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  • FIRST POST
    • Cheesey123
    • By Cheesey123 23rd Sep 16, 8:57 PM
    • 11Posts
    • 4Thanks
    Cheesey123
    Upgrade basic bank account?
    • #1
    • 23rd Sep 16, 8:57 PM
    Upgrade basic bank account? 23rd Sep 16 at 8:57 PM
    I have had bad credit in the past (over 5 years ago). I have a NatWest basic account which I have had for two years and a Vanquis credit card which has recently had it's credit limit increased to £1000 (no balance I clear it every month). I also have £5000 in a savings account with NatWest.
    Recently I have been wondering whether I would likely to be eligible for a 'full bank account'? I don't want an overdraft however I would like such things as a contactless card, a card which I can use a at pay at pump petrol stations, use Applepay, have a chequebook etc.
    I did enquire with NatWest about upgrading and was told I would have to apply for a brand new account. As this would mean a new account number etc I may as well look at other banks too and find one most likely to give me a full account.

    Can anyone suggest a bank I'm likely to get a full account with? Or should I wait longer before thinking about applying? All advise would be greatly appreciated
Page 1
    • paragon909
    • By paragon909 23rd Sep 16, 9:49 PM
    • 1,146 Posts
    • 1,155 Thanks
    paragon909
    • #2
    • 23rd Sep 16, 9:49 PM
    • #2
    • 23rd Sep 16, 9:49 PM
    I have had bad credit in the past (over 5 years ago). I have a NatWest basic account which I have had for two years and a Vanquis credit card which has recently had it's credit limit increased to £1000 (no balance I clear it every month). I also have £5000 in a savings account with NatWest.
    Recently I have been wondering whether I would likely to be eligible for a 'full bank account'? I don't want an overdraft however I would like such things as a contactless card, a card which I can use a at pay at pump petrol stations, use Applepay, have a chequebook etc.
    I did enquire with NatWest about upgrading and was told I would have to apply for a brand new account. As this would mean a new account number etc I may as well look at other banks too and find one most likely to give me a full account.

    Can anyone suggest a bank I'm likely to get a full account with? Or should I wait longer before thinking about applying? All advise would be greatly appreciated
    Originally posted by Cheesey123

    Only the applying for the account will you know if you can get one, Speculation on here will make no difference. Having 5k in savings and credit card with a credit increase may help your chances, Since the bank sees lenders are given you more credit... Apply and see....
    • 20aday
    • By 20aday 23rd Sep 16, 9:49 PM
    • 1,731 Posts
    • 700 Thanks
    20aday
    • #3
    • 23rd Sep 16, 9:49 PM
    • #3
    • 23rd Sep 16, 9:49 PM
    Lloyds Bank offer a soft search tool for their current accounts.

    Given you have £5,000 in savings your money might be better off in the Club Lloyds account if you meet the other terms (minimum deposit of £1,500/month otherwise a £5 fee applies and have at least two Direct Debits).
    It's not your credit score that counts, it's your account conduct and credit history.
    • Mrs_Ryan
    • By Mrs_Ryan 24th Sep 16, 12:19 AM
    • 9,613 Posts
    • 17,213 Thanks
    Mrs_Ryan
    • #4
    • 24th Sep 16, 12:19 AM
    • #4
    • 24th Sep 16, 12:19 AM
    Until recently I had a full current account with Lloyds and I have multiple defaults- I had no problem getting a full account (although no overdraft)
    What am I letting myself into Proud sponsor of a prop for the 16/17 season- welcome Mr W
    Thrilled and proud to have met my hero 13 and 15/05- thanks Fran!
    Will always miss you Elle and will never forget you, brightest star in the sky 😢
    Always Team V xx
    • GibbsRule No3
    • By GibbsRule No3 24th Sep 16, 8:16 AM
    • 595 Posts
    • 346 Thanks
    GibbsRule No3
    • #5
    • 24th Sep 16, 8:16 AM
    • #5
    • 24th Sep 16, 8:16 AM
    Lloyds Bank offer a soft search tool for their current accounts.

