Business Account & bad credit history

khdgsa

Hi folks, I wonder if any of you can help ?

I've recently set-up my own limited company. One of the things I hadn't realised is that I would need to set up a business account also. But, that's the problem.

After a messy divorce a few years ago my credit rating was destroyed, and business accounts, even if you absolutely state you don't want credit, are credit checked.

I've seen companies advertising on the net who guarantee to open an account for a fee (£130-150). Doe's anyone know if these are genuine, or suggest anything else ?

Thanks in advance for any help you can give.

trevor_john

I had a ver similar situation to you a while back.I had one heck of a job opening a business account.I was told to go to natwest online and apply online and sure enough,i was accepted.IO was at first given a credit only account which was fine as i didnt want or need loans or overdrafts.

It can only be achieved by applying online. Try

https://www.natwest.com

then click business accounts etc hope this helps.

kakshaks

One company advertising to open a business account for those with bad credit is "Solent Finance". Please avoid this company!
.
They promise a full refund of monies(£79.00) if they are unable to recommend a bank that can open a business account for you. I applied, paid and all they did for their money was tell me to apply to Nat West. This I did and was refused. When I requested my money be returned, guess what....no response to phone calls or e-mails.
.
Solent Finance is part of the Solent Group UK whose directors are listed as Paul Cobb([EMAIL="paul.cobb@solentgroupuk.com"]paul.cobb@solentgroupuk.com[/EMAIL]) and George Morby ([EMAIL="george.morby@solentgroupuk.com"]george.morby@solentgroupuk.com[/EMAIL]).
.
Other companies listed under the Solent Group UK banner and therefore to be avoided are:-
My Golf Property
Solent Property Abroad
My Property Network
Solent Vehicle Hire
Solent Creative
My Family Day Out
Africast UK
DJ Finance
Solent PAT

big_Daddy_Dave

it shouldnt be an issue at all.

limited company is a separate entity to yourself so ur credit shouldnt affect it unless your handing out director's guarantees and stuff.

i started my business just before i turned 18 and was able to get a current account and debit card, and 3 months later after looking after the account well got an overdraft and business credit card, but i had turned 18 by that time, it doesnt affect my credit score whatsoever, ltd companies have their own credit profiles

justsayyes

big_Daddy_Dave wrote: »

it shouldnt be an issue at all.

limited company is a separate entity to yourself so ur credit shouldnt affect it unless your handing out director's guarantees and stuff.

i started my business just before i turned 18 and was able to get a current account and debit card, and 3 months later after looking after the account well got an overdraft and business credit card, but i had turned 18 by that time, it doesnt affect my credit score whatsoever, ltd companies have their own credit profiles

With which bank?

big_Daddy_Dave

co-operative

sabberiqbal

Hi folks i asked the same question
i have over 7K IN CCJ'S and no credit history, my credit score was in the low double no.s s
and i was unable to open a bank account whether it be business or personal
i opened a halifax treasurer's account which is very basic and then a mate suggested Islamic Bank of Britain, i got a business current account with paying in book,cheque book and maestro card and i run my account online
no bank charges for 18 months and no credit checks whatsoever
They are a bit slow in processing details, i e took 15 days to open my account and a further 21 days for my cheque book to come.
If any of you guys are struggling to open a bank account whether business or personal i think that you wouldnt have a problem with getting an acount with these guys
hope this answers your question

sabberiqbal

hi guys can any one help im looking for a credit card processor struggling to find anyone who will take me on as i have a bad credit history
thanks in advance

PaulW922

Although a limited company is a separate entity the bank will usually still score the directors/signatories individually. As mentioned above NatWest offers basic account banking for small businesses, there is also the Halifax Treasurers acc which is passbook based, and the Nationwide Business Investor. The latter has a cheque book but you are limited in how many withdrawals you can make each month and there ar eno DDs or SOs. Also - it requires a min opening balance of £5k though you can withdraw it onc ethe a/c is open.

PaulW922

sabberiqbal wrote: »

hi guys can any one help im looking for a credit card processor struggling to find anyone who will take me on as i have a bad credit history
thanks in advance

For online business or in person stuff?

ButterflyElaine

trevor_john wrote: »

I had a ver similar situation to you a while back.I had one heck of a job opening a business account.I was told to go to natwest online and apply online and sure enough,i was accepted.IO was at first given a credit only account which was fine as i didnt want or need loans or overdrafts.

It can only be achieved by applying online. Try

natwest

then click business accounts etc hope this helps.

Thank you for the above advise, it worked for me, now I can get on with business and pay off a few debts to clear my credit. Had a death of a loved one in a car crash, so now recovering.

This advise was great!! I have a bank account for my business.

Thank You

Elaine:T