co op cashminder but now what ?

older_wiser

Went into the co op branch to open a cash minder account i haven't had a bank account for over 8 years so i thought it was the best way to get back on the credit ladder. I now have my account and sort code just waiting for the card and pin its been confirmed via the phone thats it open and that i can deposit money into as of now.

Does the cash minder appear on my credit file if i run it correctly would it enhance my credit and do co op upgrade at some point ?

I did also apply for a natwest step account i've just got to go into branch with passport and utility bill along with the letter they sent.

whats the difference between the step do natwest upgrade that ? a and cashminder is there any limit to the amount of bank accounts you can have ? and do they appear on your credit file hopefully they do as i'd like a full bank account at some point in the future.

sorry for the long post but i'm rather happy i have a bank account even if its only a basic one.

pmduk

Nat West don't offer a straight upgrade, although if you run it well, they are often agreeable to you applying for a current account after 6-12 months. Well done on sorting out an account.

older_wiser

so is either the co op cashminder or the step account a full debit card to be used on trains and petrol pumps or are they limited ?

coolesticeking

Both the Co-Op and NatWest Accounts will appear on your credit file as 'Bank Accounts' just like a full account would meaning you get green ticks as long as you run them in good shape.

Just a word of warning though about the Co-Op Cashminder account, they operate a three strike and you are out policy meaning if you miss a Direct Debit for example, this is a strike and as soon as you reach three they close the account down.

As pmduk has said, they don't upgrade Step accounts at NatWest but it gives you a better chance of being accepted for a new application for the Current Plus account with them if you again keep the account in good shape.

In regards to the Debit Cards, these are not 'Offline' type of cards but Full Auth which checks for the funds before going ahead. So it means you won't be able to use them on trains etc.

KingElvis

The Natwest Step account will give you the blue card only which cannot be used on trains etc.

You need to upgrade to a Current Account Plus to get the purple card which does allow this.

Not everyone with a CAP get the purple card though, it depends on your credit rating.

older_wiser

thanks for the replies :beer: and the last thing i'm going to do is get negative reports from these two accounts they are going to be well funded with no chance of going over the limit. I look at these as my way to get back on the credit ladder so i'm going to nurture them like children until they are able to deliver me a good healthy full bank account lol

while i'm disappointed both are not offline cards i suppose it spurs me to have nice green ticks each month. I've read quite abit about basic bank accounts and thought the co op ca!!!!!er was a full debit card but i think theres still confusion about what you can and cannot do with this card.

coolesticeking

older_wiser wrote: »

thanks for the replies :beer: and the last thing i'm going to do is get negative reports from these two accounts they are going to be well funded with no chance of going over the limit. I look at these as my way to get back on the credit ladder so i'm going to nurture them like children until they are able to deliver me a good healthy full bank account lol

while i'm disappointed both are not offline cards i suppose it spurs me to have nice green ticks each month. I've read quite abit about basic bank accounts and thought the co op ca!!!!!er was a full debit card but i think theres still confusion about what you can and cannot do with this card.

If you are looking at rebuilding your credit history, and require the use of an offline card look at either the Capital One Classic Credit Card or a Vanquis Credit Card - Both are for helping people build up a credit score or for those who may who have not had any credit in the past.

http://www.capitalone.co.uk/creditcards/classic-credit-card.jsf
http://www.vanquis.co.uk/credit-cards

A word of warning if you go ahead with these, because they are credit building cards they have a very high APR of 30%+ (if you are lucky) so never keep a balance and ensure you pay in full each month.

Give it a few years and as long as you keep up with the repayments, then you could go ahead and apply for more prime status cards or rewards cards so at least you could get a little something back from just using them to pay for everyday items.

older_wiser

thanks for the reply cool

an offline card isn't really something i need at the moment its just something i'd like rather than require.

I'll probably apply for a subprime credit card in about 6-12 months hopefully the green ticks will help with that. Its been about 8 yrs and more since i had any kind of credit or debit card and i know the pitfalls as my username says older_wiser.

thanks to everyone who replied and gave me advice and information.

coolesticeking

Hope all goes well for you and congrats for getting back on the ladder

older_wiser

well as i said in my previous post i got a co op cashminder which i'm happy i got.

last week i was deciding between the natwest step account and cashminder i did actually apply for the step account online and got a letter informing me that i needed to send further documentation passport proof of address but they also said i could give the information in branch so thats what i did.

I was hoping that having two accounts would help me fruther in gaining a better credit record and if i cocked up one account i'd have the other to fall back on.

I went to the branch but they couldn't find my application hmmm i thought she called me to do the application again she just copied the information that was on my letter. she then said i'd scored highly for there accounts and why did i want a step account i told her i hadn't had a credit card or debit in over 8 yrs. she then said lets try something 5 minutes later she came back and i have a current account plus the 2% cashback card she did say that if i went over my balance they would charge me and on the confirmation letter it does say its not a cheque guarantee card

Now my question whats the differnce between the cashminder and the natwest current plus account is this a full current account and debit card ?
can i use it on trains ect. I assume the current plus account is better than the step account ? does anyone have one of these accounts ?

coolesticeking

older_wiser wrote: »

well as i said in my previous post i got a co op cashminder which i'm happy i got.

last week i was deciding between the natwest step account and cashminder i did actually apply for the step account online and got a letter informing me that i needed to send further documentation passport proof of address but they also said i could give the information in branch so thats what i did.

I was hoping that having two accounts would help me fruther in gaining a better credit record and if i cocked up one account i'd have the other to fall back on.

I went to the branch but they couldn't find my application hmmm i thought she called me to do the application again she just copied the information that was on my letter. she then said i'd scored highly for there accounts and why did i want a step account i told her i hadn't had a credit card or debit in over 8 yrs. she then said lets try something 5 minutes later she came back and i have a current account plus the 2% cashback card she did say that if i went over my balance they would charge me and on the confirmation letter it does say its not a cheque guarantee card

Now my question whats the differnce between the cashminder and the natwest current plus account is this a full current account and debit card ?
can i use it on trains ect. I assume the current plus account is better than the step account ? does anyone have one of these accounts ?

The Co-Op's Cashminder is just a Basic Bank Account that does not allow you have an arranged overdraft, chequebook or offline debit card.

NatWest's Current Plus is a Standard Current Account and can allow you to apply for an Overdraft and also gives you a Chequebook. If it states 'Without Cheque Guarantee Facility' then at the moment it is a full-auth debit card still (The Full-Auth Card is Blue).

If you run the account well then they will consider you for a Debit Card Upgrade after 6 Months+ to what they call a Servicecard (Offline Card is Puruple) and this can then be used Offline.