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  • FIRST POST
    • karcher
    • By karcher 17th May 17, 8:12 PM
    • 1,853Posts
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    karcher
    Closing a recently opened, unused savings account
    • #1
    • 17th May 17, 8:12 PM
    Closing a recently opened, unused savings account 17th May 17 at 8:12 PM
    As per the title, is closing a BS savings account, which has never been used, likely to affect credit records/rating if you are about to apply for a new mortgage.

    Thanks in advance.
    'I'm sinking in the quicksand of my thought
    And I ain't got the power anymore'
Page 1
    • LighterWallet
    • By LighterWallet 17th May 17, 8:19 PM
    • 4 Posts
    • 1 Thanks
    LighterWallet
    • #2
    • 17th May 17, 8:19 PM
    • #2
    • 17th May 17, 8:19 PM
    Going from my recent credit check/report I saw that account openings/closings were recorded.
    That being said, would it affect it negatively? Difficult to say, although personally I just left old accounts as they were until AFTER the mortgage has been approved just in case.
    • cjv
    • By cjv 17th May 17, 8:57 PM
    • 206 Posts
    • 107 Thanks
    cjv
    • #3
    • 17th May 17, 8:57 PM
    • #3
    • 17th May 17, 8:57 PM
    Savings accounts are not reported to the credit agencies
    • karcher
    • By karcher 17th May 17, 9:26 PM
    • 1,853 Posts
    • 17,174 Thanks
    karcher
    • #4
    • 17th May 17, 9:26 PM
    • #4
    • 17th May 17, 9:26 PM
    Savings accounts are not reported to the credit agencies
    Originally posted by cjv
    Thanks for your reply.

    This may sound like a daft question but how do you define a savings account from any other?
    'I'm sinking in the quicksand of my thought
    And I ain't got the power anymore'
    • Jaglad111
    • By Jaglad111 17th May 17, 9:43 PM
    • 142 Posts
    • 203 Thanks
    Jaglad111
    • #5
    • 17th May 17, 9:43 PM
    • #5
    • 17th May 17, 9:43 PM
    I opened a basic Santander account with no request for overdraft, purely as a backup, the account is reported. If you close yours and it is reported then it will lower you average time of account, which may or may not be a criteria of individual lenders.
    • cjv
    • By cjv 17th May 17, 9:56 PM
    • 206 Posts
    • 107 Thanks
    cjv
    • #6
    • 17th May 17, 9:56 PM
    • #6
    • 17th May 17, 9:56 PM
    Thanks for your reply.

    This may sound like a daft question but how do you define a savings account from any other?
    Originally posted by karcher
    For example, if you opened a Nationwide current account this would be reported on your credit file. If you also opened an instant access savings account with Nationwide, this would not appear on your credit file.

    Remember you can check your credit reports for free with Noddle, Clearscore and MSE credit club. This will show you all the accounts you hold which are being reported to the credit agencies. Probably a good idea to do this before applying for any Mortgage, as it will let you spot mistakes or errors in your credit history which you are unaware of
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