Ruining credit rating?

[utd]

Hi guys,

I have been lurking around the forum for some time now trying to build up my knowledge of stealth.

One of my main concerns is that I don't want the operation of a stealth account to have an impact on my credit rating.

Part of stealth would mean me opening a handful of bank accounts (if I chose to run more than 1 stealth). At the moment I have 2 current accounts (already linked), am I right in saying that opening say 5 basic online accounts will have an impact on my credit rating? Then you also have the problem that if 1 stealth goes down then I need to close 1 bank account and open a new one?

Any help appreciated.

Thanks.

[Geegee83]

Hey utd,

I would advise opening a new bank account and then some savings accounts with the same bank, that way it's only one credit check.

Credit checks do affect your score, it did with mine, but it soon bounced back, I think they consider how many searches you have had in the last 6 months.

Just open one every few months, and go slowly and you will minimise the risk. I started stealth about 1 year ago, have around 7 bank accounts now and a very high credit score with experian.

[utd]

Thanks geegee. I have a HSBC current account at the moment with an online savings type account that has never been used on PayPal. Could I just use this initially and then open another HSBC savings account, and then another...

This wouldn't flag up as being weird with my bank would it - the fact that I am opening and closing savings accounts every couple of months.

In terms of worse case scenario, if I had 5 stealth bank accounts and they all went down in a few weeks I wouldn't be able to wait a few months before opening a new bank account. What would be the best bet in this scenario?

Just out of curiosity, I'm assuming you have 7 stealth accounts? This is another thing I need to think about, how many stealths to have!

[Geegee83]

I have some bank accounts for my regular banking. 3 accounts are for PayPals that went down, so I have 1 stealth left (currently unused) and I think 1 or 2 more bank accounts spare.

I think it might look a bit odd opening and closing accounts all the time, why are you expecting to lose the account so easily?

There is a thread on here about the best UK banks for stealth, I'll see if I can find it. Some savings accounts are okay for stealth, others aren't as they don't like mismatched names depositing funds.

Start with 1 stealth and 1 bank account, give it a month or two, then start adding more. You don't want to go too quick and get something wrong and waste the bank accounts.

I'm sure more specific help will be along shortly, but hope I helped a little.

[Geegee83]

http://www.aspkin.com/forums/uk-ebay...-accounts.html

[utd]

Geegee you have been very helpful!

I have seen a lot of replies on these forums where people are just 'having a dig' at others faults so thank you very much for your help.

Being new to stealth I just want to make sure I get everything right and it's comforting knowing that there are people like you on this forum who are happy to share their experience without being funny about it.

Regarding the bank accounts, I am not expecting to lose accounts that easily but am just preparing for the worse case scenario.

It's been a while since I was selling on eBay - to be honest I don't even know what I will be selling when I start stealthing again!

I just want to have accounts in place for when eventually the right products come along (hopefully).

I'll do some digging around the forum re HSBC because I think the replies on that thread aren't recent enough for my comfort! Haha

You can keep keep an eye on your credit rating for free using noddle.co.uk

Most banks are good for stealth. Halifax, co-op are my favourite 2.

Many advise opening basic accounts as it runs a soft check, rather than the full check with current accounts. Once you sign up for online banking you can open and close accounts online.

[Geegee83]

You're welcome!

I heard Halifax is good, and I used Tesco and Tesco savers, you can open them online, so with Tesco you could probably arrange 4 accounts with just one credit check I think. That's what I did about 6 months ago, so hopefully someone will correct me if Tesco is no longer good.

The search function is great, it takes a while to get the info as it's in dribs and drabs, no-one seems to want to say anything sometimes it seems, but it's worth getting it right. There also seems to be some possible ways to withdraw funds without a bank account, but I've been researching that recently and I've not drawn a definite conclusion yet as to whether it's worth it.

Are you going to be buying accounts or making your own? If making your own, 3V vouchers are good for the "credit card" part of it, although I buy accounts on here, so not used it myself yet. Buying accounts is good as you literally just have to add a bank account and everything else is sorted.

Hope it works out for you!

[Geegee83]

Meant to add, Barclays is good. You can add a few "pots", basically savers, and I've used those before without issue. So you can have the main account, then up to 4 pots I think, they all come with their own account number and sort code.

[utd]

Just smile - thanks for that website, never knew you could do a free credit check apart from the 30 day experian!

Regarding the bank accounts, I have a HSBC and Natwest. If possible I am trying to avoid opening any 'new' account so I will look into if I can get any online savers with these.

Geegee - most likely will be making mine as I want to learn the process. I will have to give 3V a go and give you feedback.

I am looking unto alternative cash out method as well but will probably look deeper once I have made my first stealth (in about a week). Let me know if you do come across any other decent cash out methods

[richie2065]

I must have opened and closed 30 plus savings accounts with halifax and first direct over the past 7 years or so and still have a 999 credit rating on Experian.
i think as long as you are already with the said bank they dont need to review your credit file

[utd]

That's good to know. In conclusion it looks like the initial account opening triggers a credit check but any subsequent accounts with the same bank do not.

It's just a case of not opening and closing too many in quick secession!

[Geegee83]

Good info there, I'll bear that in mind myself too!

I think with all things stealth, slow and steady is safer.. infuriating when you just want to get on with it though haha.

Cashout methods that I saw on a thread the other day included supermarket gift cards.. not sure how easy that'll be, but I think I'll try that at some point and see what happens.

[Haidukken]

Originally Posted by utd

That's good to know. In conclusion it looks like the initial account opening triggers a credit check but any subsequent accounts with the same bank do not.

It's just a case of not opening and closing too many in quick secession!

That's exactly how you should operate and once you get the hang of it and run the stealth operation with GREAT care and use plenty of common sense, add the stuff you learn from this forum then you really shouldn't have a need of opening and closing of bank accounts. Over time, as you get better, then things will become more and more stable and even if you lose one account, you can keep the operation functional and as you open a new bank account, it doesn't affect your credit rating that much, it's just a thing that happens. If you lose a saving account, then it's obviously slightly less of a trouble as it doesn't show up on the credit report.

[utd]

Excellent! Loving the willingness to help on the UK forum so far.

Looking forward to creating my first stealth account but I need to keep the word 'patience' in my head at all times. Even though I haven't sourced a product(s) or have stock to sell at the moment I still want to get onto it ASAP.

[Geegee83]

Nothing wrong with setting the account up and selling a few random bits from around the house.. then when you have your product you will have some normal looking sales history and you will have aged the account a little too and have some feedback.

Better than trying to rush it all through when you receive your product and then having to wait for x,y and z..

[utd]

Very true geegee. In all fairness I'm probably in a good position as when I eventually do find my product the account should hopefully be strong.

[rsot]

Geegee has been dominating this thread