Does Changing Bank Accounts Affect how Credit Card Companies Rate you?

aardvark0

A common question I have noticed on many credit card applications, and have been asked on those occasions I have asked for a credit limit increase, is how long have I been with my current bank?

Presumably the answer to this question goes into their decision making process, and presumably the shorter the length of time you answer the more negative the impact?

The reason this concerns me is that I am considering switching bank accounts, but am completely unaware of what consequences this may have on future card applications etc.

Does anyone have any thoughts / answers?

bethyblue612

When you switch over, don't close your original account. Leave £10 or so in it, then (unless they ask "How long have you been with your MAIN bank account) you can still show a decent history.

aardvark0

bethyblue612 - Is this something they can check on (Via your credit file or with the bank direct?) I imagine that if they have the bank info from your direct debit details, and they are able to check the information, one would be caught out quickly since the direct debit information would be pointing at the hypothetical new account.

Hobo_2

Do not close your old account as stated, length of time looks good on credit report ( with clean history ) i do not see a problem with the DD from a different source they see all your acc info on the credit search.
Many people have multi account`s for budgeting purposes, i alternate payments between diff debit cards when paying online ,also if your old acc has a minimum mthly requirement for say £500/1000 credit you mybe able to cycle this throught to stop them closing the account

Reaper

No, it is not something they can check on. The credit history will show both bank accounts, one long term the other short term.

Banks consider your main account to be the one you pay your salary into, but nothing on the credit history tells them this and they are not allowed to inspect your bank account without your permission.

aardvark0

Thanks all, the way ahead is now clear!