Lloyds TSB Credit Checks

quackers82

Does anybody know how Lloyds TSB do their credit checks?

I upgraded to one of the value added accounts as i will make use of most of the services it offers. I asked what my internal account score was and she said a 2, which is good, as it runs from 1-9, 1 being best, but i was not allowed the 250 Interest Free overdraft. She asked if i had any bad credit, and i did have 4 defaults all gone this year except one, which reaches 6 years on September 26th 2009.

There are no searchs on my credit report by Lloyds TSB, so how do they know about these without leaving a footprint? It has to be taking into account the default as she said somebody with an internal score of 2 is normally excepted for any of the services they offer and only denied if the customer has adverse credit, ie defaults.

simax

Dunno mate. Makes you wonder why they have an internal score at all really?!?!?!?

gazelle8760

quackers82 wrote: »

Does anybody know how Lloyds TSB do their credit checks?

I upgraded to one of the value added accounts as i will make use of most of the services it offers. I asked what my internal account score was and she said a 2, which is good, as it runs from 1-9, 1 being best, but i was not allowed the 250 Interest Free overdraft. She asked if i had any bad credit, and i did have 4 defaults all gone this year except one, which reaches 6 years on September 26th 2009.

There are no searchs on my credit report by Lloyds TSB, so how do they know about these without leaving a footprint? It has to be taking into account the default as she said somebody with an internal score of 2 is normally excepted for any of the services they offer and only denied if the customer has adverse credit, ie defaults.

Hiya,

I don't know if this will help you at all, but here goes:-

I am with Lloyds, opened the account in May this year, their Classic account. A week later, I went into Branch, and upgraded to Silver, the advizor said my internal score was low risk, so-much-so, they had even offered me an overdraft and Credit Card,without the need for me applying for them!!

In july, I went into Branch to sort out my Home and Contents Insurance, I asked the advizor what my score was, she said it was a 4.

I had by this time upgraded again from Silver straight to Platinum, with the £250 Check Card, and I already had an overdraft, last week I went into a branch near where I work, and upgraded to Premier, and asked what my score was, the advizor showed me, and I was an 8..........I nearly fell off the chair, as I was a 4 not that long ago.

The Advizor said to me that that could be due to me using my overdraft at one point in August, taking myself near the limit, but this could remedy itself when they next update their scores. Despite being an 8, the new Premier Card was approved and I should get this today or tomorrow.

I don't know how they base their lending decisions, as my Experian score shows low too, but I have no CCJs and my accounts are paid timely, it may be worth mentioning thought, that Lloyds will NOT increase my overdraft at this stage, or upgrade my already Credit Card to their Premier Credit Card to match the account, as they said I did not qualify for a higher line of credit, odd really as the nationwide are more than happy to throw more overdraft at me yesterday, having performed a Credit Search.

simax

gazelle8760 wrote: »

Hiya,

I don't know if this will help you at all, but here goes:-

I am with Lloyds, opened the account in May this year, their Classic account. A week later, I went into Branch, and upgraded to Silver, the advizor said my internal score was low risk, so-much-so, they had even offered me an overdraft and Credit Card,without the need for me applying for them!!

In july, I went into Branch to sort out my Home and Contents Insurance, I asked the advizor what my score was, she said it was a 4.

I had by this time upgraded again from Silver straight to Platinum, with the £250 Check Card, and I already had an overdraft, last week I went into a branch near where I work, and upgraded to Premier, and asked what my score was, the advizor showed me, and I was an 8..........I nearly fell off the chair, as I was a 4 not that long ago.

The Advizor said to me that that could be due to me using my overdraft at one point in August, taking myself near the limit, but this could remedy itself when they next update their scores. Despite being an 8, the new Premier Card was approved and I should get this today or tomorrow.

I don't know how they base their lending decisions, as my Experian score shows low too, but I have no CCJs and my accounts are paid timely, it may be worth mentioning thought, that Lloyds will NOT increase my overdraft at this stage, or upgrade my already Credit Card to their Premier Credit Card to match the account, as they said I did not qualify for a higher line of credit, odd really as the nationwide are more than happy to throw more overdraft at me yesterday, having performed a Credit Search.

I've been with them since January, no bounced DD's, account always in 4 figures, and CRA checks shows nothing untoward, but the last time I checked in-branch, about a month ago, I was still a "99 - CPD". Nothing but Silver option for me!!

I'm impressed you managed to upgrade so quick... they kept telling me of the 6-month rule when I opened.... suffice to say 7 and a half months later I'm still waiting LOL

gazelle8760

simax wrote: »

I've been with them since January, no bounced DD's, account always in 4 figures, and CRA checks shows nothing untoward, but the last time I checked in-branch, about a month ago, I was still a "99 - CPD". Nothing but Silver option for me!!

I'm impressed you managed to upgrade so quick... they kept telling me of the 6-month rule when I opened.... suffice to say 7 and a half months later I'm still waiting LOL

I think I put this down to luck and particular advizors that I have dealt with. Whilst only being with them since May, one advizor in The Branch I use at lunch time, kept telling me I had not been with them long enough to upgrade to Platinum, from Silver..........and questioned how I managed to get Silver so fast!

I am not one to give up, so went in again and saw a new person, who upgraded to Platinum immediately............, but would not increase my overdraft.

Last week I upgraded to Premier, now according to Lloyds, I am now risk band 8, which would indicate I would pose a huge risk to them, so why do they continue to upgrade me?

