S&S ISA with Bad credit

Mollys_dad

Hi, due to a business going down the pan and my income, i have a recent bad credit history. I am now in a position of a bit of extra cash and want to save for the future. I have applied to 3 different companies mentioned on the MSE website for a ISA account but all 3 have tuend me down due to my poor credit rating.
Has anyone an ideas on where i can open an ISA account?
Its wierd as all i want to do is give them money, but they dont want it (or can't take it). conversations on the phone dont help, i just get 'thats the rules (credit check)' and no amount of pointing out the obvious works.
ta

shrewsaver

If I were you I wouldn't even look at a S&S ISA in your current situation, I would probably just look at an instant access ISA with a bank or building society.

More information would be great ie how much you are looking to save/invest, do you have any savings at the moment, your current situation etc.

From the very first bit of your post, I would look at getting yourself back on track in terms of the credit history ie make sure your bank account has a regular amount going through it each month, this can take a while to sort out in terms of getting your credit history back up to a good level etc.

jimjames

Which companies have you tried and is it for a S&S ISA or cash ISA?

Mollys_dad

My finances are better now and cash flowing through my account, hence ability to save. As you know, i'll have to wait years to have these fall off end of credit scoring.

I'm heading for 50 and so want to put money into a S&S as no pension, that went down with the business:(.

I've tried TD Waterhouse and another one that i cant remember (before xmas). I will have circa £2-3k before April to put in and then want to continue in the new tax year to get £20k for me and the Mrs.

Ta.

masonic

I don't understand why a credit search would have been carried out. I could understand your credit file being used for an identification check, but that would not reveal your bad credit history. I take it that you are on the electoral register?

jimjames

masonic wrote: »

I don't understand why a credit search would have been carried out. I could understand your credit file being used for an identification check, but that would not reveal your bad credit history. I take it that you are on the electoral register?

Thats a good point.

I recently wanted to close a share based account that I've held for over 10 years. Despite letting me invest into the account (and having lived in the same house over 10 years) they decided that they couldn't identify me and that I needed a lawyer to certify copies of my passport to allow me to close the account to meet money laundering regs.

It may be that the problems opening the account are due to lack of identity proof to satisfy money laundering rules than the a credit check. As the OP says he wants to invest money not borrow it.

Mollys_dad

No they both definitly referred me to Equifax/Experian and they said the do a credit check. Barmy I know as i only want to give them money, not borrow it. I phoned Interactive Investor (iii) and asked them if they run a credit check on applying for an Shares ISA and they too said yes. I am on electoral roll got a letter from electoral roll recently to verify who lives here and our names are on it I've lived in this house for 3 years and got mortgage etc..

masonic

Well when I opened an account with Hargreaves Lansdown 5 years ago there was no record of a search on my credit file, so that could be one option for you. However, things may have changed in the intervening years.

MsHoarder

Mollys_dad wrote: »

No they both definitly referred me to Equifax/Experian and they said the do a credit check. Barmy I know as i only want to give them money, not borrow it. I phoned Interactive Investor (iii) and asked them if they run a credit check on applying for an Shares ISA and they too said yes. I am on electoral roll got a letter from electoral roll recently to verify who lives here and our names are on it I've lived in this house for 3 years and got mortgage etc..

I recently opened a savings account and the woman used Experian to check my address, I could see the screen and she was only using it to check we were on the electoral role. Does anyone you currently bank with offer S&S ISAs? They may be able to help you without another credit check. Otherwise, try to apply with someone face to face/over the phone, so they can tell you what the problem is.