Poor Credit - Bank & Savings Accounts

KatiePrecilla

Hi
My new BF is not happy with his current bank account with the Haifax.

He would like to change, however his credit rating is not the best due to things that happened a few years ago, however gets approx £1600 wages paid in a month, and has money left at the end of the month.

Can anyone recommend a bank/account he could try?

Also, he would like some sort of easy access savings account, but again, due to his credit rating isnt sure where to go/try

Thanks in advance

Fiddlestick

KatiePrecilla wrote: »

He would like to change, however his credit rating is not the best due to things that happened a few years ago

What sort of "things"?

If it's late payments then it's not such a problem, but if it's a default or a CCJ then it might be.

KatiePrecilla

As far as I am aware, he just ran up a bit of debt that then went to one of those companies that sort the debt out so you can pay so much per month

CLAPTON

he needs to get copies of his credit reports and see what is actually on them.... from what you say he defaulted on his debts which is bad news

however, he should be able to apply for any savings accounts as these are not chedit checked as no credit is offered.

rb10

Halifax's Reward Current Account is generally considered to be one of the best available (unless you are overdrawn for 2+ months per year), so there's clearly something about your BF's situation that means it isn't working for him.

If you let us know what it is, then people can suggest accounts that may work better for him.

izools

If he has outstanding defaults / arrears / CCJs then it's likely to be game over for a full current account anywhere; but as long as he doesn't owe much and has settled all outstanding defaults / arrears / CCJs and has had a year or two of clean running most banks will be OK to open a full current account but mightn't be forthcoming with an overdraft.

As others suggest it depends on the extent of his adverse credit history and really the first thing to do is for both of you to get copies of your credit files to see what is on there and report back. You are likely to be financially linked to each other if you've ever held joint financial products of any kind and / or applied in joint names in the past so the content of your credit file is equally important as his; ergo advising you both get a copy.

Let us know how you get on with the credit file (I'd recommend getting it from Experian as they are the most widely used, or Equifax, but not Call Credit as banks don't really search Call Credit files, mainly Experian, and sometimes Equifax (RBS Group / HSBC Group))