Lloyds tsb

wayne99

Hello,

after a long while i have finally managed to get a "current account" i have been stuck for years with the basic accounts with Barclays, Natwest, Nationwide etc.

Applied a few days ago for a Lloyds classic account, letter arrived this morning with sort code, ac number etc..

Just a few questions, are Lloyds any good at offering pre-approved credit (loans etc) ?

Is it worth adding this Vantage thing i keep seeing on the TV ?

is the Green debit card a full Visa Debit card ? or an electron in disguise ?

what is the online banking like ? are you able to do transfers etc from it ? the reason i ask is my Natwest online banking is restrictive dependant on account, i have the step account and i cannot do online transfers and a few other bits and bobs.

what can i do to make sure my internal score is good ?, i have read somewhere that i can find out what my score is, what advantage would i gain by doing that ?

sorry for all the questions but its been along time since i have had a full current account as opposed to these basic accounts, and i want to make sure i use it correctly, and give myself the best possible chances at pre-approved credit facilities later on.

thanks

Wayne.

jambosans

wayne99 wrote: »

Just a few questions, are Lloyds any good at offering pre-approved credit (loans etc) ?

Like most banks, they do pre-approve, in my experience it took a year or so before I was offered credit cards, etc. Some have also complained of the dreaded Credit Policy Decline (CPD) marker, which prevents pre-approval, see the below thread:-
https://forums.moneysavingexpert.com/discussion/1795851

It's also worth baring in mind that even if you're pre-approved, an external credit check may still apply.

wayne99 wrote: »

Is it worth adding this Vantage thing i keep seeing on the TV ?

You need to fund £1000 per month to qualify for Vantage, and the interest rates are tiered, so you only really start to benefit when you have between £5000 and £7000 which earns the highest rate of 4% AER. See below for the different rates:-
http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp?WT.ac=VIR0609#currentaccountsvantage

wayne99 wrote: »

is the Green debit card a full Visa Debit card ? or an electron in disguise ?

It's an offline Visa Debit Card (i.e. not a Visa Electron in "disguise").

wayne99 wrote: »

what is the online banking like ? are you able to do transfers etc from it ?

It's recently been given a snazzy update. Personally I like it, as the old service was rather dated looking. Others are not so happy (link). You can do everything you would expect, transfers, bill payments, etc. Below is a link to the demo:-
http://www.lloydstsb.com/new_internet_banking_demo/index.html?WT.ac=IBIBD0810

wayne99 wrote: »

what can i do to make sure my internal score is good ?, i have read somewhere that i can find out what my score is, what advantage would i gain by doing that ?

Well there's the obvious stuff which can be generalised as good account conduct i.e. no charges, more in than out, little or no overdraft usage. Building up some savings may also be an idea.

There's no gain in knowing your internal score.

Hope these answers cover your questions. Others will be along to elaborate on certain points.

wayne99

thanks Jambo, i get paid 1790 per month in the bank so i will add the Vantage to the account, it makes sence to really.

Thanks for the reply.

wayne.

jambosans

wayne99 wrote: »

thanks Jambo, i get paid 1790 per month in the bank so i will add the Vantage to the account, it makes sence to really.

An alternative if you don't have +£3000 in savings is the Classic Account Plus, this gives you a rate of 2.5% AER on balances up to £2500 when funding £1000 or more (which is better than Vantage). The below link gives a comparison between Vantage and Plus rates:-
http://www.lloydstsb.com/current_accounts/classic_and_classic_plus_accounts.asp (click the "Interest Rates" tab)

paulmcerlean

wayne99 wrote: »

thanks Jambo, i get paid 1790 per month in the bank so i will add the Vantage to the account, it makes sence to really.

Thanks for the reply.

wayne.

With Lloyds, they combine internal scoring, which is the income you put into the account and how you use it combined with external data that they get on you every month from the CRAs regarding your other commitments.

If you have any missed payments, defaults or any nasties on your credit file, expect to not be preapproved for anything and likely declined for a lot of their products including overdrafts and loans.

Lloyds are quite conservative in their lending but good with limits etc once you are on side.

Jake'sGran

They sent me an email today urging me to open another two Classic with Vantage. There is a very long thread about Lloyds accounts a day or so ago.

I didn't know about the Classic Plus as mentioned by Jambosans. This could be useful to me i.e. the convenience of having accounts all in one place especially since the Egg bonus ended. Maybe it's just me but I do find their website messy to use; lots of blank spaces when you click on something.

seabass

Can you open two vantage accounts them with then , and then just transfer £1000 into the other to meet the criteria?.... or even 3 and transfer the 1000 straight from one into the other?

This seems like the highest interest rate i can find at the moment, better than an isa, is this correct?

blueberrypie

seabass wrote: »

Can you open two vantage accounts them with then , and then just transfer £1000 into the other to meet the criteria?.... or even 3 and transfer the 1000 straight from one into the other?

Yes.

This seems like the highest interest rate i can find at the moment, better than an isa, is this correct?

Yes *but* it's not tax-free savings as ISAs are, so if you are a taxpayer you have to take that into account.

wayne99

going back to this internal score thing, can this be checked by phoning them or does it have to be done in branch ?

if they do give me a cpd or 99 etc does that mean thats it ? game over ? lol

iereboy

You can ring them and they'll let you know your score.

If you are new chances are you'll be 99.

Get CPD and its game over -for some its forever, for others a few months.

Manage your accounts well and you'll get preapproved offers - same as any other institutions.

Do not go for plus as the rate is dropping in December. Have a vantage account and also use them as savings accounts.

Good luck.

wayne99

thanks all :beer: