Will changing my bank account affect my credit score?
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?
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.
