Switching with (unused) overdraft - effect on credit score?

[Deleted User]

Removed original post text in case I can be identified

TadleyBaggie

Don't fret about the credit score, it's a made up number that only you can see.

ManyWays

The monzo flex account is treated as a credit card I think for credit score utilisation purposes. 
Why do you have to close it, rather than switch all your transactions to Nationwide and ignore the Monzo accounts? 

[Deleted User]

ManyWays said:

The monzo flex account is treated as a credit card I think for credit score utilisation purposes. 
Why do you have to close it, rather than switch all your transactions to Nationwide and ignore the Monzo accounts? 

I want to do a full switch to Nationwide -- I really want to leave Monzo and the Flex is attached to that. I don't want two current accounts. The only thing I want to know is if they'll reject a current account switch if my credit score drops because I've had to close my Flex?

400ixl

You should always have at least 2 current accounts, even if one is not with Monzo.

Your credit score is not seen by Nationwide, its a fictitious number made up by by that CRA. Nationwide will do their own checks based on their own criteria.

You may well get a hard search on your record when they do the checks to open the account, which may well temporarily drop this fictitious score, but it cannot be avoided and makes very little difference if it is a one off and you aren't getting multiple hard checks at the same time.

You wouldn't close your Monzo account before applying for a Nationwide account, else where would your direct debits etc come from.

You may as well us the switching service to do it all together and possibly get the £175 bonus as you do it https://www.nationwide.co.uk/current-accounts/switch/

[Deleted User]

400ixl said:

You should always have at least 2 current accounts, even if one is not with Monzo.

Your credit score is not seen by Nationwide, its a fictitious number made up by by that CRA. Nationwide will do their own checks based on their own criteria.

You may well get a hard search on your record when they do the checks to open the account, which may well temporarily drop this fictitious score, but it cannot be avoided and makes very little difference if it is a one off and you aren't getting multiple hard checks at the same time.

You wouldn't close your Monzo account before applying for a Nationwide account, else where would your direct debits etc come from.

You may as well us the switching service to do it all together and possibly get the £175 bonus as you do it https://www.nationwide.co.uk/current-accounts/switch/

Thanks! That's a good point. I planned to use the switch service and get the bonus while I'm at it. 😊 I only need one personal current account - others may feel differently but I can still access money from a (non-Monzo) joint account and savings elsewhere if everything goes down.

Nasqueron

When you came on the forum, a few cm away from the Create New button is a sticky thread called 

What your Credit Score really means - Please read first before posting about a credit score issue

Please read this as it explains why scoring is irrelevant

[Deleted User]

Nasqueron said:

When you came on the forum, a few cm away from the Create New button is a sticky thread called 

What your Credit Score really means - Please read first before posting about a credit score issue

Please read this as it explains why scoring is irrelevant

Thanks - I did read it before posting, but didn't find it helpful. I really just wanted a yes/no answer.

eskbanker

[Deleted User] said:

Nasqueron said:

When you came on the forum, a few cm away from the Create New button is a sticky thread called 

What your Credit Score really means - Please read first before posting about a credit score issue

Please read this as it explains why scoring is irrelevant

Thanks - I did read it before posting, but didn't find it helpful. I really just wanted a yes/no answer.

It's really two yes/no answers:

Will this affect your credit score? Yes
Does that matter in any way? No....

Nasqueron

[Deleted User] said:

Nasqueron said:

When you came on the forum, a few cm away from the Create New button is a sticky thread called 

What your Credit Score really means - Please read first before posting about a credit score issue

Please read this as it explains why scoring is irrelevant

Thanks - I did read it before posting, but didn't find it helpful. I really just wanted a yes/no answer.

That's disappointing to hear, the thread makes it clear it's irrelevant and can be ignored as a measure of credit worthiness, perhaps it needs to be even clearer