Bank Accounts

[donkeykong2012]

I know this has been asked a few times, but I would like some advice specifically regarding my own situation.

Of the 17 EBay/Paypal accounts I have, 11 now have Bank Accounts attached.

Almost all are with different Banks.

However I want to open more to accommodate the remaining EBay/Paypal Accounts.

My plan was to open one a month, but I was thinking of making that two.

Although from reading some say opening too many accounts is risky.

I have difficulty seeing in how opening one a month is an issue. Would this impact Credit score in any way?

Thanks.

I believe they do check your credit score when opening accounts. Why dont you check your credit score and see what it looks like? If its excellent or very good then all is well.

You can check equifax for free, if you sign up via quidco you can get cashback to.

[mrzoo]

No it wont affect your credit score unless you have any payment dues and they know your real identity. I believe since you have managed 17 accounts, you know the game. Just make sure you dont link them. I lived in london 5 years, how did you manage to find 17 banks...never realized there were so many banks...lol.

[donkeykong2012]

My Credit score is practically perfect.

I have some debt as well, never missed any payments or anything.

I was in HSBC yesterday and arranged a Telephone Banking number and Internet Banking service for the latest account.

I used to subscribe to Equifax and Expedia, I may resume this as it is very useful.

[rsot]

Unless you owe money to banks and let your accounts go negative, it is unlikely that your credit score is affected only due to opening up 1-2 accounts a month

[donkeykong2012]

Thanks for clearing that up.

All my Bank Accounts are in credit.

I currently have accounts with Halifax, Lloyds, BOS, Barclays, Smile, Nationwide, RBS, Natwest, HSBC, Santander, Co-Op.

Most are at zero balance at the moment. All have been opened over a period of a few years, a few in the last 3 months.

[Baffled]

It does and doesn't affect your credit score.

It affects it in the sense that everytime you open an account a soft search and a hard search is performed. These are what we know as "footprints" so yes it will show every application you have made, although this doesn't drastically lower your credit rating it will lower it in some way.

[GreenBean]

Originally Posted by rsot

Unless you owe money to banks and let your accounts go negative, it is unlikely that your credit score is affected only due to opening up 1-2 accounts a month

Please you are inaccurate again regarding UK credit law.

[GreenBean]

Originally Posted by donkeykong2012

Thanks for clearing that up.

All my Bank Accounts are in credit.

I currently have accounts with Halifax, Lloyds, BOS, Barclays, Smile, Nationwide, RBS, Natwest, HSBC, Santander, Co-Op.

Most are at zero balance at the moment. All have been opened over a period of a few years, a few in the last 3 months.

rsot gave you off advice even though he said unlikely.....

All of the UK banks have the right to make a soft mark against a customer's name. Too many does flag the name. Some banks may decide to look further into the activities of the customer.

In your case, I do not understand why you are looking to go to more banks?

Given the names you mentioned, you could use multiple accounts within a banking group.

This is what I do for stealth purposes.

[donkeykong2012]

Yes I understand.

I am exactly going to do that. Open up a few more accounts with each of the banks mentioned.

Originally Posted by GreenBean

rsot gave you off advice even though he said unlikely.....

All of the UK banks have the right to make a soft mark against a customer's name. Too many does flag the name. Some banks may decide to look further into the activities of the customer.

In your case, I do not understand why you are looking to go to more banks?

Given the names you mentioned, you could use multiple accounts within a banking group.

This is what I do for stealth purposes.

[donkeykong2012]

Originally Posted by GreenBean

rsot gave you off advice even though he said unlikely.....

All of the UK banks have the right to make a soft mark against a customer's name. Too many does flag the name. Some banks may decide to look further into the activities of the customer.

In your case, I do not understand why you are looking to go to more banks?

Given the names you mentioned, you could use multiple accounts within a banking group.

This is what I do for stealth purposes.

Out of curiosity, are you also saying the soft mark is made when a new bank account is opened with the same bank - or is this something totally different?

[NoneOther]

Credit scores are generally only guides used by credit reference agencies for their retail customers i.e. you.

Banks and lenders do not use credit scores as they each have their own risk analysis criteria.

Each and every application to open a bank account will result in a generic ID check and address check if you are applying for a basic account.

If you apply for a current account it will result in a full credit check.

Applications to banks you already have accounts with will still result in the generic ID and address check.

Opening new accounts on a monthly basis will invariably have an effect on how banks view your activities. If they suspect anything untoward they can take action against any existing accounts and can place CIFAS markers on your credit file which will have a dramatic effect on your ability to open more accounts in future or indeed get credit.

Care should always be taken on the frequency of opening bank accounts.