Bad credit rating

Lauraxx_2

I am unable to even get a normal bank account and can only get a basic one due to having missed payments on an outstanding loan. I have now paid off this loan, does anyone know if my bank account circumstances will change anytime soon??

Laura

Tixy

Depends what shows on your credit reports. Have you obtained copies of them to check?

Do you just have a few missed payment markers? or was a default recorded on your credit file? How long ago were the missed payments or default?

When was the loan finally repaid?

When were you unable to get a regular account? Have you opened a basic account? Is there something specific you want a full account for? (as different basic account have different facilities so maybe a different basic account would suit what you need).

Amatheya81

It also depends on the bank. Lloyds use a internal credit check so if the loan was with them it doesn't matter what your credit score is they'll probably knock you back.

Lauraxx_2

I havnt obtained copies of my credit check, how do i do this? and how do i find out if i had a default?

I paid the loan back fully last month, i havnt tried to open an account since as it is a long process just to be told "no".

I opened my basic bank account with Santander in february as this is who my loan was with. I am looking to get a joint account with my boyfriend but also dont know whether it will affect him??

Tixy

You can get copies of your credit files for £2 each from each of the credit reference agencies. You probably need to get experian and equifax. If you have a default listed it will show on your report under the account information and will remain on file for 6years from the original default date.
In around a month it should show as a satisfied default (as it usually takes a couple of months to update your file) and that looks a bit better (although will still have a negative impact on your file.

If you have a default do not get a joint account with your boyf - as you will become financially linked and it will just make it as hard for him to get credit as well as you.

If you have 'just' have a few missed payment markers from quite a while ago then you might be able to get a standard bank account, possibly not with santander but with an unconnected bank.

Here is how to get your statutory credit reports - http://www.experian.co.uk/consumer/statutory-report.html and http://www.equifax.co.uk/Products/credit/statutory-report.html

Lauraxx_2

Thank you, you have been a massive help

Experian_company_representative

If you find missed payments, as opposed to a default, they will have less of an impact on credit scoring than a default and any impact will lessen over time, particularly if you continue to pay other credit on time.

James Jones

peainapod

I had the same problem, I had a bad credit rating (and still do !) so the bank would only give me a STEP account. I took it and managed it well the whole time I had it and I was then sent a letter saying I could now open a normal current account with them (this did take a good year though). Now I have a normal current account and savings account with them. As long as you use the basic account well then the same should happen to you. Good luck