Halifax current account - application criteria?

cottager

I've just realised from reading another thread with a link to a Halifax FAQ that Faster Payments are not possible (and may never be?) from their savings accounts, only BACS. It's the recent frantic rush to move money around to catch rates which has brought this to mind

I've had a variable Web Saver for near enough 2 yrs, but have recently moved more money in to open a couple of fixed rates and an ISA with them as well. So this time round it's only been inward, but in the future it could be going in the other direction, and sometimes you need to get it there quickly.

So a current account would be an idea, to TF funds into if necessary from the Web Saver, then send on by FP. That's all it would be used for really. (Hopefully by the time I wanted to do this, the FP limits would be higher than they are now, and some of the stop/start problems I've been hearing about in lots of threads would have ironed out.)

What sort of criteria will they look for in the application?
You see, an income in my own right is very low with a little part-time job (apart from that, it's down to OH ), and I'm concerned they will turn me down for that reason, even being an existing customer with savings. I also have no intention of paying what I do earn into it, as our main current accounts are elsewhere. The Halifax would only be a convenient 'transit' account with a small balance, and remain mostly static.

I don't need or want an overdraft facility, probably not even a card, though a cheque book could come in handy I guess, for a first deposit if I was opening a new account elsewhere -- but cheques for this purpose don't need a guarantee card, and I don't really envisage using any for anything else. Nor debit card purchases. (But I don't know if you get these facilities whether you want them or not, or if you can refuse them on application.)

What do you reckon? The reason for asking is I'd obviously rather avoid applying altogether and put up with slower BACS than an application turned down and have it showing on my credit record.

opinions4u

They do credit score.

Equally, while you won't get a 'High Interest' account unless you are going to fund with £1,000 a month or more, you will, subject to credit score, get the 'standard' low interest account if you intend to fund it.

If you want to hand over £12.50 a month, you can also have their URCA account - price up the benefits that are specific for you (travel insurance, breakdown cover and home emergency callout cover probably make it value for money if you want all) on the web site and then decide if you want standard or URCA before you apply.

ScottyBoy_2

They do credit scoring, I have included a link below thats lists the accounts of their site:

http://www.halifax.co.uk/bankaccounts/bankaccountshome.asp

I have used Halifax for years with no issues, but I would definately shop around and when opening a new account use a cashback site and get advice for whats best for you.

Kavanne

Oh and whether you choose URCA or standard account won't affect the outcome (ie: you are not more likely to be accepted for an account you have to pay for) Halifax gave me a current account as soon as I was 18 and I had savings with them but no income But that was nearly 3 yrs ago!

I find even the Hfax current account is choosy about when it uses FP though

cottager

Oh yes, I knew they'd credit-score but was just trying to gauge how much of a non-starter I was potentially, given the low income

Maybe on reflection, rather than charging off into the online application, I'll wait to get to a branch, pick up a form and take a look at the questions. For instance, if there's one asking about how much I expect to pay into the account, I'm stuck as I never would apart from opening it and putting some transfers through... wouldn't want to fib about it.

Sorry, should have thought of looking at a form first, but many thanks to all for the tips. Will pop back here if any more advice needed.

opinions4u

cottager wrote: »

I'll wait to get to a branch, pick up a form and take a look at the questions. For instance, if there's one asking about how much I expect to pay into the account

Personally, I'd just get an application done online. They have a funding requirement of £250 a month if you wish to operate an overdraft (which you don't).

I'd stop worrying - and if they do ask how much will go through the account each month tell the truth! Your transfers etc can count towards it (unless the question specifically states salary).

Alternatively give them a call on 08457 20 30 40.

Kavanne

Just bite the bullet and apply online! Let us know how you get on

cottager

Appreciate all the encouragement, guys!

Tell me something about credit-scoring I'm not sure about... or rather not the scoring aspect, but what appears on your credit record (yes I know, I should get copies!).

If you've been in default we know the black marks go in, but equally if you have always paid things in a timely manner and been lucky enough to have never got into difficulties and been 'good', is that fact also recorded?

In other words, are they also pro-active in the sense of giving out a few gold and silver stars? Or is the evidence of someone being 'good' merely that there are no black marks?

YorkshireBoy

cottager wrote: »

In other words, are they also pro-active in the sense of giving out a few gold and silver stars? Or is the evidence of someone being 'good' merely that there are no black marks?

With very few exceptions, all lenders now report 'white data' along with the 'black data'...and have done since the revamp of the Data Protection Act in 1998.

Some lenders still don't report accounts that were opened prior to 1998...I have a long held overdraft and credit card that are still not being reported.

Rather than go into detail here, it's probably better if you take a look at Experian's 'Your credit report explained' booklet...

http://experian.metafaq.com/resources/experian/Downloads/Credit_report_explained (page 14 deals with current account reporting)

cottager

YorkshireBoy wrote:

Some lenders still don't report accounts that were opened prior to 1998...I have a long held overdraft and credit card that are still not being reported.

There must be many in the same boat, with pre-1998 accounts. I am myself with credit cards and bank current accounts (though no overdraft) which are all older than this. I imagine in the legislation there's a trigger date before which lenders/banks are not obliged to report, so maybe they cannot be forced to, but can we at least request they do so? -- have you tried?

YorkshireBoy wrote:

Rather than go into detail here, it's probably better if you take a look at Experian's 'Your credit report explained' booklet...
http://experian.metafaq.com/resources/experian/Downloads/Credit_report_explained (page 14 deals with current account reporting)

This is really excellent, very clearly explained, so many thanks for pointing me to it

itsnothing

You could get an easy cash account which is not credit scored and is just a basic pay in and take out account!