co-op cashminder

sallycroc

I have just applied for a co-op cashminder account..

I have a bad credit rating.

They did a credit search on me...I'm confused - as I thought this was for people that didn't have very good credit ratings -

so why do a credit check?

southernscouser

It's to check that you are who you actually say you are aswell as checking the finacial info it has on you.

Were you accepted?

sallycroc

thanks for replying

He said they will be in touch with me - by post. And then I will go in with my passport.

Do they reject people?

I'm scared. I need an account with visa electron or a way I can pay bills online.

Are there any other accounts?

Will the co-op search be on my records?

southernscouser

sallycroc wrote:

thanks for replying

He said they will be in touch with me - by post. And then I will go in with my passport.

Do they reject people?

I'm scared. I need an account with visa electron or a way I can pay bills online.

Are there any other accounts?

Will the co-op search be on my records?

They can reject you but I'd be surprised if they did with a basic account! :think:

I've heard a lot of people talk about the Natwest one. Think it's called a Step Account! It will show up on your record but wait for the outcome of this first.

sallycroc

so why did they do a credit search?

furndire

Its to make sure you are you, and not someone wanting to launder money with a ficticious name.

davethecue

I applied by phone last Friday and thet said the same to me . Will let me know by Friday if I have been accepted. I felt like saying I'll let you know if I accept you !!( Pride..)
I assumed it was an account that anyone could open
Will let you know when they let me know

skintasusual

they took about a week to accept mine.....

i opened a cash account with lloyds and it was opened instantly! much better...

chika

I applied for mine in the bank and the man who opened my account said that he hjad never heard of anyone who's details were correct being rejected for the cashminder account. It does take them about a week to send you confirmation though but when you do get it it is a good account and I have found the Coop to be much more helpful and sympathetic than Natwest.

domestic_goddess

A credit search is as much to verify that you are who you say you are as it is to check on your credit score. I think a credit search is required now by law (not 100% sure) for any financial institution opening a new account to try and cut down on money laundering. So you cant invent an identity and use accounts in a false name etc.

sallycroc

thanks guys...

so do lloyds do a credit search?

I now have a 2nd job to pay off debts - so it feels easier..

I will keep you updated

thanks guys x