Come into money but I have really bad credit rating

Graham_Lee_2

Hi, first post on here but just as the title suggests really.

Recently a relative abroad died and left quite a bit to a couple of family members, I now have £145,000 coming my way once the will has been read etc etc. At the moment I have my own house with my partner so wouldnt be wanting the money for any property and actually we have no plans on what to do with it except bank it really and enjoy the interest for a while while we consider whether there's anything we'd like to do with the money.

My problem is that I have basically always had poor credit, had my mortgage for a long time now and that was before a lot of my money problems, for the past couple of years though I have been unable to even get a switch card nevermind a credit card, I tried several banks last year and the best I was offered was a basic account for my wages to go into.

I have a feeling they will but would like others opinions but would banks be more likely to give me a decent account if I was to walk in and slap a large cheque on the desk? Im thinking on making an appointment with a few local banks to see what I can get but dont want to go in and get fobbed off with just a basic account so opinions and advice would be great.

Thanks

Deemy

well if the wills not even be read yet, I would wait and not go on that spending spree quite yet

And what do you need credit for ? with £145k ?

Savings institutions won't turn you away for having a bad credit history. I suggest taking your cheque along to a branch say halifax and see how eager they are to open accounts for you the websaver linked to the current looks a good strating point.

Then educate yourself on investment / savings options over many months before committing.

cheerfulcat

I have a feeling they will but would like others opinions but would banks be more likely to give me a decent account if I was to walk in and slap a large cheque on the desk? Im thinking on making an appointment with a few local banks to see what I can get but dont want to go in and get fobbed off with just a basic account so opinions and advice would be great.

You won't get fobbed off with a basic account, you'll be invited to have a chat with the bank's financial advisor, who will try to sell you all sorts of products which make money for the bank. If you can avoid falling into this trap, it should be easy enough to open a savings account; banks tend to welcome people with lots of money .

wigginsmum

You'll need to go through normal antimoneylaundering checks, so you'll need a passport or driving licence and a recent utility bill showing your address. I'd recommend taking a copy of anything official proving the inheritance because they might be concerned about the source of the funds, but you should be alright; you'll find you've moved from the 'Well you can have a very basic account' to 'Mr. Lee, welcome to our bank; we've made you an appointment with our personal financial advisor, come into this private office, can we offer you a cuppa?.' I'm sure they'll be delighted to give you a full current account as well as a raft of savings vehicles. Whichever bank you choose they'll be falling over themselves, so deposit the money into an account but don't make any hasty decisions about which products to invest in longterm. Do your homework and then decide.

inmypocketnottheirs

Well done mate (although sorry to hear about the bereavement). Bascially a very similar thing happened to me and it was nice getting the mortgage off my back. Personally I would look at getting rid of any high interest commitments to reduce your monthly outgoings and thus improve your quality of life. It is amazing how much better life is where there is money left over at the end of the month.

If you have had some real cr*ppy times, like us, then I hope you will make the best of your new found wealth, and as poster above say, beware of buying any products from your bank. Go along and see them, get the details of they offer and come back here and check if you are getting the best deal. TBH after the sh*tty trteatment I had from my bank, I would not buy anything from them.

All the best.

starving

i was in a similar position to the opening poster, i have a bad credit history and cant open bank accounts (even saving accounts) i trawled the high street with a wadge i had come into but was turned away by basically everyone.

i had a cardcash account with the halifax, yet my application was turned down for current account (yet bizarrly was given a £10k credit card instead !)

anyway i walked into a lloyds-tsb and was ready for the "computer says Nooo", after telling them how much i had (only £30,000) they couldnt do enough for me, i had a savings account opened for me there and then, i mentioned i wanted to start a business and was offered a business account on the spot, next i was rolled into see a financial adviser, all of these meetings with the various advisers was all accompanied by endless free cups of teas. now i am being told i can have a current account aswell.

so i suggest to the OP to give lloyds-tsb a try.

a postscript to this story is that i have been recently contacted by halifax who have told me if i "repatriate my savings back to a halifax account they will look more favourably at my current account application"