How does length of stay at current bank affect your credit status?

Question

I was thinking of switching banks but I remember reading, on a couple of credit application forms a few years ago, that there were questions asking how long you had been with your bank for. Why do they ask this?

Answer 1

It's a vague indicator of your financial stability. This, plus all the other factors affecting your application, are munged into a big formula that spits out a 'yes' or 'no'.

Different institutions will apply different weight to this question. I've heard it suggested that, if you've only been with your bank a short time, you include a statement to the effect that you were with your last bank for x years and still have an excellent relationship with them. More than likely this statement will never be seen by a human, though.

Answer 2

nicely that's a definite and a no. specific in the experience that their banks are secure. which skill they don't look to be a area of the international international as much as different international locations. america banks are very nearly worldwide while chinese language banks are actually not. Secondly, they are effected because of the fall of call for for their production sector. If we call for much less, businesses make much less consequently much less gross sales. With much less gross sales they'd desire to borrow to pay the expenses if not they lay human beings off. And a similar element occurs there because it does everywhere else. The chinese language economic gadget is purely in part secure by contrast yet they are heavily uncovered with the aid of their production and production sectors. And that leads each and each of ways as much as their banks. however the subject concerns there are additionally extra distinctive because of the fact of different subject concerns like extreme inflation hurting their economic gadget, which places greater strains on each and every thing. they don't look to be as secure as one would desire to think of. this would nicely be a international venture not purely some international locations.

Answer 3

Hi!
I would hazzard a guess at trying to gauge stability. Don't move very often..don't swtich jobs very often..etc...etc.

I would guess they're just trying to establish yet another trust metric. After all..what do loan people care about? Getting their money back, of course...and then some.

I could be wrong..but I don't think so.

Answer 4

your bank has zero to do with your credit, unless you have a loan with them. Bank accounts are not credit issues unless you owe them. Why they ask, no idea. Probably marketing.