£100 for joining Alliance + Leicester

YorkshireBoy

patriciat72 wrote: »

I will keep a look out for another offer to switch in the future.

http://www.firstdirect.com/1st-account/

Be sure to read the small, and not so small, print before applying.

karie

have received £50 cashback from topcashback, which seems to be a good sign for the other £100!

karie

NeilB

princess-of-plastic wrote: »

hi, i had my overdraft matched. All you do is send them a statement which is less than 3 months old which shows your overdraft limit and they will match it. Yes, they dont charge you any interest or anything for the 1st 12 months then after that there is an overdraft usage fee of 50p per day you use the overdraft.

pop x

Does anyone know if having a Current Bank Account with its Overdraft maxed out ruins your Credit rating?? I have a large but unused overdraft with my current bank and could open an A/L account and should they match it, withdraw up to the OD limit at 0% for 12 months and stick it in savings somewhere, but dont want to do it if it hurts your credit score. Im guessing it probably will?

masonic

NeilB wrote: »

Does anyone know if having a Current Bank Account with its Overdraft maxed out ruins your Credit rating?? I have a large but unused overdraft with my current bank and could open an A/L account and should they match it, withdraw up to the OD limit at 0% for 12 months and stick it in savings somewhere, but dont want to do it if it hurts your credit score. Im guessing it probably will?

Credit reports won't contain a history of your overdraft utilisation, only the latest reported value. If you reduce/clear your overdraft a month or two before applying for an important financial product, nobody should be any the wiser.

purplestar133

Thanks Masonic- that's good to know for the future.

On another issue... do you have to pay in £500 for the life of the A&L account, or just every month until they give you the £100?

Also, when I was applying it asked how much I would be paying in each month and I said £800, presuming I would be getting my salary paid into there. I'm not going to switch my salary now but will obviously be putting £500 in (and taking straight out) every month to qualify for the £100 offer. Will me saying I would pay in £800 each month, and then not doing that, affect anything?

YorkshireBoy

masonic wrote: »

Credit reports won't contain a history of your overdraft utilisation, only the latest reported value. If you reduce/clear your overdraft a month or two before applying for an important financial product, nobody should be any the wiser.

I wonder how long it'll be before they start reporting month-by-month utilisation as they now do with some credit cards...

http://experian.metafaq.com/resources/experian/Downloads/Mock_Report_Oct08 (see page 6)

YorkshireBoy

purplestar133 wrote: »

On another issue... do you have to pay in £500 for the life of the A&L account, or just every month until they give you the £100?

If you stop funding the account you'll be hit with a £5/month underfunding fee...have you read the account T&C's?

Will me saying I would pay in £800 each month, and then not doing that, affect anything?

It hasn't with me...yet?

purplestar133

YorkshireBoy wrote: »

If you stop funding the account you'll be hit with a £5/month underfunding fee...have you read the account T&C's?

Yes, and I did see the underfunding fee. I was just making sure I wasn't getting the t&c's in order to get the £100 mixed up with the t&cs for the account itself. I suppose I could have got up and looked through the paperwork they sent and made sure myself.

Thanks for the clarification anyway.

masonic

YorkshireBoy wrote: »

I wonder how long it'll be before they start reporting month-by-month utilisation as they now do with some credit cards...

http://experian.metafaq.com/resources/experian/Downloads/Mock_Report_Oct08 (see page 6)

I find that a little disturbing. That level of detail could theoretically allow a credit card company to screen out unprofitable people who could be seen to be paying off their monthly balance in full.

YorkshireBoy

masonic wrote: »

I find that a little disturbing. That level of detail could theoretically allow a credit card company to screen out unprofitable people who could be seen to be paying off their monthly balance in full.

I agree...and it's potentially a lot worse for rate tarts and stoozers.

My last Experian postal report didn't have that format though, but the Equifax postal report did. However, not all fields were completed...but it's only a matter of time?