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    • Moomin123
    • By Moomin123 13th May 18, 9:04 AM
    • 9Posts
    • 0Thanks
    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

    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,

Page 1
    • Gary_Dexter
    • By Gary_Dexter 13th May 18, 10:12 AM
    • 3,465 Posts
    • 2,059 Thanks
    • #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
    • 2,536 Posts
    • 2,538 Thanks
    • #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
    • 1,040 Posts
    • 724 Thanks
    • #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
    • 803 Posts
    • 514 Thanks
    • #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
    • 784 Posts
    • 153 Thanks
    • #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
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