Closing down an old bank account

jamesrcmd

I have had a bank account for almost 10 years which I no longer use. I am inclined to close this down as I have several other accounts I use on a daily basis.

The only thing that is holding me back is that Credit Karma says that closing down that account could have an impact on my credit score. I know well that is only a made-up number and doesn't accurately reflect my creditworthiness.

I just want to know if anyone on this forum has closed a longstanding bank account before and had any issues obtaining credit afterwards. I have never been overdrawn and never been denied credit either.

Thank you.

flaneurs_lobster

Unless there's a good reason otherwise, I'd just leave your long-standing account alone (maybe with a couple of quid in). Advice is generally that having an account that's been exeunt for a good few years can only be good for your credit ratings.

If you are adamant about getting rid, maybe wait for a suitable swap deal and make a few quid at the same time.

elsien

Personally, I would close it. I have other long-standing bank accounts. Any credit will be based on my credit history which is absolutely fine. And I don’t see the point of an obsolete account sit in there forever not being usedI’ve 

CliveOfIndia

If the account has an overdraft facility that you've never used, or only used rarely and for very short periods of time, this will be a positive mark on your credit history.  However, if you have other well-managed lines of credit that you use regularly (a credit card for example), the effect of the current account overdraft will be miniscule by comparison.  So closing the current account will have almost zero effect on your history - you may as well close it if you're not using it.

MrFrugalFever

If you haven't made use of any 'switch' deals then personally I would use it as a 'burner' account to get the switch cash incentives rather than close and not benefit from it.

Closing the account should have little to no impact on your credit history but of course will affect your fictitious score temporarily due to the fact there's been a change. The information contained about this account of yours will still be visible for a further 6 years after closure to lenders.....