Coventry First - credit file query

izools

Hopefully someone who banks with Coventry First can fill me in

Does the current account actually report to your credit files?

According to this it doesn't:

https://forums.moneysavingexpert.com/discussion/2419785

But I wanted to be sure either way

BASFORDLAD

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Red_Rabbit

BASFORDLAD wrote: »

Nope Coventry First doesnt currently report:)

Mine shows and has done since I opened it last summer, on Equifax. Could it be a new thing, for newer accounts possibly?

It is extremely difficult to be accepted for a First Account, I know that much! :rotfl:

according to that list on the link, leeds BS also don't report but they do on my equifax as well.

maybe that thread is out of date?

izools

Red_Rabbit wrote: »

Mine shows and has done since I opened it last summer, on Equifax. Could it be a new thing, for newer accounts possibly?

It is extremely difficult to be accepted for a First Account, I know that much! :rotfl:

according to that list on the link, leeds BS also don't report but they do on my equifax as well.

maybe that thread is out of date?

Thanks for the info. I thought the info on that thread would be out of date.

My Equifax file is 100% perfect, no late payments, arrears, over limits, etc etc on the electoral, not many searches, etc so hopefully I'll be OK.

The reason I'm applying to Coventry is that I really want to get away from my current bank, but my Experian credit file is totally shot to pieces so Coventry searching Equifax is my best bet IMHO

Firing off the signed application today!

Wish me luck

Red_Rabbit

izools wrote: »

Thanks for the info. I thought the info on that thread would be out of date.

My Equifax file is 100% perfect, no late payments, arrears, over limits, etc etc on the electoral, not many searches, etc so hopefully I'll be OK.

The reason I'm applying to Coventry is that I really want to get away from my current bank, but my Experian credit file is totally shot to pieces so Coventry searching Equifax is my best bet IMHO

Firing off the signed application today!

Wish me luck

I thought you got rejected for HSBC? If so you've no chance with coventry! They are the hardest to get accepted with, according to reports (along with 1st Direct and N&P).

Also, if you already bank with coventry you'll see they allocate an account number but can still decline you. Like Halifax, they issue a number then say yes/no afterwards. I mean when you log-in to online banking, you may see the new account but just cos it shows there does not mean it is accepted.

It comes with a free overdraft as well.

Just be cautious but best of luck. :beer:

izools

Red_Rabbit wrote: »

I thought you got rejected for HSBC? If so you've no chance with coventry! They are the hardest to get accepted with, according to reports (along with 1st Direct and N&P).

Also, if you already bank with coventry you'll see they allocate an account number but can still decline you. Like Halifax, they issue a number then say yes/no afterwards. I mean when you log-in to online banking, you may see the new account but just cos it shows there does not mean it is accepted.

It comes with a free overdraft as well.

Just be cautious but best of luck. :beer:

HSBC will turn me down because they search Equifax and Experian.

Coventry are the only UK bank to search Equifax exclusively. Due to the fact that my Equifax file is flawless, literally, and my Experian file is totally shot to pieces, Coventry are the only bank I'd even consider applying with until the nasties fall off my Experian credit file.

I've enclosed a nice big cheque made out to myself to open the Coventry account with, too

I'll let you know how I get on

BASFORDLAD

You could well be right red rabbit
Had the account since you could first get it

Also dont excpect to be able to get a big overdraft. They are very fussy should you wish to increase it (i dont have one though)

karatedragon

izools wrote: »

Hopefully someone who banks with Coventry First can fill me in

Does the current account actually report to your credit files?

According to this it doesn't:

https://forums.moneysavingexpert.com/discussion/2419785

But I wanted to be sure either way

I have held the account since literally it was introduced back in 2006.

All I know is that it is VERY hard to get and I have an impeccable credit record, substantial income, no mortgage and savings yet was rejected on appliction. I also know of others on the board in a good financial position also declined.

I actually decided to write in showing 6 months past bank statements, 6 months past pay slips, evidence of sole title to my home with no secured interest on my Land Registry document and evidence of savings. I also submitted a statement of means sheet.

This "old fashioned" way of proving your financial standing as far as I am concerned should be re-introduced then we can dispense with the likes of Equifax.

