Ask Andy #36: Your money questions answered

My regular round-up of your personal finance questions.

I love hearing from you, whether it’s on the blog, social media, YouTube or email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.

But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.

Keep reading for some of the questions I’ve been asked, plus the video live from this week with even more!

Watch the latest live Q&A

Most Tuesday evenings you’ll find me live on YouTube and Instagram answering your questions. It’s probably the best place to ask!

Here’s the latest video:

This week’s extra questions

If you’ve asked me a question elsewhere, you might find the answer below!

How soon can I switch again?

Hi Andy! How soon after switching (to claim a switch bonus) can I switch again or close that account? Thanks!

Baggers, via YouTube

Pretty much once you’ve got the bonus you can switch again – unless the account offer specifically states you must stay for a set time

Can we choose which credit report lenders use?

Hi Andy… Can we apply to The other Credit score agencies to find out our credit score. Went to SCS Sofa’s… The sales guy didn’t notify me which credit agency has rejected us buying the sofa. Please help… Me and my wife are always on time paying all our bills. I can’t still believe we have been declined

Chetz, via YouTube

Sadly not, it’ll be based on the lender the sofa company uses (rather than the sales man himself). I’d check all three reports though to make sure there’s not a glaring error on one which could be the reason.

Do I need a current and savings account?

Hi there. I am currently 17 and haven’t got any job or anything like that. I will be turning 18 soon and I am very confused as to what bank I need to choose. I don’t earn but I will be getting a job in the future. Question is. Do I go for a current account or savings? And for my first bank do I go for a high street bank or mobile only. Starling seems to be the best one personally to me but need your advice!

Shakir, via YouTube

Hi Shakir, you definitely want a current account. That’s where your salary will be paid (when you start working), where you’ll get a debit card and your subscriptions, bills and spending come out of.

I think Monzo or Starling are great ones to consider if you’re happy having everything on your phone as they have lots of features which will help you stick to budget and track spending.

But if you do need a high street account (will you have lots of cash?) then maybe look at one of the others.

Your savings account should be separate. This is where you can hopefully get the best rate of interest with money you’re not spending. Check out my other guides for the best deals there.

What credit score do I need for an Amex?

What appropriate credit score do you need for this American Express credit card? Experian out of 999

KA via YouTube

It’s impossible to say! Even with 999 there’s a chance you could get rejected as the score is just an indicator of how good your credit report is, and that’s not the only thing credit card companies will look at.

To find out your chances you can do an ‘eligibility’ check direct with Amex, or via a comparison site. This will tell you your chances of getting accepted. It could be 100% pre approved, or perhaps it might be 8 out of 10, or 4 out of 10 etc. This check won’t show on your credit score so there’s no risk to your credit report.

This video is a little old but it takes you through the steps.

How to ask me questions

The best ways to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me live in my weekly Q&A each Tuesday (which is on Instagram and YouTube).

You can also comment on individual blogposts and videos or ask me questions via these channels:

• Twitter @AndyCleverCash
• Instagram @AndyCleverCash
• Email Andy[at]BeCleverWithYourCash.com

I can’t promise I’ll be able to answer all questions but I’ll do my best. I tend to look once a week at all the messages, so you might have to bear with me for a reply!