Bank account for bad credit

steph8008 · 21 February 2007 at 4:08PM

Hi ,

My sister in law is claiming back her bank chages with the Natwest Bank and she wants to open another account just incase they ask her to close the account!!!

The only problem is she has bad credit and is currently getting knocked back from all the main banks i.e lloyds tsb, halifax, hsbc

Does anyone know of an account that deals with bad credit. Even if she just has a cash card she would be happy as long as her wages get paid in and direct debits can be paid out.

Thank you for all your help :T

file_wizzard · 21 February 2007 at 4:13PM

Co-Op cash minder with electron card
Or Citibank seem to be very lenient at present with full Visa delta debit card

Treeves_2 · 21 February 2007 at 8:12PM

I have a bad credit history due to losing my job and illness. However there is a list of banks who have subscribed, as a result of a government initiative, to providing basic bank accounts to such customers. I got this list from the CAB and chose to open an account with the Cooperative Bank. The account is called CASHMINDER. Basic means basic ie. no overdraft facility, no credit card, no cheque book. You must keep the account in credit at all times, no matter how little money you have!!! Bank charges apply if you don't. However within 6 months of running my account sensibly, they upgraded my electron card to a full Visa Debit card. After twelve months I tried to upgrade to a full account, but they refused. This because my personal circumstances haven't changed sufficiently - in other words there has not been much increase in my income.

However, I have now adjusted to running my finances (what little there is) using this basic account. I have set up direct debits and standing orders and so long as there is money in the account, these get paid. So you need to keep a careful eye on things. I check my account every day. Consequently I have learned to live without credit or overdraft and it makes for a more relaxed sleep at night!!!

Hope this helps.

Treeves

regularsaver1 · 21 February 2007 at 9:51PM

steph8008 wrote:

Hi ,

My sister in law is claiming back her bank chages with the Natwest Bank and she wants to open another account just incase they ask her to close the account!!!

The only problem is she has bad credit and is currently getting knocked back from all the main banks i.e lloyds tsb, halifax, hsbc

Does anyone know of an account that deals with bad credit. Even if she just has a cash card she would be happy as long as her wages get paid in and direct debits can be paid out.

Thank you for all your help :T

it may be worth a basic account. you state she applied at halifax. she would not be declined the basic account. sounds like she applied for the full current account

lostcrusader · 22 February 2007 at 7:38PM

Hi,

I have noticed that when the banks do the credit check they then refuse the normal current accounts as standard practice.

Should they have a basic account option that allows direct debits and a cash point card they may offer it to you. If not just enquire if they do have the basic account.

Also, The Co-Op have an application that you can do for their version of the basic account and it comes along with the electron.
I opened up this account as it opens up avenues as far as online shopping and saving money.

Good Luck

Chrysalis · 23 February 2007 at 1:34AM

yeah I may be in the same boat as I currently have a full visa delta debit card and if I lose this I will have big problems as I rely on internet food shopping and other online bill payments.

Already tried nationwide who only offered me a basic account with cash card, 12 years with my current bank and no ccjs etc. means nothing to them I guess.

GirlRacer_2 · 23 February 2007 at 9:04AM

I've got a basic account with Halifax and it has visa electron. I shop on-line all the time and have DD's coming out of my account and salary paid in. It's no big deal. I've also got internet banking and pay nearly all my bills on-line.

regularsaver1 · 23 February 2007 at 7:15PM

Girlracer can I ask you about this as someone said that they couldn;ty do their food shopping with visa electron on internet. where have you been able to ?

GirlRacer_2 · 24 February 2007 at 12:14AM

Hi, sorry for the delay in answering. I shop with Asda on-line and have used my Visa Electron. to pay for my order. It doesn't advertise Visa Electron but when you got to the online checkout it allows you to select Visa Electron. I don't know about any other grocery shops as I only shop at Asda.

piranhalikethat · 25 February 2007 at 12:34AM

Hello,

The Money Shop have a product called Titanium Card, it's basically a pre-paid Mastercard, and there's the choice of being charged once a month or charge per transaction. You don't get credit checked or have to answer lengthy questions about how much you earn, your outgoings, etc.

Its pretty good, except its not a bank account - but if you dont have one, or can get one, you can have your employers pay you by cheque, take it to the Shop and they will load on the funds for you.

GirlRacer_2 · 25 February 2007 at 12:29PM

I recently applied for an ABbey Current Account and it says in the application that if you are not eligible for a Current Account they will offer you a basic account with a debit card.

Bank account for bad credit

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