I had a really lovely letter back and the account was opened and I have been with them ever since.

Their service has been without fault and I actually feel quite privaledged to be a Cov "First" account holder.

My overdraft has now been extended from £250 to £1,000 but you have to be with them 18 months and manage the account well. This includes displaying the ability to maintain a fairly large credit balance. The continual use of the £250 fee free overdraft actually does not bode well if you wish to extend the facility.

With regards to the regular reporting to the CRA's. My account has never and is currently not reported on a monthly basis but it appears that newer customers accounts are.

This could be to do with the fact that at the time of application my form did not actually state that they share information with CRA's but simply use CRA's to gain an assessment of financial standing and verify ID. Maybe the new form says that they share. In 2006 the account was marketed as a "Hybrid Savings Account" rather than a "current" account and I don't think any "savings" accounts report montly to CRA's. Their website seems to market the account as a "current" account now.

I actually prefer my current account not to reported and have stayed with them because of this. As far as I am concerned the activity of my day to day money is only the business of mine and my bank's - not nosey organisations liek Equifax or any other institution.

THE DAY THE COV REPORT MY "FIRST" ACCOUNT TO THOSE NOSEY GOOD FOR NOTHING CRA'S WILL BE THE DAY I QUIT FROM THEM!

Good luck with your application and hopefully you will join other happy Covvers soon :T

izools

karatedragon wrote: »

Good luck with your application and hopefully you will join other happy Covvers soon :T

Thank you!

I will re-apply six months down the line if they do say no but I'm holding out hope. And it's nice to know that they do pay attention to appeals done, as you say, the old fashioned way.

Not really concerned with an overdraft from them but the £250 is nice nonetheless. I just want to be with a bank that doesn't lie to me every which way and leave me 1. unable to by groceries or have a drink with my colleagues on a Friday Evening or 2. walking to work in the rain and ending up late.

This is what Lloyds TSB did to me due to arbitrarily cancelling my three week old debit card, without warning or issuing a replacement until I called and due to their changing and issuing a new PIN despite promising me it will remain the same.

Never again Mr Lloyds!

Red_Rabbit

izools wrote: »

HSBC will turn me down because they search Equifax and Experian.

Coventry are the only UK bank to search Equifax exclusively. Due to the fact that my Equifax file is flawless, literally, and my Experian file is totally shot to pieces, Coventry are the only bank I'd even consider applying with until the nasties fall off my Experian credit file.

I've enclosed a nice big cheque made out to myself to open the Coventry account with, too

I'll let you know how I get on

Bank of Cyprus also search Equifax only. I read that on one of the other posts but never felt the need to apply as coventry and hsbc do me just fine.

I do have a £250 o/d and never tried to increase it, maybe its a good job I never asked if you need 18 months history. I also sent in £30k to a savings account, maybe when you can pay large sums in that helps however I presume they may think twice if I removed my savings from them. (I have kept £10k with them).

I have a callsave moneymanager with them as well, with a nominal balance and this gives the same debit card as the first account but I cannot see callsave money manager on the website anymore so maybe it was replaced with the first account? Anyone know?

HSBC only search Experian, not Equifax. I can screen print my credit files when it lets me post images, but right now it does not.

I have 4 HSBC accounts and all have only searched Experian and/or Call Credit. Never searched Equifax (for me).

To add, all my HSBC accounts were opened within the last 18 months as well.

Here is the callsave statement which helped me to get the first account (I think)!

http:// img94.imageshack.us/img94/107/ coventrystatement110810.jpg

remove the gaps to see statement

izools

Yes Bank of Cyprus also search Equifax exclusively but they aren't a british bank, and I don't have confidence in a bank that can't even design a website that lines up properly...

HSBC search Experian and equifax for new applicants - when I applied in February they left a footprint on both credit files as did they when a friend of mine applied in June.

Perhaps it's different for existing customers or they only search Equifax if someone's Experian file is unsatisfactory?

Ha well I don't think my savings balances are going to even represent a whole percentage point of yours! Possibly not the sort of customer Coventry want but I'm going to try my best nonetheless

Watch this space!