Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Moomin123
    • By Moomin123 13th May 18, 9:04 AM
    • 9Posts
    • 0Thanks
    Moomin123
    Credit rating for opening a new account
    • #1
    • 13th May 18, 9:04 AM
    Credit rating for opening a new account 13th May 18 at 9:04 AM
    Hi

    When do you think I can pick up my account switching project again?

    I was to eager when I started in Jan and tried to use all the deals at once, consequently my credit rating went down to very poor. Now 3 months have passed and it is back to fair.

    Do you think I will be approved again or should I wait until it is up to good?

    Kind regards,

    Moomin
Page 1
    • Gary_Dexter
    • By Gary_Dexter 13th May 18, 10:12 AM
    • 2,108 Posts
    • 1,178 Thanks
    Gary_Dexter
    • #2
    • 13th May 18, 10:12 AM
    • #2
    • 13th May 18, 10:12 AM
    Whenever you wish to.

    Credit scores and ratings are made up and are not seen by lenders.
    • ValiantSon
    • By ValiantSon 13th May 18, 10:35 AM
    • 2,537 Posts
    • 2,511 Thanks
    ValiantSon
    • #3
    • 13th May 18, 10:35 AM
    • #3
    • 13th May 18, 10:35 AM
    Gary_Dexter is right, but too many searches in a short space of time increases the chance of you being rejected. There is no hard and fast rule that we can give you, but I would suggest that something closer to six months since your last search might be the better option. Of course, if you want to give it a try and grab a deal that might disappear soon, like the Barclays one, then it will do little harm to have a go. At worst they will say no and you'll just need to wait another few months before trying for a different one. (If you do give it a go and are rejected then I'd leave it another three months before trying again, but this is just my speculation on how it works).
    • 18cc
    • By 18cc 13th May 18, 4:36 PM
    • 737 Posts
    • 493 Thanks
    18cc
    • #4
    • 13th May 18, 4:36 PM
    • #4
    • 13th May 18, 4:36 PM
    I'm not 100% convinced that opening bank accounts has any effect whatsoever on your ability to open further current accounts

    in the last few months I have switched several times from lloyds to First Direct, then to 'B' then to NatWest then to HSBC tjen to Halifax and then have opened a Barclays account for the double rewards and even recently reopened my First Direct account - no incentive of course as I've already had it but nevertheless reopened

    I have had no problems with refusal at any stage
    • binaryuniverse
    • By binaryuniverse 13th May 18, 11:45 PM
    • 763 Posts
    • 479 Thanks
    binaryuniverse
    • #5
    • 13th May 18, 11:45 PM
    • #5
    • 13th May 18, 11:45 PM
    I have opened something like 15-17 bank accounts since Feb 2017. First Direct rejected me (who later accepted on second application). Metro also rejected me, first time. Again, accepted a few months later.

    I've also applied for something like 8 credit cards. Only one rejected me, who then accepted me, about 8 months later.

    So that's 20+ applications, in 15 months, with hardly a problem.


    It's not worth thinking too much about imo. Especially when it comes to current account applications.
    • No_6
    • By No_6 14th May 18, 9:16 PM
    • 662 Posts
    • 139 Thanks
    No_6
    • #6
    • 14th May 18, 9:16 PM
    • #6
    • 14th May 18, 9:16 PM
    Only trouble with opening so many accounts at the same time,
    is when they are due for repayment, where do you go then ?
    You may have the money to pay all the cards but it is to keep the game going.

    without spending YOUR money
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

754Posts Today

6,955Users online

Martin's Twitter