Very surprising conversation with the Nat West!

Burlesque_Babe

Well, I'm stunned.

Bit of background. Claiming back some charges from the Abbey on my current a/c and have a £1200 o/d limit which I'm going over by abut £5 a month and then being stung for mega charges.

After doing lots of reading, decided to find a fall back current a/c in case they remove the o/d facility (they did it to me years ago and I had to pay it back £100 a month and had a terrible time sorting out bills etc).

In the past (about 5 years ago) my credit rating was shot away. But now, it is a lovely long row of '0's everywhere apart from a CCJ for £500 in 2001. Paid, but i'm trying to get a certificate of satisfaction at the moment to put 'satisfied' against the judgement.

I have a capital One CC, but have an awful sub prime mortgage deal, have been refused all other mainstream CC's over the last couple of years and basically am, I guess a typical sub prime customer . I even applied for a Cahoot current a/c 3 months ago and was declined, so my credit history still lives with me.

I decided to phone the Nat West to get a Step Account, just for something to put my salary in and use for DD's if the Abbey get really horrible with me. She asked if I wanted to go for the current a/c and I said 'no' as I didn't think i'd qualify. She said, 'well let's try anyway'.

Apparently I do qualify!!!!

I was offered the Gold Advantage a/c. Now, from reading other threads, I realise there is no point in having the gold Advantage a/c , but I was so shocked, Ijust said ok to it! (i'll downgrade if and when I use the account)

Then she said did I want to try for a CC. Expecting a big fat 'no' and saying I expected one, I said 'oh, go on then'.....I was approved!! A gold card

Now, apparently this has all been approved 'in principle'. I checked with her and asked if all I'd done was apply and she said no, if it was going to decline, it would have done at this stage.

So, erm, I reckon I've found a fall back current a/c and, i'm guessing, somehow my credit score has improved because I've been offered the CC!

She offered , and, I've said I want to do a BT, which she has said will take about three days. It's at 0% for 9 months, something which would help me.

I keep thinking though, surely I'm still going to get rejected??

Does 'in principle' mean they can still decline what she has offered? I''m sure I read a thread somewhere where someone had been down this route with the Nat West and then been declined.

Or am I just being over cautious and am finally clawing my way back to normality (credit risk wise??) Please feel happy to burst my bubble - I'm expecting the Nat West to do it anyway and say 'well, actually, all you DO qualify for is the Step account' (which wouldn't be a problem, it's all I needed anyway)

EDIT: thinking about it more , I'm wondering if I just passed the basic credit score test and at this point, the CCJ wouldn't have been flagged - when it gets to sending back the forms I'm wondering if it will get picked up then?

jonesMUFCforever

I work in a bank (not Nat West) and our system will 'credit score' you and then decide what type of account to offer.
If there had been a problem I think it would have been flagged up at that stage.
It did not so I think you are in the clear!

Murtle

Sounds like great news Keren. Toes are crossed for you!!

M

Burlesque_Babe

I have to say i'll still be shocked if it all comes off!!

I found the thread with the MSE who had been accepted over the phone for a GoldAdvantage and only wanted Step - they went to the branch with their ID and was told they didn't fit the criteria....so I'll still be cautious!

If I move my salary and DD's to the Nat West if I'm successful, I'll be left with an Abbey o/d of 1200 outstanding. If I start paying it off each month, how long do you think before the Abbey realise I've stopped putting my salary in and get awkward with me? i don't want them to put the account to default, I've just got the last default to drop off my credit record!!

jonesMUFCforever

How much can you afford to pay into Abbey every month?
If you could afford £100 pm then it will take approx 14 months to clear,
£50 pm then just over 31 months (nearly 3 years!)

Burlesque_Babe

It would probably be £100 a month, possibly a bit more. I read on a few threads about them defaulting accounts after 3 months.

Burlesque_Babe

Well, I've had the credit card form to sign today as well as the current account forms to sign and give all my bank details to transfer from the Abbey.

I need to decide whether to stall the Nat West account for a few weeks and see how my claim for charges goes, or whether to jump ship now and hope the charges issue is sorted before the Abbey get stroppy about me leaving them with a 1200 o/d outstanding. I'll pay the o/d back obviously if I do move, but i'll only do it at about £100 or so a month so there's every chance they might default the account.

Any thoughts? Should I hang on? Any idea how long the NatWest would keep the account open without use/forms signed?

kevin.philips

The worst that can happen if you take the account is that you'll have to pay off the Abbey overdraft sooner than you may like too, I'd go for the Natwest account and do the opposite and stall Abbey while claiming your charges back, this way it will go towards the overdraft balance and you are free from any hassle if they decide to halt your banking services. Natwest have there ups and downs but I am a very happy customer so far in 3 years.

Edit: Sorry just re-read the post, why don't you transfer the balance from the overdraft to the new CC you have just got or ask Natwest to match the overdraft from Abbey - you've been surprised upto now - give it a go.

jonesMUFCforever

keren29 wrote:

It would probably be £100 a month, possibly a bit more. I read on a few threads about them defaulting accounts after 3 months.

If you keep the account 'alive' ie pay in regular credits to reduce o/d then you will have no problem.

Burlesque_Babe

so, if I paid in £100 a month, it would be ok? I don't have to pay my salary into it? (It is just a bog standard Abbey current account)

kuohu

Just a quickie - doesn't the Natwest Advantage Gold current account have a £10 or £12 monthly fee? Their fee-free current account is called Current Plus, I believe.

But nice one on getting accepted for the account and credit card.