To many Bank Accounts

thatboydean

Hi im new here and have a few questions. At the moment i have 3 current accounts, Halifax, Nationwide and Natwest. Now i'd like to close Natwest and Nationwide and use Halifax as my main account bills and so on. so could someone please tell if i close these two accounts will it affect my credit rateting i have no Overdrafts on these two

neilp

How long have you had the accounts? If you have had them for a long time, they may well not be on your credit reports, particularly if you haven't had an overdraft facility. I have a (now dormant) Barclays account I opened years ago as a student. I checked my credit report recently and it is not there.

exel1966

The number of current accounts you operate will make no difference to your credit rating whatsoever unless there is an overdraft facility attached to them.
Closing the two accounts without the overdraft facilities on them will make absolutely no difference to your rating.

thatboydean

neilp wrote: »

How long have you had the accounts? If you have had them for a long time, they may well not be on your credit reports, particularly if you haven't had an overdraft facility. I have a (now dormant) Barclays account I opened years ago as a student. I checked my credit report recently and it is not there.

15 months and 11 months and both show on my report

thatboydean

exel1966 wrote: »

The number of current accounts you operate will make no difference to your credit rating whatsoever unless there is an overdraft facility attached to them.
Closing the two accounts without the overdraft facilities on them will make absolutely no difference to your rating.

Okay when closed, what mark will be issued on my report. Or will these accounts be deleted

YorkshireBoy

thatboydean wrote: »

Okay when closed, what mark will be issued on my report. Or will these accounts be deleted

It'll say "settled on xx/xx/xx" on Experian, and you'll see an 'S' on Equifax (ie S000000000000). Can't comment on CallCredit reports as I've never ordered one.

The account (in it's 'settled' state) will remain listed on your credit file for 6 years.

Just a comment...since the Nationwide current account offers benefits for overseas spending (including purchases made online with overseas retailers) you may want to keep this one open?

thatboydean

YorkshireBoy wrote: »

It'll say "settled on xx/xx/xx" on Experian, and you'll see an 'S' on Equifax (ie S000000000000). Can't comment on CallCredit reports as I've never ordered one.

The account (in it's 'settled' state) will remain listed on your credit file for 6 years.

Just a comment...since the Nationwide current account offers benefits for overseas spending (including purchases made online with overseas retailers) you may want to keep this one open?

okay do u think it would be a good idea to set my dd to this account so it stays
active?

YorkshireBoy

thatboydean wrote: »

okay do u think it would be a good idea to set my dd to this account so it stays
active?

The Nationwide account?

I have a Nationwide FlexAccount that is largely unused. I don't have any regular credits/debits, but I do run the odd transaction through there just to avoid it flagging up as dormant. I keep it purely for the reasons I gave earlier, and have run it like this for nearly two years now without problems.

exel1966

As YB has said the Natiowide would seem to be the most sensible one to keep unless you're getting the 6.15AER on the Halifax ?
It's also useful to keep an old account open for the purpose of credit applications, be it loans, finance, credit cards etc as all aplications for these will ask for length of time with your current bank. It won't have a huge impact on an assessment of your credit worthiness, but it will work in your favour the longer you've been with a particular bank. Always put the older, rather than newer one, regardless of how much you use it.

thatboydean

okay thanx 4 helping, looks like i'll close Natwest then. one other thing i've been thinking is, would it look better to transfer this account or to close it?