Help with Bank Accounts

    Hi, could someone tell me if changing bank accounts regularly would have any impact on my credit rating? I am tempted by these offers from Santander, First Direct and the likes, but dont want it to screw up my credit rating (which is already abysmal)...

    Any thoughts would be much appreciated.


    All depends how often you want to change the bank accounts as each time you get a new bank you are credit scored which in a way if you have too many too soon its a bad thing, Also if they start to get declined it put a black mark for any future credit checks.

    Normall you can have around 6 credit searches per year buy too frequently can Flag the possibility of a problem' Changing once a year should not be a problem. but remember if you do, its your decision.

    Original Poster

    Thanks for the advice beth and michael

    I have or have had an account with just about every bank and currently have about 6 credit cards. I have had many more but cancelled them once the promotion has ended. I've got a perfect credit history and just try space all my applications out (1 every 3 months or so).

    Right now I got my eye on Natwest's / RBS's new bank account that comes with a 2% debit card but have only just been accepted for a Lloyds TSB airmiles card so will be waiting a few months before I apply.

    Have a read here for more info on how credit ratings work.
    Edited by: "flyingflea" 26th May 2011


    its fine to open a new account every 6 months or so. Just dont keep closing old ones too frequently.

    I have about 20-30 bank / credit card accounts and have no problem getting these offers (and I dont even work!).


    I've got a perfect credit history

    Could you qualify this comment?


    Could you qualify this comment?

    I'm on the electoral roll, I've never missed a payment, I've lived at my current address 10 years +, I've had my main current account 10 years +, never defaulted on a loan and there's nothing on any of my credit reports that adversely affects me or shows me as a risk etc etc
    Post a comment
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