Long standing bank relationships and credit scoring

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
7 replies 800 views
chaffeychaffey Forumite
10 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
I have been with Barclays for over 10 years now but I am currently in the process of switching my current account to a Halifax Student Account (back to uni after a break!!). I don't have a problem with switching current accounts because the process seems very easy to do. The dilema I am having is if to keep my Barclays account open or not?

From what I understand if you have a long relationship with a bank they look favorably on giving you credit and such like. Now even though Barclays probably isn't the best bank to be with, is it worth keeping this account open to keep the relationship going or is there no point in keeping it what so ever? I doubt very much that I will ever need a loan (well apart from a mortgage one day!) so is this all a waste of time?

Any advice will be much appreciated


  • grumblergrumbler Forumite
    54.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Keep it.....
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • how come you'll NEVER need a loan for anything?
    wish i was so sure about that.
  • mleonard79mleonard79 Forumite
    1.6K Posts
    Part of the Furniture Combo Breaker
    I've had a Barclays current account for nearly 10 years too and when I switched to a&l I kept it as I feel that having such a long relationship with such an established bank is a good thing to have. It doesn't affect your credit score to keep it unless you have an overdraft as far as I know so it can do no harm to keep it just in case. I also kept it as I link the barclays internet banking and have never had any trouble with the bank - it's just a pity the account itself isn't so good!


    :hello: :hello: :hello:
  • james3333 wrote:
    how come you'll NEVER need a loan for anything?
    wish i was so sure about that.

    Sorry should have said in the short to medium term! I would love to never have to have a loan but if needs must and all!!
  • Keep it. Accounts that have been open for years are very good on application forms when trying to open another account with another bank. I believe in some cases reduces the amount of ID they may request (if requesting any at all). Doesn't matter if you use it or not as it's just about how long you've had it.
  • Thanks for the advise guys. I guess if it does me no harm I might as well keep it.
  • richt71richt71 Forumite
    946 Posts
    I've had a halifax cash account for 19 years now but everytime they've tried to upgrade me I get told I didn't meet their criteria! That was even when I had a good credit score and had a number of credit cards. All very confusing I can tell you!
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