Credit Score effects by moving money from a main account to a saving account with the same bank prov

Robert85

Hello folks,

I hope you all good.


i would like to ask simple question which I can’t find a answer for it.

I’m debt free since 2023 June. I managed to save up a couple of thousand £ on my main account. The same time I opened a new debit card for £500 limit to improve my credit score.

Before when I opened debit card £500 my credit score was 517 of 710 in the Halifax Bank, and gone down -15 

Experian I have had 999 of 999 before I applied for the debit card, but than gone down -15 points.

I underrated that this is a natural process and points goes up and down for specific reasons. 

The same time in July/ August I was on vacation so I spent a bit more than usually I do.


My question is:

If I move £ 3k or any money more than this to the Saving Account. Does this also affect my credit score? 

I’m confused because. Should I keeping all my saving on the main account? 

Thank you for your help. 

Have a good day. 

Rob. 

MFWannabe

Credit scores are meaningless 

Brie

Do you mean you got a credit card with a £500 limit?  If that is the case then that will be showing on your credit history and makes you more of a risk to other creditors.  Hence the credit score going down but the creditors don't look at the score, just the credit history.  

My question is:
If I move £ 3k or any money more than this to the Saving Account. Does this also affect my credit score? 

No this won't been seen as a negative thing by any creditor.  Account balances don't show on the credit history (at least not on the many ones I've seen).  What does show is overdrafts.  So if you have an overdraft that you are using that will be obvious.  If you have an overdraft that you are NOT using that will also be obvious.  So if you have a current account with a few £k in it and you know you won't be needing it immediately it's always recommended to move it somewhere you might get some interest.  As long as you can shift it back if/when you need the ££.  

Robert85

Brie said:

Do you mean you got a credit card with a £500 limit?  If that is the case then that will be showing on your credit history and makes you more of a risk to other creditors.  Hence the credit score going down but the creditors don't look at the score, just the credit history.  

My question is:
If I move £ 3k or any money more than this to the Saving Account. Does this also affect my credit score? 

No this won't been seen as a negative thing by any creditor.  Account balances don't show on the credit history (at least not on the many ones I've seen).  What does show is overdrafts.  So if you have an overdraft that you are using that will be obvious.  If you have an overdraft that you are NOT using that will also be obvious.  So if you have a current account with a few £k in it and you know you won't be needing it immediately it's always recommended to move it somewhere you might get some interest.  As long as you can shift it back if/when you need the ££.  

 Hello there,


That’s what I was worry about. If I move transfer money from the main account to the Instant Sever Account with 1.45% gross - I will impact my score and getting negative again, which means will go down. 

Thank you. 

Rob. 

la531983

MFWannabe said:

Credit scores are meaningless 

This is all you need to know.

Sarahwithlove

Moving money into a savings account won't impact your score. It was getting the overdraft facility which is effectively seen as credit that impacted it. As long as you don't keep going into the overdraft your score will sort itself next month. 

400ixl

Savings are not credit, the agencies do not get this reported to them, so there is nothing to change.

Credit scores are not something to be concerned about if you are not in debt anywhere. They then become a way for the agencies to try to scare you into buying their products that they get commission on.

As long as you are paying off all forms of credit on the monthly basis then there isn't really anything for you to do in excess of that.

Robert85

Thank you everyone who replied to me. 

Have a good day.