Bank account loyalty

ybbon66

Hi,

I am trying to get rid of bad credit card (high interest rate) but my current bank Halifax appears to have used a disputed default account payment history to refuse me.

So I am not happy, I was looking to switch and Santander seem to be offering a good account as we have our mortgage with them (well Alliance & Leics, but them in effect). I know credit applications ask for time with bank but I was just curious does that loyalty actually matter a jot? If I changed my bank account every 2 years as an example, would that make a difference?

Thanks

angelsmomma

I asked my bank of 20 odd years for a mortgage, they said no despite a usual current account balance of over £1000. To add insult to injury they then said I could get a loan instead at £24% interest. My virgin credit card is only 5.7% for goodnes sake, I was livid.

Went to another bank and got it no problem. I really don't think loyalty matters these days with banks. I have this week started the process of closing down this bank account.

I would give santander a miss though they are dreadful

ybbon66

Thanks for that, according to this site though, Santander seem to be the best bet for me with the zero account I realise their cust service is rated poorly but it looks like Halifax aren't a much better bet anyway so not like I'm losing that much. That said I've not had a problem with Halifax other than their lending. Used to have FD and they were great, I'll shop around. All I want is to BT or get a loan to consolidate. I probably need to write to Mint (who the dispute is with) to remove the wrong info from my credit report most of all.

opinions4u

If there's a default on your credit file there won't be many lenders throwing low rate credit cards at you.

The problem isn't Halifax or Santander, is it?

ybbon66

opinions4u wrote: »

If there's a default on your credit file there won't be many lenders throwing low rate credit cards at you.

The problem isn't Halifax or Santander, is it?

No. Problem is Mint.
The default is disputed, and it's also been settled for 7 months. We got a CapitalOne card a few months ago (paid in full now) as credit repair and also financed a new car this month so my credit is OK to some lenders, just not to my own bank apparently.

As there is a dispute on the default, lenders should talk to me about the dispute anyway. Though as I said, I really need to write to Mint to try and get it removed which should free stuff up.

It's not that I can't pay the high rate card, I just want to get it reduced (no they won't do it, I asked) so I can pay it that much quicker.

I think I'll start on that letter to Mint.

Saints2011

With a notice of dispute most lenders won't even look and auto reject

Ultima_K

You should get the free Credit Expert service for 30 days and get them to contact Mint on your behalf and dispute the entry.

Sometimes the credit reference agencies can get entries removed or updated far quicker.

If it's settled and you are getting credit, you might just have to be more selective with the companies you try.

adindas

I fully agree with this. If they offer benefit compare to other banks than keep it, otherwise close it.

I tend to keep the oldest current account especially with reputable high street bank as it will maintain the traceable good credit history.

angelsmomma wrote: »

I really don't think loyalty matters these days with banks. I have this week started the process of closing down this bank account.

angelsmomma

There's no benefit now as it was Lloyds and I had the vantage account but the interest rate has dropped now anyway.

I also have a Nationwide Flexaccount account. I joined them in 1972 so have just transferred all the direct debits into that account for now. I kept it going in the hope it join another BS and I might have got shares.

callum9999

ybbon66 wrote: »

No. Problem is Mint.
The default is disputed, and it's also been settled for 7 months. We got a CapitalOne card a few months ago (paid in full now) as credit repair and also financed a new car this month so my credit is OK to some lenders, just not to my own bank apparently.

As there is a dispute on the default, lenders should talk to me about the dispute anyway. Though as I said, I really need to write to Mint to try and get it removed which should free stuff up.

It's not that I can't pay the high rate card, I just want to get it reduced (no they won't do it, I asked) so I can pay it that much quicker.

I think I'll start on that letter to Mint.

Surely it being disputed doesn't "clear" you from the offence whatsoever from Halifax's point of view? You may know you weren't in the wrong, but I don't see why Halifax should take your word for it.

As to loyalty, I'm sure all banks realise that a long time with them is rarely about loyalty. It's about you either being apathetic, the best decision for you financially or just too lazy to move. I'm not "loyal" to any company, and I'm sure they are all fully aware of that.

opinions4u

The op seems to think that banks should lend to longstanding customers regardless of what's on the credit file.

That's not loyalty from a lender. That's stupidity.