't have bad credits anymore and above average credits scores. 

born_again

Just ask them if you can. They may say, yes or no. End of the day if you have to open another account elsewhere it will not make any difference.

But do not pay off a CC till you get the statement. You might as well just use a debit card. As you are missing the one bonus of a CC the interest free period. 
If you want to avoid the risk of spending this money, put it in a savings acc & enjoy a few p interest.

amanda1024

I don't think you can avoid the hard search in the upgrade from basic to standard current account, even if you stay with the same bank. Only your bank can tell you if you can keep the same account number etc. 

cymruchris

Why not leave your basic bank account ticking along in the background with next to nothing in it, so that it continues to report to your credit history, and then pick the new current account you want from whichever provider you'd like and use that as your main bank account? What's the reason for not wanting a singular hard search?

sourcrates

I upgraded my Lloyds basic account to there standard current account a few years ago, keeping the same bank details, account number, sort code etc.

Usually they will offer it to you when your credit history draws inline with there banking policy.
They check your credit files occasionally to see if you are eligible for an upgrade, most banks operate in this way.