Current Account Longevity?

Jan 21, 2004 2 Replies

Hello Everyone,



Quick question, I've been asked a few times (notably when shopping for mortgages) how long I've had my current bank account. Since I'm thinking of changing my current account in the not-too-distant future, I'm curious as to what impact this will have on my credit score and so forth (provided I've kept the account in good order, of course). Are people who've only had their, er, *current* current account for a short time, penalised?



Sorry, this might be a really naive question :-)



TIA, Billy


I believe that credit scores are effected by those who appear to change banks often so it does follow that if you have had a bank acconut for a short period of time, it may effect your credit score. You might want to do what many have done and that is to keep your old bank account open, retain a small balance in the account and, just to be absolutely sure, have the odd cheque or direct debit/standing order going out every month. Whenever you then apply for a new service, quote the old bank details and say how long you have stayed with them rather than the new bank. In this case, it's unlikely your credit score will be effected.

Regards, Far

Thanks Far, that's good advice. Cheers, Billy

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