Barclays (Basic) cash card account - VS - LloydsTSB (Basic) Cash Card Account

questionabout

I'm currently re-building my credit and have a Barclays Cash Card account which I'm happy enough with as my only account. However the problem with it is there is "no credit" with this account. This means that I will never be offered or pre-approved for any credit products, nor have any internal credit score.

I'm fine with this, for example I don't want or need an overdraft. However I am worried that in the future (3-5 years time) I may want a mortgage yet trying to prove how I've ran my account the Credit Reports won't show any significant. It also won't look very good when I produce my statements with "CASH CARD ACCOUNT" on the top of each letter I have.

I understand that with Barclays I can also never be upgraded to a Full Bank Account. I would first need to close my Cash Card account, re-apply for the full account and get a new account number. So therefore I'm starting to look around for an alternative 2nd bank account. I have come accross the LloydsTSB cash card account which looks similar to what I have.
I would like to please know the following:

• Can the LloydsTSB cash card account be upgraded in the future to a Normal Full Classic Account?
  
• Do customers with the LloydsTSB Cash Card account ever get offered or pre-selected for Credit Products?
  
• Is there a better alternative then what I currently have?

Mark_In_Hampshire

Completely avoiding all your questions, as I don't know the answers however..

Why not try applying for one of the "build your credit history" type credit cards, such as the Vanquis one?

Just make sure you pay it off in full every month, the interest rates on such cards is mindblowing.

book12

It's optional to close down the Cash Card Account. When you use it for about 6 months or more, ask them to upgrade it. This will involve another account open. You can have two accounts running. This is what I have done.

You can still get approved for their credit products when applying. They could see your spending pattern on your statements, and on the system.

I wouldn't recommend the LTSB basic bank account, as it only allows cash withdrawals only at their machines. I would recommend Natwest/RBS & Nationwide.

Alternatively, try the above posters suggestion. As well as Vanquis, try Barclaycard Initial, the interest rate is lower than Vanquis.

If you pay bills on time, that could build up credit history too.

questionabout

book12 wrote: »

It's optional to close down the Cash Card Account. When you use it for about 6 months or more, ask them to upgrade it. This will involve another account open. You can have two accounts running. This is what I have done.

You can still get approved for their credit products when applying. They could see your spending pattern on your statements, and on the system.

That's interesting I guess something I will consider. So basically when I was applying for the full account I would just tick a box to say I already have an account?

I'm already building my credit file up with a capital one card and catalogue. Aiming to get lots of Green O's reported. I understand though that each credit account has a different category with:

• credit cards
• loans
• mobile contracts
• bank accounts
• mortgages

...All separate sections within my credit report. I'm hoping to have a well run history in all of these categories before I apply for a Mortgage in 5 years time, yet as I understand it currently my Cash Card Account history won't be reporting on this file (as Barclays didn't credit check me), which will show I have no bank account! :eek: Or am I getting this wrong and Barclays will still report my basic cash card account information to the credit reference agencies?? :huh:

preable

yes you would tick the box to say you have an account

questionabout

...just had a look at the online Barclays account application for a full account. Even though there is an option to select I'm an existing customer (with online banking) I still have to fill in all my details again! It doesn't even ask for my cash card account number! :mad:

Thats why I was considering a completely different bank if I've gotta make a new application then why not try somewhere else with different benefits?

System

Having a basic account will not stop you from getting a mortgage.

Even if they do look at the statements, all they will care about is money going in and not the type of account.

Barclays is one of the better basic accounts out there, if you want more credit on your file why don't you just get a Barclaycard initial or other credit card?

P.S. On ALL basic accounts, they will not offer you credit.

questionabout

Heng_Leng wrote: »

Having a basic account will not stop you from getting a mortgage.

Even if they do look at the statements, all they will care about is money going in and not the type of account.

Barclays is one of the better basic accounts out there, if you want more credit on your file why don't you just get a Barclaycard initial or other credit card?

P.S. On ALL basic accounts, they will not offer you credit.

I already have a credit card. What I'm talking about is a "Bank Account" registering and recording my history on my credit report. If the basic bank account doesn't do that, then according to Equifax and the other credit file agencies then it may show I have "No Bank Account". Sure I can take statements in to a branch but the Electronic Computer System checks that get done now days can't "read" a paper statement and check the Credit Agencies first.

I want a bank account that will report every month to the Credit Reference Agencies confirming my account conduct and that I'm running it well, instead of Barclays Basic not reporting anything. Otherwise, I can run the account like an :A for the next 5 years and yet receive no acknowledgement on my credit file.

Does anyone here have a Barlcays Cash Card Account that reports to their credit file?

Bosie

If you have the co op's basic account the Cashminder and want to move on to their full current account, well it becomes an inquest:mad:

My daughter had a cashminder, applied for a main current and it then went up to their ''risk'' dept. They wanted to know the reason why she had the basic account.

They said if it had been an IVA or bankruptcy; even if it had dropped off the CRA files, it would still linger with them!!!!!

In the end after waiting and waiting for a decision she gave up and told them to forget it.
She went on to open a FULL bank account elsewhere.
Don't know if LLoyds or Barclay's do the same as the co op.

book12

questionabout wrote: »

I already have a credit card. What I'm talking about is a "Bank Account" registering and recording my history on my credit report. If the basic bank account doesn't do that, then according to Equifax and the other credit file agencies then it may show I have "No Bank Account". Sure I can take statements in to a branch but the Electronic Computer System checks that get done now days can't "read" a paper statement and check the Credit Agencies first.

I want a bank account that will report every month to the Credit Reference Agencies confirming my account conduct and that I'm running it well, instead of Barclays Basic not reporting anything. Otherwise, I can run the account like an :A for the next 5 years and yet receive no acknowledgement on my credit file.

Does anyone here have a Barlcays Cash Card Account that reports to their credit file?

Your credit card is good enough to establish credit history.

Yes, the Barclays Cash Card Account reports to credit reference agencies. It reports to Experian.

izools

The Barclays Cash Card account that you already have will appear on your credit file in absolutely, identically, the same way as a full current account.

To a third party running a credit search on you, there is no way they can tell that you have a cash card account and not a fully fledged current account.

From the sounds of things you don't really need to do anything, you have a bank account and credit card account appearing on your credit file so just leave as is.

After all, the main key to building up your credit worthiness is maintaining the status quo and demonstrating stability.

Moving around banks on a (semi) regular basis will lower your credit score.

HOWEVER Barclays Bank do take into account your existing accounts with them when applying for a full current account.

I was approved for a full current account with them after having held a cash card account for the seven months following my discharge from Bankruptcy. Yes - Barclays Bank gave me a full account less than a year after I was discharged from BR!!

They are your best bet if you do want a full account IMHO