Lloyds TSB - finally a full account!

Estj87

Looking for some advice if I can,

Im 25 now and I have a pretty low credit score (due to my stupidity when I was 18 and HSBC offering me a £15k loan and £3k credit card despite having very little income) and have struggled since to rebuild my credit.

Last June I opened a cash account with Lloyds TSB and have run it well. I pay in £1800+ every month and have neer gone near £0.

They have just upgraded my account to a silver account with a cheque book. (which I never thought would be possible.)

Does this mean I'm on my way to recovery? I only ask as they've declined me having a gold account (which would be really useful).

Any tips/suggestions? I'm finally getting somewhere with my credit scoring! So pleased after all these years!

MoneySaverLog

Is there any reason why you want the Gold account? I've managed well with just their classic vantage account. If you've not already done so I'd also add Vantage to the account as it's free to do so and you get better rates too.

innovate

Do you really get 12 * £9.95 = £119.40 a year of value from this account?

If yes, fine - though as MoneySaverLog says, add Vantage. You should be able to do this online.

If no, may be check what your credit file says now, and may be look elsewhere. E.g. you could get £100 to move to First Direct, and save the £119 ===> £219 in your pocket. Plus you then have access to the best Regular Saver Account in the industry. Though this isn't your only option - consult Martin's main banking article for some other ideas.

In any case - very well done for digging yourself out of the hole HSBC let you fall into :T

Estj87

Thanks

The Gold account would be useful due to the worldwide travel insurance. I've already saved a fortune with the silver account (cancelled my RAC and Vodafone insurance)

Also - I was told I can only have contactless cards with gold accounts or higher. Is this the case?

stclair

Estj87 wrote: »

Thanks

The Gold account would be useful due to the worldwide travel insurance. I've already saved a fortune with the silver account (cancelled my RAC and Vodafone insurance)

Also - I was told I can only have contactless cards with gold accounts or higher. Is this the case?

I've got a classic account and my card is contactless.

http://forums.moneysavingexpert.com/showpost.php?p=51485151&postcount=9

MoneySaverLog

You can get the equivalent cover from the AA for £30 a year, mobile insurance wise I've never needed it always have a back up phone and never had reason to make a claim. Personally the amount of times I've visited Europe in the last 10 years I can count on one hand.

So not really worth me paying the extra for a Silver account, and doubt I'd get any more benefit by going for a gold account either.

Estj87

MoneySaverLog wrote: »

You can get the equivalent cover from the AA for £30 a year, mobile insurance wise I've never needed it always have a back up phone and never had reason to make a claim. Personally the amount of times I've visited Europe in the last 10 years I can count on one hand.

So not really worth me paying the extra for a Silver account, and doubt I'd get any more benefit by going for a gold account either.

I was paying

- £7 per month to RAC, (Car breakdown)
- £14.99 per month to Vodafone (iPhone insurance)
- about £70 per year for travel insurance (I travel a lot)

For me the silver account was a no-brained, cheaper than my iPhone insurance alone!

Because Lloyds have now given me a full account and cheque book, does this mean there's a chance they may offer an overdraft (which I don't intend to use, but always useful if Vodafone mess up my direct debit again)? Can I go into a Lloyds branch and ask to see my internal score, or ask over the phone?

Rupert_Bear

Estj87 wrote: »

Looking for some advice if I can,

Im 25 now and I have a pretty low credit score (due to my stupidity when I was 18 and HSBC offering me a £15k loan and £3k credit card despite having very little income) and have struggled since to rebuild my credit.

Last June I opened a cash account with Lloyds TSB and have run it well. I pay in £1800+ every month and have neer gone near £0.

They have just upgraded my account to a silver account with a cheque book. (which I never thought would be possible.)

Does this mean I'm on my way to recovery? I only ask as they've declined me having a gold account (which would be really useful).

Any tips/suggestions? I'm finally getting somewhere with my credit scoring! So pleased after all these years!

Only get it excited if you can make use of the benefits associated with the Silver account. For me I have the Classic account and could easily get approved for the Premier one but for me there is no point.

I am very happy with the Classic and have a £10k overdraft facility which can be useful for the odd emergency.

pqrdef

Estj87 wrote: »

Because Lloyds have now given me a full account and cheque book, does this mean there's a chance they may offer an overdraft (which I don't intend to use, but always useful if Vodafone mess up my direct debit again)?

A cheque book doesn't mean much now they don't do guarantee cards. They can always bounce your cheques. An upgrade to Silver probably doesn't require a credit check.

MoneySaverLog

Estj87 wrote: »

Because Lloyds have now given me a full account and cheque book, does this mean there's a chance they may offer an overdraft (which I don't intend to use, but always useful if Vodafone mess up my direct debit again)? Can I go into a Lloyds branch and ask to see my internal score, or ask over the phone?

I asked phonebank for my internal score, 6 months ago they gave it out. Recently on two occassions they said they are not allowed to give it out, yet a phone call to my branch contact and I get the details. Guess I'm saying it depends on who you speak to.

Internal score however appearently means nothing, I have a 1B internal score which is almost the best you can get and cannot get a Credit Card with them, old adverse data came off my credit file late March. Though they have given me a £1,000 overdaft that just sits there and is never used.

Yes I did spell Overdaft right, you'd be daft to use it, but it's good to have as a back up

MoneySaverLog

pqrdef wrote: »

A cheque book doesn't mean much now they don't do guarantee cards. They can always bounce your cheques. An upgrade to Silver probably doesn't require a credit check.

Neither does a upgrade to Premier, which appearently goes on your internal score as was once told I was eligible for a premier account, despite adverse data at the time on the CRA, but I politely declined it when asked.