Bank Account Advice Please

DjMack25

Hi Guys and Gals

Currently i have a "cash account" with llyods tsp which i have had for over 5 years now. i get my salary which is well over 2000 paid into this account each and every month and have various DD and SO coming out of it. i never have been overdrawn with this account.

about 6/7 years ago i got into some financial bother (totally debt free now) and have checked my credit report, to which is still low but can see it improving month on month!! i have 2 defaults that are due to be "spent" (the magic 6 year point before they get removed) this year. i have never missed or defaulted on any account i have had in the past 6 years.

during the past 3 years i took out a high interest loan to which i never missed a payment. and i have just been accepted for a capital one credit card (i only want this to help improve my rating)

but llyods wont upgrade my account to a normal current account (i don't want any overdraft ect) just the facility to use my card at any ATM.

my soon to be wife has a perfect rating cause i have to get credit through her due to me not being able to get much! she only works PT but got finance on a brand new mercedes. which i pay for.

why wont they upgrade me to a current account? what would be the chances of getting a current account elsewhere?

Llyods is handy as my wife has a llyods account and can transfer the money instantly through internet banking!!

Thanks for any genuine advice!

Scott

IceCreamDreams

I have a Lloyds TSB basic account, haven't had it for as long as you but have run it very well for over a year and they have refused to upgrade me too, even though they said they would after 6 months!

The bank manager said that she couldn't understand why my upgrade was refused as my conduct on the account was perfect but for some reason my "internal scoring" was low. She said that she would investigate for me but I just lost patience and wandered across the road to Nationwide who gave me a flex account immediately and I have also just been accepted for a HSBC account. I think your chances with another bank are pretty high - If I can do it, I'm sure you can too!

Best of luck...:)

jen245

Lloyds very rarely upgrade cash accounts. I agree with the above poster, you'd be better off trying another bank.

DjMack25

thanks for the above comments!! much appreciated.

what about if i closed my cash account with them would i be able to open up a current account as a "new customer" with them? rather than trying to upgrade?

i would really like to stay with llyods as like i said easier to transfer money between me and my partners account! but if i have to move then thats what i'll do!

Thanks again

jen245

With faster payments now, its not really necessary to have accounts with the same bank, but I guess you could try that. Good luck!

coolesticeking

You 'may' have better luck in trying to open a new account with Lloyds if you are happy with them instead of trying to keep them getting to upgrade this.

The problem with the Cash Card account is it does not build any internal history meaning no matter how well you run it, if you had a million in that account or even had it 200 years it does not count for nothing.

Make sure that no defaults remain on your credit file before you do this though.

When you ask for an upgrade, it just goes through to lending and they as you have found most times just say no.

With a new account, since the Cash Card account is not scoring you from an internal point of view - it will this time do a full credit score from scratch.

Again, does not mean it will be a happy yes though..

https://secure.currentaccounts.lloydstsb.com/ltsbaccountopening/Wizard.aspx?w=LTSB&account=classic&urn=AL10005540550

Best of luck!

maddocks_2

DjMack25 wrote: »

Hi Guys and Gals

Currently i have a "cash account" with llyods tsp which i have had for over 5 years now. i get my salary which is well over 2000 paid into this account each and every month and have various DD and SO coming out of it. i never have been overdrawn with this account.

about 6/7 years ago i got into some financial bother (totally debt free now) and have checked my credit report, to which is still low but can see it improving month on month!! i have 2 defaults that are due to be "spent" (the magic 6 year point before they get removed) this year. i have never missed or defaulted on any account i have had in the past 6 years.

during the past 3 years i took out a high interest loan to which i never missed a payment. and i have just been accepted for a capital one credit card (i only want this to help improve my rating)

but llyods wont upgrade my account to a normal current account (i don't want any overdraft ect) just the facility to use my card at any ATM.

my soon to be wife has a perfect rating cause i have to get credit through her due to me not being able to get much! she only works PT but got finance on a brand new mercedes. which i pay for.

why wont they upgrade me to a current account? what would be the chances of getting a current account elsewhere?

Llyods is handy as my wife has a llyods account and can transfer the money instantly through internet banking!!

Thanks for any genuine advice!

Scott

Their internal scoring does seem strange.

I was allowed to upgrade after 5 years or so of having an account but my credit rating is still about as bad as when I opened the account, so they're using another score to mark me.

I would recommend trying for a normal account elsewhere - if they've made their mind up, it's very hard to change it. God knows what I managed to do.

If you can get to see their screen at any point, they have a CRM system that tells them what they're allowed to do with the account. There are two fields you'll need to look for. One is a number (which will most likely be "99" for you), and the other tells the staff member what you're allowed to do - I was allowed to upgrade. *But* crucially, they didn't tell me this until I asked whether I was eligible for an upgrade in branch - they didn't know on the phone.

Occasionally, blocks are due to address difficulties too - if you've had a bill returned from your correspondence address (they store 2 addresses, this one caught me out recently), they put a "block" on an upgrade through their "PC" looking software (rather than the web browser thing) - worth asking about if you've moved a lot.

drewwhonumba2

I would say that it is almost certainly because of the defaults

Wait until they fall off and as long as you do not have adverse credit elsewhere then you should be able to opn regular accounts with any of the high street banks