Post Uni Mess... Any advice gratefully received!

MrFreeze

Hi everyone,

Basically I graduated from uni the past summer and have just got a "real" job.
Whilst at uni i was on occasion reckless with money and ended up with several credit cards, overdrafts and consequently defaults.
I need to get a debit card so that i can buy things online and sign up for a mobile phone contract that I want but Nationwide will not give me one as i have had arrears on previous credit cards with them.

I'm assuming my credit rating is awful due to these defaults, and even tho most of the cards are now paid off, ive heard they will still be on my file.
I have tried checking my credit report but as i dont have a credit card i cant get onto their credit report checking website.

Does anybody know where i can get a decent current account that will let me have a debit card, even though i have a !!!! credit history. I don't want an overdraft or anything i just want to be able to spend my money.

I have vowed never to get another credit card, or borrow from the banks again (except maybe a mortgage one day if i can get the credit score up enough!)


Oh yeh... i tried to apply for a current account with HSBC and got rejected today... bad times, but this is why im assuming the credit score is !!!!.

Any help you guys can offer me would be very very gratefully received.
Hope this all makes sense.

Mr Freeze (Rob)

JacksterD

Try the Co-Op's Cashminder account:
http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts

MyopicMoo

We have a basic account with Barclays that has a visa debit card.

MrFreeze

Thanks for the quick responses, does anyone know if by applying for these accounts (if rejected) will it even further negatively impact on my credit score?

jambosans

MrFreeze wrote: »

Thanks for the quick responses, does anyone know if by applying for these accounts (if rejected) will it even further negatively impact on my credit score?

Basic bank accounts are not credit checked (except for a history of fraud or bankruptcy), however some do report to the credit reference agencies.

For more details, have a read at the below PDF:-
http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

MrFreeze

Thanks for that, very helpful....

apart from the co-op are there any other accounts you think i should look at?

crap credit rating and a debit card are the main priorities!

Thanks

jambosans

MrFreeze wrote: »

apart from the co-op are there any other accounts you think i should look at?

Well, the biggest differentiation between a basic bank account and current account (aside from credit facilities) is the card type. Basic accounts come with restricted debit cards, which means, for example, in the case of the Visa Debit, or Electron you cannot use them at terminals which do not seek authorisation (e.g. on trains, planes or pay@pumps). Ideally you would want an account with an 'online' Visa Debit. The alternatives are the Visa Electron, Solo and an ATM Card (obviously this card is the most restricted).

Below are a few example basic bank account which come with a Visa Debit Card:-
Barclays Cash Card Account
Lloyds TSB Cash Account (it's worth noting you can only use Lloyds TSB ATM's (branded Cashpoint); Post Office; or cashback to withdraw money from this account).

cottager

There's also the NatWest Step account:
http://www.natwest.com/personal/current-accounts/g1/other-accounts/step-account.ashx

CLAPTON

you can get paper copies of your credit reports by sending a cheque for £2 each

[Deleted User]

CLAPTON wrote: »

you can get paper copies of your credit reports by sending a cheque for £2 each

...to the credit reference agencies in question.