How long should you wait before applying for another bank

Financial Chat
1

Hi there!
I have an enquiry, not sure if it’s allowed here but I would be great full if someone gives be advice.
I have extreme paranoia where I like to spread my money around I don’t have much funds but I still like to split it incase a bank Collapses. I know it’s protected but my brain can’t process that and starts to think the fsca could even collapse then I wouldn’t be able to claim lost funds and it saves the hassle of waiting for a cheque etc.

SO Basically my question is: If I open an account or apply for a contract how long should I wait before applying for a new bank account so it doesn’t effect my credit score negatively as I got told apply closely will damage you for a year

3

Sorry I don’t think I explained myself correctly. Is their a set time I should wait? 1 week? 1 month etc

5

Ignore the troll above.

New accounts stay on your credit report for 6 months. After then it should go back to normal providing you don’t go into your overdraft or borrow any money :slight_smile:

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6

Your credit score is just a made up number.

Open 10 accounts today if you want to.

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7

Thank you. I just wasn’t sure as almost every site says different so wanted to double check

8

If you’re about to apply for a mortgage or something I’d be a bit more careful, but otherwise fill your boots.

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9

I use my score as a guide but I’d open loads now and take the hit in one go. Then you’re plain sailing after 6 months.

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10

I think you’re referring to hard searches, which stay on your report for a year (or 2 years in the case of TransUnion). They don’t play a significant rôle after around 6 months, though.

12

If the bank you’re applying to is only doing a “soft” credit check then it won’t affect your credit rating so do check. I would ultimately say though that the dip in your credit rating from a “hard” credit check doesn’t last long (depends on the credit agency so check with them) so unless you’re looking for more credit in the next couple of months, then I wouldn’t worry about it. Just apply.

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