    Given you have £5,000 in savings your money might be better off in the Club Lloyds account if you meet the other terms (minimum deposit of £1,500/month otherwise a £5 fee applies and have at least two Direct Debits).
    Originally posted by 20aday
    Can you give me more details on how Lloyds do the soft search? I would like a contactless card but was on a DMP and despite having a Cashminder account with Co-Op bank for seven years, when I asked last week to upgrade the account they said no, so I don't want to risk asking elsewhere so soon, a soft search might tempt me to ask Lloyds sooner. I can easily put in £1500 a month with at least six DD's a month and have a savings account with Co-Op that has more than £20,000 in, so I'd happily swap that to a Lloyds account as well if they will give me a contactless card. I don't want or need credit or an overdraft. I was toying with a Capital One credit card as that seems to have been "pre-approved" and is contactless.
    Last edited by GibbsRule No3; 24-09-2016 at 8:19 AM.
    Paddle No 21
    • eskbanker
    • By eskbanker 24th Sep 16, 11:49 AM
    • 3,649 Posts
    • 3,267 Thanks
    eskbanker
    • #6
    • 24th Sep 16, 11:49 AM
    • #6
    • 24th Sep 16, 11:49 AM
    Can you give me more details on how Lloyds do the soft search?
    Originally posted by GibbsRule No3
    See https://secure.form.lloydsbank.com/application/pca_eligibility_check.asp:
    • We will use your personal details to provide you with a likelihood of approval for a Lloyds Bank current account and overdraft with us
    • We will do so by using the information supplied by you along with a soft search on credit reference agencies (CRA)
    • A soft search on CRAs is only visible to you, not to lenders. Hence it will not affect your credit score for future credit applications
    • Cheesey123
    • By Cheesey123 24th Sep 16, 2:54 PM
    • 11 Posts
    • 4 Thanks
    Cheesey123
    • #7
    • 24th Sep 16, 2:54 PM
    • #7
    • 24th Sep 16, 2:54 PM
    The problems I had previously were with Lloyds, Nationwide and Barclays so I don't really want to go with them. HSBC is one I've been considering along with Natwest. Does anyone know how easy or difficult it is to get an account with HSBC for someone who's had credit difficulties in the past? Never had anything with HSBC in the past
    • TheShape
    • By TheShape 24th Sep 16, 4:53 PM
    • 455 Posts
    • 232 Thanks
    TheShape
    • #8
    • 24th Sep 16, 4:53 PM
    • #8
    • 24th Sep 16, 4:53 PM
    HSBC have a reputation for being very choosy about their customers. Not sure if that's justified or not.
    • 20aday
    • By 20aday 24th Sep 16, 9:52 PM
    • 1,731 Posts
    • 700 Thanks
    20aday
    • #9
    • 24th Sep 16, 9:52 PM
    • #9
    • 24th Sep 16, 9:52 PM
    HSBC will likely continue to decline me for the rest of my life (I had financial difficulties in the past with them) but as TheShape says they are very choosy.
    It's not your credit score that counts, it's your account conduct and credit history.
    • Cheesey123
    • By Cheesey123 11th Oct 16, 4:11 PM
    • 11 Posts
    • 4 Thanks
    Cheesey123
    Good news, I have been able to get a select account with Natwest. Unfortunately it meant a brand new account with new account number
    • Jlawson118
    • By Jlawson118 11th Oct 16, 11:06 PM
    • 385 Posts
    • 23 Thanks
    Jlawson118
    It depends on the bank and their criteria really. I know when I've checked my credit score before, HSBC have done a hard and deep search on me, so perhaps avoid them, otherwise I've tried Nationwide, Lloyds Bank, Halifax and also now Barclays and they've all been fine with me.
    My main account is First Direct but that is through HSBC so I don't know if their credit scoring works on the same system
    • Heng Leng
    • By Heng Leng 12th Oct 16, 1:07 AM
    • 3,501 Posts
    • 1,047 Thanks
    Heng Leng
    A soft search and hard search will give the bank the same information.
    The only difference is if it's seen by other lenders.

    I don't see the issue if you already have CCJs/defaults etc these will carry a much higher weighting on any credit application.
    • Dobbibill
    • By Dobbibill 12th Oct 16, 6:57 AM
    • 1,732 Posts
    • 2,864 Thanks
    Dobbibill
    Good news, I have been able to get a select account with Natwest. Unfortunately it meant a brand new account with new account number
    Originally posted by Cheesey123
    Maybe not a such a bad thing that they've given you another acc no as you can use the select acc for spending with the contactless card and continue to pay your bills from the basic acc.
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