Credit Rating & Vantage?

Jacka87

Ok two questions here so bare with me.

The history, well I bank with RBS traditionally but set up a classic vantage acount with Lloyds as i nedded a second current account. I have been putting money into the vantage account via bank transfers from my RBS account or via cash deposits when I have them.

I have since realised the wonderful advantages of vantage and wished to open another vantage acount where I could drop in some savings as its a better rate than my current savings account (by a long way).

So I went into the LLoyds bank and asked to open another classic acount. I was then taken through the process and they said they needed to do a creadit check. I agreed as I generally have a good credit history and expected to get the acount no probs and dont need any other applications of credit any time soon. I was then told that my credit score is 6 on a scale of 1-9 with 9 being the worst. the reason given for this low score was that I have not been putting my wages straight into the account from my employer. this seemed strange as I said thats what anybody would do with a savings account so whats the difference and they said it would be fine if the savings account was with the same bank as the current account that the employers wage goes into. They have suggested that I either take move my current acount with them to RBS or move my RBS one to them and transfer my wages etc into it.

I was also then told that they only offer vantage on one account.

• Does transferring money from a current account in one bank to another affect your credit score? Or is this just loyds trying to get me to move to them.
• Can you still get vantage on more than one account with Lloyds and if so does anybody know how?
• Also I have since checked my credit report with experian and everything seems fine, tho I havent asked for the score, is there anywhere else I can check that my score or report is ok?

ffacoffipawb

Jacka87 wrote: »

Can you still get vantage on more than one account with Lloyds and if so does anybody know how?

http://www.lloydstsb.com/current_accounts/vantage.asp

"Customers are limited to a total of 3 Vantage Accounts."

apt

Jacka, I think they've been spinning you a line. I also got the why don't you pay your salary into us patter when opening my third Vantage account. I said I was happy with where it went at present, but they still opened the account. Which account your salary goes into should not have a major effect on your credit score.

Jacka87

apt wrote: »

Jacka, I think they've been spinning you a line. I also got the why don't you pay your salary into us patter when opening my third Vantage account. I said I was happy with where it went at present, but they still opened the account. Which account your salary goes into should not have a major effect on your credit score.

Thanks, I didnt see any reason for it either and the girl insisted that it was due to the fact that cash payments are suspicous. I tried to explain to her that as well as having a full time job I also work contract at times and that is self assessed at the end of the year and thats why i was using two current acounts as I like to use the contract work as savings for hols etc. She then said that was fine but unless it was proper payments from the employer then it would reduce my score.

To be honest at first it seemed I wasnt getting an account at all then she said they would and they would even give me the pay for accounts with added benifits but my score was still low. it all seemed like a hard sell to be honest and a bit suspicous!

Jacka87

ffacoffipawb wrote: »

http://www.lloydstsb.com/current_accounts/vantage.asp

"Customers are limited to a total of 3 Vantage Accounts."

thanks for that, i looked the other day when i was tired and couldnt find that, but the girl in the ban assured me that you could only have 1!!!

I am not happy with the service with Lloyds and would rather my money else where to be honest as I dont trust them one bit but the vantage for my money is worth it financially so what else am I gona do!

jennifernil

Could you try a different branch? Or open by telephone?

I have 3 Vantage accounts and am not even a wage earner! I just circulate £1000 through the accounts (from outside) to get the 4% interest, and transfer in any spare cash

mr_fishbulb

Jacka87 wrote: »

I was then told that my credit score is 6 on a scale of 1-9 with 9 being the worst. the reason given for this low score was that I have not been putting my wages straight into the account from my employer.

That's weird. I opened my first current account with vantage in a Lloyds TSB branch this week. I sat with the lady as she did it. At the end she said that I must have a good credit score. I asked her where it said that and she said the system doesn't come back with any actual score but she could tell as I was pre-approved for a credit card. There was no mention of a 1-9 scale and I didn't see one on the screen (I was watching the whole time). Sounds like BS to get you to move your salary payments over to them.

The lady asked me if I was moving my salary payments over and I said "Oh yeah. Of course" knowing full well that I wouldn't.

Jacka87 wrote: »

this seemed strange as I said thats what anybody would do with a savings account so whats the difference and they said it would be fine if the savings account was with the same bank as the current account that the employers wage goes into.

It's not a savings account. It's a current account which pays a good interest rate if you meet the criteria.

pqrdef

mr_fishbulb wrote: »

It's not a savings account. It's a current account which pays a good interest rate if you meet the criteria.

Yeah yeah. But once you've put money in, the interest rate is a kind of a strong disincentive to spending it

Rossan

Hi
Have you been able to open the Monthly Saver (paying 5% gross) with these 3 accounts? - I've managed to open one but have been told that you can only have 1 Monthly Saver no matter how many current accounts you have?

Baldur

Rossan wrote: »

......but have been told that you can only have 1 Monthly Saver no matter how many current accounts you have?

That's correct - see http://www.lloydstsb.com/savings/monthly_saver.asp

1.2 You can only have one Account in either your sole name or held jointly.

bob_a_builder

Despite ""Customers are limited to a total of 3 Vantage Accounts.""

If I try to open another account via the online banking it comes back

"Sorry, we can't offer you a secondary current account."