I cant even qualify for a First Direct Current account

Anderzz

Lesson to be learned folks.

When you are young and you think credit cards are to be wazzed up the wall, then you reap the consequences in later years.

Ive just cleared almost all of my debts , never missed payments in years. Only thing I have is a 600 overdraft which Ill be decreasing to 0 in the next two months.

I decided to try First Direct today, after a lengthy phonecall and giving loads of personal info I fail at the final hurdle.

Quite disheartening!. Noddle says my credit score is 3/5 so might get accepted in some places but rejected in others.

Looks like Ive gotta concentrate on building up some savings or something. I seem to be struggling like hell to dig myself out of this credit damage

bossymoo

Hi
Most high street banks offer "social inclusion" accounts these days. Just ATM and counter facilities with no credit ie overdraft or cheque book.

You may not pass a credit score but many will have something else to offer you for receiving payments and setting up direct debits etc.

Hope that helps

Blackpool_Saver

:rotfl:social inclusion accounts lol, how very pc:rotfl:

JuicyJesus

First Direct are very picky about applicants. If you have a mediocre or poor credit score, they won't be interested.

scott1358

My noddle credit score shows as 1/5 (I'm guessing because there is a default for 3 from 2006 still on there) yet First Direct accepted my application. I think it's hit and miss with who accepts you, the credit scores of credit reference agencies aren't always accurate.

Anderzz

I think Im just gonna have to stick with Lloyds for now, clear my overdraft and begin putting some money aside in savings. My rating should hopefully return to a decent level eventually!

Wish I learned the lesson at an early age.

MoneySaverLog

FD use credit scoring as well as info from your credit file so....

Every "Personal" question, or any question they ask you for that matter on the account opening process will get a score.

Some answers are worth more points than others.

e.g. A home owner would normally get more points than a tenant
A Professional will score more points than a unskilled worker
A higher disposable income taking into account all income and outgoings is going to add more points (here FD have a cut off where if you don't have a certain level they autodecline)

Everything they ask, is scored. Just think about that. Think am I painting myself in a good light? Will I get the minimum number of points needed to open an account?

Personally I prefer Lloyds TSB over FD anytime. Doubt very much they'll give me a mortage or any kind of lending, they only offer me a "full auth" non contactless debit card and no free £250 OD so they'll not be my main bank. FD is good only for the 8% regular saver the rest of their products are rubbish interest rate wise.

Anderzz

Do you think being in the armed forces has a negative impact?

MoneySaverLog

I don't know, each bank will have their own scoring system. Highly secretive and confidential to avoid application fraud. I would not have thought so.

SallyG

I've had a FD current account for over 20 years but my income will go below £1500 a month from now on- will FD charge me the monthly fee to stay in my current account?

[Deleted User]

If you have a normal saver account with £1 in it, they won't charge the fee, no matter what.