Coventry First - credit file query

karatedragon

BASFORDLAD wrote: »

I didnt know that!

Yar.

I guess the counter staff don't realise 40-63-01 is the Cov they probably think it is HSBC somewhere else.

BASFORDLAD

karatedragon wrote: »

Yar.

I guess the counter staff don't realise 40-63-01 is the Cov they probably think it is HSBC somewhere else.

Does it hit the account straight away?

Bosie

What is the criteria that makes the Coventry first hard to get?
Is it a minimum income? Max 2 credit searches, long time at address?
I read that Nationwide's Full flex account is hard to get, maybe because it's a building society?

karatedragon

Bosie wrote: »

What is the criteria that makes the Coventry first hard to get?
Is it a minimum income? Max 2 credit searches, long time at address?
I read that Nationwide's Full flex account is hard to get, maybe because it's a building society?

The Cov First is harsher scored than the Nationwide

Bosie

karatedragon wrote: »

The Cov First is harsher scored than the Nationwide

Would you have any idea what their criteria is?
I know you got the account, have you lived at your address for at least 3 years? Good income, good ratio of credit?

I have moved about and I know that has done damage:eek:

BASFORDLAD

I think they just have a stricter scoring process and much more choosey on who they want.

Keep the problem customers away. We dont want to have those riff raff onboard lol

karatedragon

Bosie wrote: »

Would you have any idea what their criteria is?
I know you got the account, have you lived at your address for at least 3 years? Good income, good ratio of credit?

I have moved about and I know that has done damage:eek:

Well I had to appeal the application but I have no arrears, no mortgage and a decent income and little outgoings and some savings. On the electoral role same address 9 years.

They do look for AT LEAST £1,000 going in every month.

I recommended a friend of mine for the account who was accepted but again they have a good financial standing. I also wrote a letter of introduction as a current Cov BS member introducing the new customer. I doubt this actually did any good but I know banks liked that many, many years ago.

If you apply and get declined appeal it by providing details of bank statements, pay slips, evidence of savings. But it is only worth doing this if you have NO late markers at CRA's.

I can understand their tight criteria as they are in effect giving you £250 interest free and a full VISA debit card. As a smaller society they clearly cannot absorb arrears and customers that fall by the wayside as much as a large plc bank can. If you were them would you want someone that would "sit" in a £250 interest free zone and not pay much in or go overdrawn unauthorised because they were too stupid to check thier balance and budget?

Bosie

karatedragon wrote: »

Well I had to appeal the application but I have no arrears, no mortgage and a decent income and little outgoings and some savings. On the electoral role same address 9 years.

They do look for AT LEAST £1,000 going in every month.

I recommended a friend of mine for the account who was accepted but again they have a good financial standing. I also wrote a letter of introduction as a current Cov BS member introducing the new customer. I doubt this actually did any good but I know banks liked that many, many years ago.

I can understand their tight criteria as they are in effect giving you £250 interest free and a full VISA debit card. As a smaller society they clearly cannot absorb arrears and cusomers that fall by the wayside as much as a large plc bank can.

If you apply and get declined appeal it by providing details of bank statements, pay slips, evidence of savings. But it is only worth doing this if you have NO late markers at CRA's.

Thanks for input, I'm with the halifax at the moment and have a full visa card and overdraft. Just like the sound of smaller financial institutions, and as you say they have to be more careful.

izools

karatedragon wrote: »

If you were them would you want someone that would "sit" in a £250 interest free zone and not pay much in or go overdrawn unauthorised because they were too stupid to check thier balance and budget?

Thankfully I can provide them with statements proving that this is exactly what I don't do. Statements showing careful budgeting and little spending if they so need it to consider my application

karatedragon

Bosie wrote: »

Thanks for input, I'm with the halifax at the moment and have a full visa card and overdraft. Just like the sound of smaller financial institutions, and as you say they have to be more careful.

If you fancy going with the Cov I can really recommend them and I know others here can too. Before you apply it might be worth checking your CRA files for the number of searches you have had, the electoral information and if anyone has placed any of the late markers. That would give a good indication of your initial success rate.

Then apply.

If it fails send in 6 months bank statements and pay slips with a letter asking if they will reconsider. When I did this I got a response within about a week of sending the stuff off.

If the statements show that you have been sat in an overdraft for ages I doubt they would be impressed especially if your overdraft is more than £250. They wont "match" an overdraft beyond the £250.

I guess I don't think of it as a current account as when I applied it was marketed as a "savings" account that just happened to allow access via a Debit Card and allowed standing orders and Direct Debits. I guess the idea of a "savings" account is to "save" and not be overdrawn constantly.

I remember a while ago GE Money introduced a 3% cash back credit card and no one could really understand their "success" criteria as even the most financially stable people on here were being declined. I think the Cov First account is a bit like this. No one really knows the true criteria for success. It could be they decline people and like it if someone sends in more information??