I have been with Natwest ever since I was 11, so that's now 6 years. I am planning to change to Halifax when I am 18 though because they offer the best student account.
I have been told that changing banks affects your credit score, which is why they ask you when you are applying for a loan, mortgage etc for how long you've been with your current bank for.
Is there any truth behind this? Or should I just change?Will changing my bank account affect my credit score?Credit Scores in the US have absolutely nothing to do with which company you do your banking with.
However, when applying for a loan, a history makes you appear more stable. Typically, unless you are buying a commercial property, you don't need more than a one-year history with a bank. So, if you're not planning to buy a house in the next 12 months, changing won't hurt you. Will changing my bank account affect my credit score?~~No it will not in any way affect your credit score. The only reason they ask that question is to see how long you have been a customer. A bank never reports any information to a credit rep porting agency (unless of curse it's a default of some sort and it goes to a collection account).~~Will changing my bank account affect my credit score?www.moneysavingexpert.com
Great advice re credit score. Also get a free trial at Experian and look at your credit report ;)Will changing my bank account affect my credit score?It will not have any affect.
