credit check+the co-op bank

BartGirl

I've heard about the £100 you get on opening a Co-op current account.

I was thinking of going for this but am worried about the credit check.
I last checked my Experian report about Easter 07 and it came out as 'fair'.

Do you think this would make me 'fail' any application with the Co-op ?

I currently have a Vanquis card - am uptodate with their payments; and am in the process of closing my 2 cc's - Barclaycard & LPF as i've reclaimed credit card charges from them.

I'd applied for a CC in March 08 after receieving a mailshot from them; Capital 1; but was turned down. I've applied for nothing since.

My question basically is: are they strict with their credit check ?

Any advice would be useful

- BartGirl

neil9313

I think you will be turned down, they are an ethical bank and I think quite strict! They will do a credit check for the bank acct!

BartGirl

Thanks for the reply

I realise a credit check will be necessary; but will a 'Fair' score put me in a good / bad position with them ?

If they're strict as you say-should i not bother..

oldagetraveller

neil9313 wrote: »

they are an ethical bank

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Sorry, but those two words just don't go together.

neil9313

BartGirl wrote: »

Thanks for the reply

I realise a credit check will be necessary; but will a 'Fair' score put me in a good / bad position with them ?

If they're strict as you say-should i not bother..

For a hundred pound its worth a punt!

exel1966

BartGirl wrote: »

I've heard about the £100 you get on opening a Co-op current account.

I was thinking of going for this but am worried about the credit check.
I last checked my Experian report about Easter 07 and it came out as 'fair'.

Do you think this would make me 'fail' any application with the Co-op ?

I currently have a Vanquis card - am uptodate with their payments; and am in the process of closing my 2 cc's - Barclaycard & LPF as i've reclaimed credit card charges from them.

I'd applied for a CC in March 08 after receieving a mailshot from them; Capital 1; but was turned down. I've applied for nothing since.

My question basically is: are they strict with their credit check ?

Any advice would be useful

- BartGirl

There is absolutely no reason, given the information above to suggest you will be refused.

When opening any kind of account certain checks are done involving credit agencies, They are NOT all credit checks, but classed as enquiries which are recorded for up to 2 years. Only when applying for actual credit will you be fully checked. As you're NOT applying for credit, but a basic account only you shouldn't have problems. It's all about verifying who you say you are and whether there is anything untoward which has been recorded about you.

As for your 'fair' score. It really doesn't mean too much as all companies assess people based on different criteria, therefore there is no such thing as a universal score.

YorkshireBoy

exel1966 wrote: »

They are NOT all credit checks, but classed as enquiries which are recorded for up to 2 years.

Are you sure exel? I thought searches (no matter what type) only stayed on file for 12 months.

As you're NOT applying for credit, but a basic account only...

But OP *is* applying for credit, because the Current Account Plus (the one with the £100 offer) automatically comes with a £200 overdraft facility.

Although the search type will be recorded as "search type: current account", I believe it's as thorough as a "search type: credit card" search is...ie it will see ALL existing borrowings/available credit/repayment history.

neil9313

YorkshireBoy wrote: »

Are you sure exel? I thought searches (no matter what type) only stayed on file for 12 months.But OP *is* applying for credit, because the Current Account Plus (the one with the £100 offer) automatically comes with a £200 overdraft facility.

Although the search type will be recorded as "search type: current account", I believe it's as thorough as a "search type: credit card" search is...ie it will see ALL existing borrowings/available credit/repayment history.

I concur with you YB, its a full search type, I applied and was turned down by the co op in the last few days!

exel1966

YorkshireBoy wrote: »

Are you sure exel? I thought searches (no matter what type) only stayed on file for 12 months.But OP *is* applying for credit, because the Current Account Plus (the one with the £100 offer) automatically comes with a £200 overdraft facility.

Although the search type will be recorded as "search type: current account", I believe it's as thorough as a "search type: credit card" search is...ie it will see ALL existing borrowings/available credit/repayment history.

Searches generally stay on file for 12 months, but are permitted to be shown for up to 2 years. Take a look at a a site you're be quite familiar with for confirmation ! WWW.STOOZING.COM

I wasn't aware that this account came with an automatic O/D. If so then a full search will be done, however the OP could decline the O/D at application stage! Whether that would lead to an enquiry or full search is debateable.

EDIT : for confirmation having just checked my last Equifax report. The longest search shown - 15 months.

exel1966

neil9313 wrote: »

I concur with you YB, its a full search type, I applied and was turned down by the co op in the last few days!

How do you know it's full search ? It won't be visible on your report yet !

YorkshireBoy

exel1966 wrote: »

Searches generally stay on file for 12 months, but are permitted to be shown for up to 2 years. Take a look at a a site you're be quite familiar with for confirmation ! WWW.STOOZING.COM

Hmmm, can't say I've noticed that before, or if I have I'd obviously forgotten...

Details of each search are kept on your report for up to 2 years (normally 1 year).

http://www.stoozing.com/g_score5.htm

Having said that, my credit report has been riddled with searches for over 3 years now, but ALL have dropped off after 12 months.

...however the OP could decline the O/D at application stage!

They'd probably have to decline the cheque book as well then, because that (technically) gives a £3,000 O/D facility alongside a cheque guarantee card.

How do you know it's full search ?

Can't speak for neil9313 (or whether he was declined by some sort of 'policy rule'), but my Co-op application resulted in two (Experian only) searches...

"Application Type CURRENT ACCOUNT", and

"Application Type IDENTIFICATION: GENERIC CHECK" (unrecorded)

...as have all my other recent current account applications.