Dissapointed with LTSB Cash Account

cruzier

Two years ago I opened a Cash Account (due to bad credit score), however, last month I spoke to a Lady in branch and asked what my 'credit rating' with them was and she said it was currently at 8 the highest it could go, she then went on to say that she could see it was a month away from going down but she could not confirm to what number, she then said I could then upgrade my account.

However, today I went in to see if it had gone down and instead I was told it had gone up by one to 9!

I nearly cried! Over the last 12 months I have deposited over £60k in the cash account, and have over 5k in their internet saver. I asked why it had gone up but she said she could not help me.

The last time I had anything bad against my credit file was 2years and 07months ago which I know is still not long ago but I have been trying.

I feel like theres nothing more I can do to prove myself to them and get them to give me a standard visa debit card and chequebook.

Will it ever go down? Does anyone have any experience with LTSB or work there for advice on what I can do?

Thanks

Chris.

neil9313

cruzier wrote: »

Two years ago I opened a Cash Account (due to bad credit score), however, last month I spoke to a Lady in branch and asked what my 'credit rating' with them was and she said it was currently at 8 the highest it could go, she then went on to say that she could see it was a month away from going down but she could not confirm to what number, she then said I could then upgrade my account.

However, today I went in to see if it had gone down and instead I was told it had gone up by one to 9!

I nearly cried! Over the last 12 months I have deposited over £60k in the cash account, and have over 5k in their internet saver. I asked why it had gone up but she said she could not help me.

The last time I had anything bad against my credit file was 2years and 07months ago which I know is still not long ago but I have been trying.

I feel like theres nothing more I can do to prove myself to them and get them to give me a standard visa debit card and chequebook.

Will it ever go down? Does anyone have any experience with LTSB or work there for advice on what I can do?

Thanks

Chris.

You need to get your credit report ASAP, and see whats on there!

cruzier

I have checked and nothing untowards has changed except more Green '0's' and a credit increase on one of my credit cards.

FlyHigh_2

Lloyds TSB's 'credit rating' as you call it or 'risk band' as they may refer to it. Has absolutely no bearing at all on your credit rating.

Its simply LTSB way of summarizing the last 12months of account conduct into a simple number.

Reasons it may go up (bad):
- No funds put into the account the previous month
- Any recent charges
- Gambling transactions while overdrawn (not 100% sure on this one)
- Not returning your account to credit the previous month (ie. staying overdrawn all month)

Its a bit of a tedious task trying to lower it as its only assessed once per month, what is it your looking for exactly? The only difference between the cash accounts and others is that there is no overdraft available to cash accounts and the debit card has a few more restrictions on it

cruzier

Hi FlyHigh,

Thanks for your advice.

Funds enter my account same day, every month
No charges ever for the last two years
Do not gamble and not overdrawn
Never been overdrawn, always in credit.

FlyHigh_2

Hmmm... I'm gonna have to start clutching at straws to guess why it went down then!

Remember its based on a rolling 12 months so... its possible that if you were ideal account holder in July 2007 and had a bad month in July 2008, that could cause it to change recently.

Oh 1 more thing, your band depends on how many days (in the last rolling 12 months) you are overdrawn and this is slightly different to recieving charges. For instance you may have gone over the agreed limit (0 in your case) affecting your risk band but not have incurred charges. There a bit more lenient on cash accounts.

Anyways I can guess all day but best thing to do is phone up and just ask what your score is; how many days you've not been in credit in the last year, how many days in excess in the last year. But like I said trying to raise it (especially from a 9 or 8) is a very long process and you probably wouldn't notice any difference anyway!

cruzier

Hi,

Just to reinterate, cash accounts have no overdraft facility. I've never been overdrawn (honest) and the least I've had at any one time (usually just before payday) is £400. So I'm never short of cash neither nor do I get close to a Zilch balance.

And whilst a change in band might not make a difference, it does to my morale and also at least it would mean I was a step closer to being noticed as a good client.

If anyone works at LTSB or knows how they operate, more information would be much obliged.

jonesMUFCforever

IMO it can only be adverse information on your external credit files.
Get copies of them and see.

cruzier

I rang Lloyds TSB and spoke to a Lady who basically said she could not help and I should get my Credit Report as they cannot tell me anything.