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Devastated - Offered Lloyds TSB Cash Account
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# 1
brownbabygirl
Old 24-09-2007, 12:17 AM
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Angry Devastated - Offered Lloyds TSB Cash Account

I have banked with HSBC for 11 years and I wanted to switch. I applied to Halifax (high interest current account) and Lloyds TSB (classic account). Halifax flat out refused! LTSB refused me too but offered a cash account. I am really disappointed as I hate the service HSBC offer and wanted to move ASAP and then reclaim 130 GBP bank charges! I suspect that I was rejected based on five late payments with a settled and closed account with Abbey earlier this year (long story!). Other than than I have credited my HSBC with at least 2000 GBP each month and they upgraded me with a Maestro and cheque book. I guess all that was not taken into account. I also had a 400 GBP managed loan that I recently paid off in bulk with HSBC (around the same time I applied for the accounts) but I am at me cos I should have waited 30 days before applying for the accounts as my file would have at least shown I paid it off!

Since the cash account has very limited features, I will keep my HSBC open for a while but have my wages paid into my LTSB cash account (even though no credit interest) plus all direct debits with LTSB . The point is to ask for an upgrade to a classic account after 3-6 months and take advantage of their 1 year regular savings account at 8% AER.

My question is, do you think it likely I will get upgraded to classic account and how soon?

BTW: I have ordered my credit files from all 3 agencies and will check carefully to make sure it is up to date!

Any comments on my situation is gratefully appreciated


I love this board.

Thanks!
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# 2
towseriv
Old 24-09-2007, 12:34 AM
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Ensure your file is free of defaults and as long as you work for a national company and earn more than £1000 a year you can apply for a upgrade. If there is default data it could be a long wait even if satisfied. You can still open a monthly saver now though.
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# 3
brownbabygirl
Old 24-09-2007, 12:40 AM
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Quote:
Originally Posted by towseriv View Post
Ensure your file is free of defaults and as long as you work for a national company and earn more than £1000 a year you can apply for a upgrade. If there is default data it could be a long wait even if satisfied. You can still open a monthly saver now though.
Thanks so much for taking the time to reply.
I am reviewing my credit file as we speak.

What is a default by the way? I know I have late payments on an old bank account with Abbey but not defaults.

To the bolded: are you sure? The website says only those with classic account can apply for that fixed 8% regular savers account.
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# 4
brownbabygirl
Old 24-09-2007, 12:47 AM
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I do have a default!!!!! BUT I have a twin sister and we have VERY similar names and the default is to her address so it is definitely not me! Can I have this information corrected and how? Man I am so down now. I wished I had checked my file BEFORE applying for the accounts!!!!!!!

Please advise me.
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# 5
gt94sss2
Old 24-09-2007, 2:23 AM
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Quote:
Originally Posted by brownbabygirl View Post
The point is to ask for an upgrade to a classic account after 3-6 months and take advantage of their 1 year regular savings account at 8% AER.
I know you say you want to leave HSBC but if its to take advantage of a regular savings account at 8% - then its worth noting that HSBC has its own 8% Regular Saver as well.

Regards
Sunil
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# 6
kfer_kaz
Old 24-09-2007, 7:58 AM
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Hiya Brownbabygirl, I recently opened an account with Lloyds and was turned down for the classic so I have a basic account. When I acctivated my account for online banking I was asked if I wanted to open a savings account, I'm not sure what the interest rate is though.
2008 won £5119.04
2009 won so far £0
All together now..........
Always look on the bright side of life
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# 7
BONJOEY
Old 24-09-2007, 10:43 AM
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also the basic lloyds tsb account will now come with a debit card (visa not visa electron) and a buffer limit of £10 pound, so its not all that bad, you can stil use the card for cashback etc...



also as you say your a twin and the default is hers, as you have different first names, surly this can get sorted?

also experian and all credit reports dont report of family mambers on your file, unless your finance related, i,e husband


hope this helps, you can always add a notice of correction to your credit file.
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# 8
brownbabygirl
Old 24-09-2007, 11:00 AM
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Hi, thanks to all for replying me. The problem is I share the SAME first and last names with my twin (don’t ask me why my Ghanaian parents did that!!!). The only difference is our addresses and middle initial. There has been a major !!!!-up, also on our part because we should have used our middle initial in all cases. I used checkmyfile.com and I have contacted them and they are looking into the matter for me and will contact the agencies on my behalf. At first they told me they could not help me if we share the same name and date of birth!!!! When I pointed out I have never lived at my sister’s address, it now seems things can be sorted out. I will get my sister to send in a written confirmation of her ID to resolve the matter if possible. I will accept the Cash Account but I have informed LTSB (and Halifax) that I will have them reconsider my application based on the CORRECTED credit files once I have that sorted.