The CRAs show my Credit Score as being in the "Poor" category, so in theory, I should not bother applying for anything, as even though I have no CCJs etc, I still according to the CRAs info, a huge risk. Nationwide yesterday increased my Overdraft with them by an additional £800, the second increase in a week, and this time they said they had to run a full credit check, and it accepted immediately, so I cannot comprehend why this has happened, if I am such a bad risk.

All I can say to you is, don't give up............I bet you can have The Silver Account and more besides, perhaps your just unlucky in your particular branch, if you could go into another branch, with advizors you have not seen before, you may just be pleasantly surprized.

Cash_Flow

gazelle8760 wrote: »

I think I put this down to luck and particular advizors that I have dealt with. Whilst only being with them since May, one advizor in The Branch I use at lunch time, kept telling me I had not been with them long enough to upgrade to Platinum, from Silver..........and questioned how I managed to get Silver so fast!

I am not one to give up, so went in again and saw a new person, who upgraded to Platinum immediately............, but would not increase my overdraft.

Last week I upgraded to Premier, now according to Lloyds, I am now risk band 8, which would indicate I would pose a huge risk to them, so why do they continue to upgrade me?

The CRAs show my Credit Score as being in the "Poor" category, so in theory, I should not bother applying for anything, as even though I have no CCJs etc, I still according to the CRAs info, a huge risk. Nationwide yesterday increased my Overdraft with them by an additional £800, the second increase in a week, and this time they said they had to run a full credit check, and it accepted immediately, so I cannot comprehend why this has happened, if I am such a bad risk.

All I can say to you is, don't give up............I bet you can have The Silver Account and more besides, perhaps your just unlucky in your particular branch, if you could go into another branch, with advizors you have not seen before, you may just be pleasantly surprized.

When Lloyds decided to upgrade you to a premier account what increase in risk do you believe they have undertaken?

simax

gazelle8760 wrote: »

All I can say to you is, don't give up............I bet you can have The Silver Account and more besides, perhaps your just unlucky in your particular branch, if you could go into another branch, with advizors you have not seen before, you may just be pleasantly surprized.

You can have a Silver account immediately you open the account, as it is scored the same as a Classic Account (Apparently), and when I opened the account I went for Silver (since downgraded to Classic), however the Gold option is better for me, but they won't let me have it, even though I want to pay them! (Never thought I'd see a bank refuse a customers cash LOL).

I think it's because they won't offer me an O/D that I'm refused an upgrade (as the Gold accounts and upwards have an interest free OD option), even though I don't want/need an O/D! Maybe if I go in and say can I have the Gold account WITHOUT the O/D?? Hmmmm......

firsttimestudent

As many others in this forum will tell you, LTSB's internal credit score is completely random.

I had the full range, from 1s to 9s, even 99s, during the past few years with them, despite operating my account impeccably. I used to be offended by being given a 'poor'. Worse still, some inexperienced staff will then start to lecture me about 'paying bills on time, up to date on payments' etc. They will then classically use it as a great selling point for their Privacyguard. One staff even have the guts to tell me "we're very careful with assessing risks, that's why we don't need government money" - and when I told her that "Lloyds is now 75% owned by the people" she said that's because of HBOS' fault, not Lloyds (wonder if Lloyds ever considered the risks before taking on HBOS? - how ironic)

I do not appreciate unsolicited advice from inexperienced staff who are only interested in their sales. In the end, I no longer consider them my main bank account, and it is used as a Savings account for their Vantage. If they were to reduce the interest rates etc. I will have no hesitation of ending my relationship with them.

TangledMemories_2

We've never gone over the overdraft, never had anything bounced back...and have the premier account with all kit and kaboodle....yet a search on their system the other week said "refer to credit bureau"
Strange....cos my experian credit report says my credit score is "excellent"

gazelle8760

Cash_Flow wrote: »

When Lloyds decided to upgrade you to a premier account what increase in risk do you believe they have undertaken?

Well, when I am one minute a Risk Band 4, then next time I ask I am a Risk Band 8, I would consider myself a greater risk, but obviously they don't see it that way, that is only my observation of it all, if I am honest, I don't know how they think or operate, and I even remember The Advizor telling me the same thing last week, and if he does not know, who does?

gazelle8760

simax wrote: »

You can have a Silver account immediately you open the account, as it is scored the same as a Classic Account (Apparently), and when I opened the account I went for Silver (since downgraded to Classic), however the Gold option is better for me, but they won't let me have it, even though I want to pay them! (Never thought I'd see a bank refuse a customers cash LOL).

I think it's because they won't offer me an O/D that I'm refused an upgrade (as the Gold accounts and upwards have an interest free OD option), even though I don't want/need an O/D! Maybe if I go in and say can I have the Gold account WITHOUT the O/D?? Hmmmm......

It does clearly state in their literature, the book you get when you start to move higher than Silver (you do get one with Silver) that you can have an overdraft fee free of £100, £250 and £500 respectively, but how much they lend, if any is subject to an assesment of your circumstances, however, it does not state you MUST qualify for the product before you can have the account.

I would say that just because you may not qualify for the overdraft, this would not mean you do not meet their eligibility for their Gold Account, I have NEVER heard of a bank refusing customers money before, I don't know about them having a black horse as their symbol, perhaps black sheep would be better suited.