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
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?
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
Hi Andy, I would be appreciated if you could spare me some time for my questions. In last 3 months I’ve got an Amex Credit Card and Switched my bank account from HSBC to Natwest, before my score was Good on Exprerian, but now it gone down -126 points!! 😢 Cuz I’ve been told that HSBC is not easy on giving personal loans. But I need around £8K Loan for my surgery in 6 months of time, NatWest did not find me eligible. I live in UK for 1.5 years as a Skilled Worker at NHS. What would be your recommendations for that? 🙏🙏
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.
@@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.
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
You can keep Lloyds (and get Club Lloyds benefits) and still open extra accounts. Well worth doing that
Never heard of it affecting anyone I know, but you’re right it does depend.. my bank does nothing for me these days I should probably move!
Definitely switch if you’re not happy!
Glad I found you, great execution
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?
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. Really interesting episode.👍😊💕🤝😍🇬🇧
Thank you - info very useful.
Keep up the good videos, very informative :)
Thank you for simple explanation of these application. Is it advisable to open multiple current accounts at same time without applying for overdraft. Thanks
Hi Andy, I would be appreciated if you could spare me some time for my questions. In last 3 months I’ve got an Amex Credit Card and Switched my bank account from HSBC to Natwest, before my score was Good on Exprerian, but now it gone down -126 points!! 😢 Cuz I’ve been told that HSBC is not easy on giving personal loans. But I need around £8K Loan for my surgery in 6 months of time, NatWest did not find me eligible. I live in UK for 1.5 years as a Skilled Worker at NHS. What would be your recommendations for that? 🙏🙏
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?
how long do hard searches negative points replenish?
Gr8 info! Can you please do a review on Amazon Credit Card? They are promoting it heavily!
The personal or business one?
Personal one pls. Thanks
@@charugera8037 i have the amazon platinum and i love it! Definitely worth it if you buy a lot from Amazon and are a prime member :)
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.
I don’t know Experience - do you mean Experian or Equifax, two of the credit reference agencies?
Very useful, thanks Andy 👍 I recently switched for £100, im sure my credit report will recover soon
@@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.
My credit score took a hit, but im sure itll recover soon
@@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
And yes i watched the video in full, twice. Calm down mate, no need to be rude
@@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.
Hi if i open new bank account effect my new account?
Cheers m'dears 👍
No problem!
Does anyone know if HSBC do hard searches for opening a new bank account?
Hey Jessica. Yes they will. Starling and Monzo won’t (as long as you don’t ask for an overdraft)
@@BeCleverWithYourCash Thanks Andy.
You have an impressive number of videos with 0 dislikes
where do you go to check your credit score
You can so this for free - Money Saving Expert’s Credit Club (Experian report), Clearscore (Equifax report) and Credit Karma
@@BeCleverWithYourCash Thank you, Do them come in apps too ? cant find the first one
@@maitlandju Clearscore does, not sure about Credit Karma. MSE is browser only
@@brittanyanna7309 how long did that take
Your advice is good, however you are only talking in your tubes. Would be good if you had graphs and information etc which we can view
Does the amount in your bank account affect your credit score?
No, unless you're overdrawn when the debt could appear
I like this guy, similar to Money Saving Expert but not slimy.
My score went from 720 to 620 equifax when doing a switch offer