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Had a few concerns about the affects of regular current account switching on your credit score.
I did some research and put together what I know in this thread. https://twitter.com/FIJohnson1/status/1305978759821099009
I did some research and put together what I know in this thread. https://twitter.com/FIJohnson1/status/1305978759821099009
Switching to a new current account does reduce your credit score for a short period of time and has a minimal affect.
There are people who've changed bank accounts 6 times in 27 months bagging £800 and say there was little impact on their credit score.
There are people who've changed bank accounts 6 times in 27 months bagging £800 and say there was little impact on their credit score.
However, if you are getting a mortgage or about to borrow a large sum for big purchases such as a car, you might not want to change current accounts in the 12 months before.
But again there are stories of people having no trouble at all switching and still getting a mortgage.
But again there are stories of people having no trouble at all switching and still getting a mortgage.
To reduce the impact, don't ask for an overdraft (don't go overdrawn) and never default on any credit payments.
If you're worried about your credit score use a credit checker like Experian and see the effects for yourself.
If you're worried about your credit score use a credit checker like Experian and see the effects for yourself.