Also, I checked the HSBC regular saver. I never even knew they had a similar product. But I won’t take it because (1) As of now, I am tapering off my use of that account as I don’t like that bank and the last thing I will do is open another account with them; (2) The T and Cs are more stringent than that of LTSB.
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# 9
regularsaver1
Old 24-09-2007, 6:29 PM
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Quote:
Originally Posted by brownbabygirl View Post
I do have a default!!!!! BUT I have a twin sister and we have VERY similar names and the default is to her address so it is definitely not me! Can I have this information corrected and how? Man I am so down now. I wished I had checked my file BEFORE applying for the accounts!!!!!!!

Please advise me.

you can put a note on your credit file to makie sure you get disassociated from each other
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# 10
brownbabygirl
Old 24-09-2007, 7:05 PM
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Hi RS1, I used checkmyfile to check all three agencies in one. They actually advise against putting notes as it will seem bad to lenders. I have sent in a full written explanation to checkmyfile and they will look to rectify the matter for me! My sister is also willing to send in her ID and a signed declaration that her details need to be separated from mine. Cheers!
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# 11
regularsaver1
Old 24-09-2007, 7:15 PM
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But still, as you have a default, its not really going to change it at the moment
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# 12
brownbabygirl
Old 24-09-2007, 8:02 PM
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The default is against my sister not me. My sister and I will prove this and hopefully this will resolve it in a few weeks or months time
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# 13
towseriv
Old 24-09-2007, 9:38 PM
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I am sure you can still have a monthly saver. Also that having a cash account DOES NOT ntitle you to a £10 buffer as stated, it may or may not be given based on account decisions at the time.

Also the problem with your files is that the search is generaly done on names and date of birth it then produces all addresses registered to those details. You are right to get yourself dis-associated from your sister. If you placed a note on your experian file and then produced that at your branch they should be able to rectify the issue for you. I think the key here is to ALWAYS use your middle name. Try as well providing both yours and your sisters passports as proof this may too help.
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# 14
Oyster card
Old 24-09-2007, 10:11 PM
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Code:
I suspect that I was rejected based on five late payments with a settled and closed account with Abbey earlier this year
Unfortunately, you were credit scored because you applied for a current account and thus offered a basic account because you did not meet their score and/or criteria.

Code:
 
The point is to ask for an upgrade to a classic account after 3-6 months and take advantage of their 1 year regular savings account at 8% AER.
 
My question is, do you think it likely I will get upgraded to classic account and how soon?
Upgrading the basic account is based on performance and how you conduct the account in general.
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# 15
towseriv
Old 24-09-2007, 10:57 PM
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[quote=Oyster card;6373862] I suspect that I was rejected based on five late payments with a settled and closed account with Abbey earlier this year

Unfortunately, you were credit scored because you applied for a current account and thus offered a basic account because you did not meet their score and/or criteria.

The point is to ask for an upgrade to a classic account after 3-6 months and take advantage of their 1 year regular savings account at 8% AER.

My question is, do you think it likely I will get upgraded to classic account and how soon?





Well all thats really helpfull for her but we have realised where the issues are without being as unhelpfull as your post sounds.
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# 16
Oyster card
Old 24-09-2007, 11:35 PM
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Well all thats really helpfull for her but we have realised where the issues are without being as unhelpfull as your post sounds.
Perhaps the issues are being addressed.
However, the OP asked questions relating to the opening of the particular current account in question.

I gave my own opinion based on the original question which was asked.


How does my response sound unhelpful?
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# 17
towseriv
Old 24-09-2007, 11:48 PM
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It was unhelpfull because if you read the thread the situation is pretty much resolved therefore youe opinion is not only wrong as it does not take into account the facts but out-dated for the flow of the thread.
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