Lloyds TSB Premier - without credit facilities

CKhalvashi

pwuk wrote: »

Depends on your lifestyle and interpretation of emergency I suppose.

I have a £10k OD on our joint account (HSBC Premier), even though I’ve only dipped into £500 of it over the last 5 years with them. The logic for this is that due to the nature of what I do for a living (money comes into the company in chunks throughout the year, rather than constantly), I have had to go 3-4 months without wages before now.

3-4 months with £16k of outgoings each month (part of this is BTL properties) means that we can survive, as well as being able to pay bills. We try to keep as little money as possible in ‘standard’ savings accounts, due to the rates the banks are paying at the moment.

Extreme example, but proves that some do need the facilities just incase.

CK

BugsyBrowne

Saints2011 wrote: »

They do. Just because your eligible for one doesnt mean your eligible for all.

YES IT DOES

Everyone who has a full current account has been credit scored on the basis there is a overdraft, everyone with current accounts will also have UPGRADE ONLINE on their screen, 99.999.99% of customers who are willing to press upgrade will then be accepted FACT.

They DO NOT do an internal score for some monkey who wishes to pay them more for their bank facility.

Macca83_2

Bugsybrown is right. When an account is applied for in the first instance, the bank Will do a credit score. After that there is no need to score the account for a straight forward upgrade.
However because of the insurances involved, the advisor has to prove that the customer has need for the product or it Will be classed as being mis-sold. That's why i suggested the online upgrade option because the onus is on the customer to decide what's best for them.

Anthorn

Rupert_Bear wrote: »

There is certainly nothing wrong in having an overdraft facility and can be useful in the odd emergency. I have an OD facility of £10k with Lloydstsb but it does not mean I have use it.

I take from your comments you can not trust yourself with credit so perhaps it is better not to go there.

omg now a 10K overdraft limit. Makes my £200 limit look insignificant.

Anyway, I agree with the foregoing: Just because it's there doesn't mean you have to use it and it's useful in an emergency. You have to learn to budget and shrug off temptation sooner or later and now might be as good a time as any!

samwsmith1

Macca83 wrote: »

Bugsybrown is right. When an account is applied for in the first instance, the bank Will do a credit score. After that there is no need to score the account for a straight forward upgrade.
However because of the insurances involved, the advisor has to prove that the customer has need for the product or it Will be classed as being mis-sold. That's why i suggested the online upgrade option because the onus is on the customer to decide what's best for them.

They don't have to prove, they just need to check that you are aware of the facts I think.
When I upgraded my 1st account to first directory I was on the phone for around 45 minutes whilst she checked over and discussed all of the benefits with me and agreed with me that I was happy with everything that it offered before she added it.

Rupert_Bear

MoneySaverLog wrote: »

Not quite sure why you'd want a £10K OD facility, as it's not being used. £1k is more than enough for emergencies on my OD and I've never had a cause to use that either but good to know it's there.

But it does get used on the odd occasion and can be useful for account turnover with my other accounts.

mikesten

My recent experience with Lloyds TSB Bank Accounts.

Had the Classic Account, wanted the Gold. Online banking would only let me upgrade to Silver. Made Branch appointment, explained I wanted Gold, and was told on the information the bank had on their computer system I could only have Silver, and the application for the Gold would have to be referred and would possibly be declined. To give the bank lady her due, she went through all the information on the system with me, a couple of things were out of date (mainly salary details and length of time with employer), once these had been corrected the computer system then said yes.

I think it's therefore worthwhile to ensure that the bank has you correct details, and isn't working on old salary, address, etc. details as this would appear to have an effect on internal scoring.

MME_2

BugsyBrowne wrote: »

YES IT DOES

Everyone who has a full current account has been credit scored on the basis there is a overdraft, everyone with current accounts will also have UPGRADE ONLINE on their screen, 99.999.99% of customers who are willing to press upgrade will then be accepted FACT.

They DO NOT do an internal score for some monkey who wishes to pay them more for their bank facility.

Incorrect. Every single AVA is not always available to everyone with a Classic account. Just because you have been credit scored and accepted for a classic account does not automatically qualify you for any of the AVA range. I have seen people with Classic not eligible for any AVA, people on Silver eligible for Gold but not Platinum upwards etc etc. It is possible to refer AVA upgrades that are not recommended to the personal lending department but I have seen them declined on numerous occasions.

BugsyBrowne

MME wrote: »

Incorrect. Every single AVA is not always available to everyone with a Classic account. Just because you have been credit scored and accepted for a classic account does not automatically qualify you for any of the AVA range. I have seen people with Classic not eligible for any AVA, people on Silver eligible for Gold but not Platinum upwards etc etc. It is possible to refer AVA upgrades that are not recommended to the personal lending department but I have seen them declined on numerous occasions.

NO your wrong a great story but sorry you need to get your facts about this correct.

MME_2

^ Haha whatever. The facts are bob on thanks, that comes from 17 years as an LTSB employee of which about 7 were spent servicing these accounts.