Bank switching.

[Deleted User]

Hello.
With loads of banks offering switch incentives recently what are the downsides to getting all these offers, if there are any?
I've recently  done the RBS one which was my first go but it was very straightforward.  Some are very complex.
Thanks

eskbanker

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

[Deleted User]

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

eskbanker

[Deleted User] said:

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

It all depends on your credit situation, in terms of how sensitive it is to repeated searches and how likely it is that you'll need access to further credit, such as remortgaging, etc.

Nasqueron

[Deleted User] said:

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

You can do as many as you like, the issue will be if you have a mortgage search coming up and it's generally advised to avoid hard searches for several months before. I have done 9-10 over the least 3 years and had no issue getting credit, barring 1 cc (and got a different one a few months later) but I don't have any loans, only 0% BT debt

[Deleted User]

eskbanker said:

[Deleted User] said:

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

It all depends on your credit situation, in terms of how sensitive it is to repeated searches and how likely it is that you'll need access to further credit, such as remortgaging, etc.

OK, so if I'm  not likely to need credit in the foreseeable future l should be fine?

[Deleted User]

Nasqueron said:

[Deleted User] said:

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy, one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

You can do as many as you like, the issue will be if you have a mortgage search coming up and it's generally advised to avoid hard searches for several months before. I have done 9-10 over the least 3 years and had no issue getting credit, barring 1 cc (and got a different one a few months later) but I don't have any loans, only 0% BT debt

Well, l don't intend to need credit far as l can see, infact l don't think I've ever needed it.
Thank you for replying. 

jameseonline

Basically applying for multiple accounts in a short time can really damage your credit score, also you might not get all the accounts you apply for too.

I ended up getting a basic HSBC account and not their standard account because of that.

If you got a high enough score, don't need loans etc you should be ok.

Also in time your score can go up again, which is why I eventually got myself sorted out with a standard HSBC account, then ditched the basic one as having the basic stopped me getting their regular saver

[Deleted User]

jameseonline said:

Basically applying for multiple accounts in a short time can really damage your credit score, also you might not get all the accounts you apply for too.

I ended up getting a basic HSBC account and not their standard account because of that.

If you got a high enough score, don't need loans etc you should be ok.

Also in time your score can go up again, which is why I eventually got myself sorted out with a standard HSBC account, then ditched the basic one as having the basic stopped me getting their regular saver

Thank you for replying.

FrankRizzo

Nasqueron said:

[Deleted User] said:

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

You can do as many as you like, the issue will be if you have a mortgage search coming up and it's generally advised to avoid hard searches for several months before. I have done 9-10 over the least 3 years and had no issue getting credit, barring 1 cc (and got a different one a few months later) but I don't have any loans, only 0% BT debt

Sorry if stupid question, does applying for 0% Credit Cards also produce a hard search?

eskbanker

FrankRizzo said:

Nasqueron said:

[Deleted User] said:

eskbanker said:

Opening current accounts generally entails a hard credit search each time, which can be an issue for some.

So if you are opening accounts to make dummy one try to spread them out over a longer period?
And not open 1 or 2 in say a month?
Thank you for replying. 

You can do as many as you like, the issue will be if you have a mortgage search coming up and it's generally advised to avoid hard searches for several months before. I have done 9-10 over the least 3 years and had no issue getting credit, barring 1 cc (and got a different one a few months later) but I don't have any loans, only 0% BT debt

Sorry if stupid question, does applying for 0% Credit Cards also produce a hard search?

Yes.