Here's my article with more on the impact on your credit score of opening a new current account becleverwithyourcash.com/does-bank-switching-affect-your-credit-score/
I’ve had a basic bank account for about 10 years, I just haven’t bothered switching to a current account. Does the fact it’s a basic account look bad to potential lenders? Its has a healthy balance for many years, if that has any bearing.
Hey Andy, I've found your channel this week due to looking into Monzo! Very informative and loads to watch and get more savvy for 2022. A friend mentioned this bank to me and now after being with Lloyd's since I was 17yr now 40! Tempted to leave Lloyds but also as you mentioned in this video I've had a good repore with Lloyd's so a bit scared.. 😬 I'm loving Monzos features and pots for saving
How long does it take if points are deducted from your credit score for them to be increaces again? I opened two new accounts, and as I was moving, New address, new energy supplies, new broadband. So I fear it has been hit for a long time. Thank you for your videos.
Thank you for simple explanation of these application. Is it advisable to open multiple current accounts at same time without applying for overdraft. Thanks
After an inheritance, I have been doing a financial overhaul, changing some of my service suppliers (to get a better deal) & I recently applied to switch a few accounts. I opened up 3 current accounts that has bonuses, that also had savings attached & made the switches from newly opened current accounts from my long standing bank that I have been with for over 35 years. I was recently rejected from switching to another account that had a bonus but I was advised I could open another current account with them (not with the bonus) & the bank has refused to explain why but offered me £50. 00 for the inconvenience! My credit score is good, I own my home outright, I don’t use credit & pay for what I need. I am rather p****d to be rejected & not to have the bonus. What can I do?
@@Equinox4523 from breaking my long time relationship with my previous bank (as i did a full switch), and undergoing a hard search to open the new bank account. Basically the points that Andy made in his video.
@@Equinox4523 yes im aware that credit score is irrelevant but andy said your report is affected if you stop a long term relationship with a bank! Which is what has happened in my case
@@melanoire Thank you for commenting, as I have been considering changing banks completely as well...but will also be applying for a mortgage loan in the next few years ..your confirmation of this credit score issue has helped me make a more informed decision(to hold off on moving everything). Instead, I will probably just move a portion of my funds over for now.
I wish I had watched your videos sooner! Back in May I closed my Lloyds bank account (had it since I was 13 in 2009) leaving only my Monzo and Starling account. I just recently opened an Amex credit card. And switched my Starling account to Halifax (using a switching bonus) but was planning on closing that Halifax account because they charge a fee. Would it help my credit score to reopen the Lloyds bank account? So I would then have Monzo + Lloyds?
I just gave experience creditor my bank information is that a good thing or should I not let them know??? Is it safe??? My checking account is vary good. I just want my money to be safe.
