How bank switching affects your credit report

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Күн бұрын

Moving bank can bring you savings and make it easier to manage your money. But what’s does it do to your credit report?
Find the latest bank switch deals on our site becleverwithyourcash.com/the-...
W A T C H N E X T
Dummy current accounts for switching
• Dummy accounts for ban...
Natwest £200 Feb 2024 switch offer
• NatWest £200 switch of...
Lloyds £175 switch deal Feb 2024
• BANK SWITCH: Club Lloy...
#Bankaccounts #creditreport #bankswitching
00:00 Why we open or switch bank accounts
01:12 Your credit report and why it matters
02:51 What happens when you open a new bank account
04:01 How opening a new account can hurt your credit report
06:49 Other times new bank accounts can impact credit report
08:23 How switching bank accounts impacts your credit report
MORE
S U B S C R I B E / @becleverwithyourcash
N E W S L E T T E R - becleverwithyourcash.com/news...
(You'll also get a free Quidco bonus for signing up)
T W I T T E R - / beclevercash
I N S T A G R A M - / becleverwithyourcash
F A C E B O O K C O M M U N I T Y - / 2661970707423383
W E B S I T E - becleverwithyourcash.com
A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

Пікірлер: 31

@battyjoe 4 ай бұрын

These credit reports are stupid sometimes. I have a good salary, own my house with no mortgage, have no debts because I don’t need any. Credit score is Ok but says I need loans etc to improve my score. You would think that because I am fortunate and don’t struggle that the credit report score would be sky high

@OxidusMagicus 4 ай бұрын

I agree, in this video he says about how switching accounts you can take advantage of cash offers, that is financially sensible yet looked upon as a negative, I too have just got a credit card just for the purpose of improving my credit score even though i have no debt and dont need one.

@richfrommitch 4 ай бұрын

I've made over 2k in switches in the last 16 months. Credit score dropped by 17 that whole time.

@Alex-xt2gn 4 ай бұрын

Lol mine dropped over 300. Just additional update and side note, I was 888 credit score before.

@fiifiacquah-cobbold9295 4 ай бұрын

This video helped a lot. Thank you

@klaudia.k6880 4 ай бұрын

Great stuff

@allendavid4139 4 ай бұрын

Sometimes there are good reasons for switching like you’re local branch closing , any chance you can add that on you’re credit file

@DanJHayes 4 ай бұрын

I've switched a couple of times a year for the last few years. My credit score hasn't dropped, it is still at 999.

@justaspartan8203 4 ай бұрын

Won’t be applying to borrow any money anytime soon, so I don’t think it will make any difference. Just keep on paying the bills in full and on time.

@patpalloon 4 ай бұрын

I've just done the Natwest switch - used a dummy Chase account for the switch. Waiting for the £200. After that should I close the NW account, or use it for the next switch?

@kelechionyediala2221 4 ай бұрын

Nobody told me I switched account not because of cash there were no cash . I just did not want to have too many accounts and it was detrimental to my credit score

@mramechi300 4 ай бұрын

doesnt matter. £1500 in 2 years, or a drop in 15 points. its still worth it.

@sheriff8530 4 ай бұрын

Lot more than 15 in my experience. Started switching late 2023, done about 4 switches now and I’ve gone from 999 to 920.

@herrguru4264 4 ай бұрын

@@sheriff8530 LOL. nobody (except perhaps the Queen of England) has as a 999 credit score. So please stop lying. You went from a very good A+ 950 to a still very good A 920 credit report. 😆😅🤣😂

@jimbojimbo6873 4 ай бұрын

There is absolutely zero difference between 920 and 999 credit score from a banks perspective

@1must723 4 ай бұрын

I opened Lloyds it said as long as you open 2 active DD and we will sort the rest out so i opened up the switch then activated 2 Direct Debits waited for the old account to be closed its closed then i get a Text saying you did not have 2 DD in old account so i was told no cash for you as the DD was not switched over WTF

@sheriff8530 4 ай бұрын

Your direct debits needed to be on your old account and then get switched across

@1must723 4 ай бұрын

Thanks i did not read it that way looks like now i will swich from Lloyds to Natwest as extra account not needed @@sheriff8530

@NickIrvineFortescue 4 ай бұрын

The Ts and Cs on that switch said the DDs needed to be already set up on your old account. So this is a case of not reading the full document of the deal rather than just the headlines of it I'm afraid

@LawrenceTimme 4 ай бұрын

I would like to do this, don't really care about the credit score, the main problem would be remembering all the stupid 5000 letter passwords. I'd rather just do a few extra hours overtime at work a year

@BlindKornel 4 ай бұрын

Just save the passwords to your phone and let it auto fill you log ins

@hedwigwendell-crumb91 4 ай бұрын

Long time no see Andy. Looking good. Beard is looking mighty sexy as always 😍

@sidkings 4 ай бұрын

Got my £100 from Coop switch. Waiting for the £50 saving bonus Also got £25 after complaint. I've lost count how many switches I've made via the channel. Much appreciated Andy. 👍

@PeachesandCream225 4 ай бұрын

what was your complaint if I may ask?

@sidkings 4 ай бұрын

@@PeachesandCream225 I wouldn't recommend using co-op as your everyday bank. Their whole set up and banking processes are quite archaic. Most things are done over the phone and as much as they say "don't share your password" at one point you genuinely do have to reveal your password to to them to set up your debit card. Yes... Exactly! Anyway my complaint was that I made 3 attempts and spent over 3 hours just trying to get through to them so I could set up my debit card for online payments. No online facility exists to this. You have to ring them and the average wait time is 45-60 mins. One person hang up on me, they claimed they couldn't hear me. Another time the line cut out after 40 mins waiting. It was ridiculous. Wasted an entire afternoon for something that should be done in seconds via an app. That was unacceptable to me and initially I left a negative review on trust pilot, they then rang me after reading my negative comment and discussed ways in which the are trying to improve their service. They then gave me £25 as an apology.

@ronankc 4 ай бұрын

Did you get your £100 from COOP shortly after you hit all the criteria? I think I just hit all the criteria wondering how long it’ll take for my £100 to come as I’m going to switch to Lloyd next🤭

@sidkings 4 ай бұрын

@@ronankc I got the money last week. I thought it was going to be later. Still waiting on the £50 for the savings account. Nice 👍.. I did Lloyds a couple of years ago.

@Kendoddsdadsdogsdead532 4 ай бұрын

Nah don't agree cash is king....switch switch switch. It's a bit like when you take cash out at an Atm to use at say a cash only fish and chip shop. The credit report don't like it.....hard lines, i like cheaper fish and chips I'd rather have 175 quid in my bank to spend than -17 points on a credit score that will go back up again when we continue to pay everthing on time