Best way to manage a bank account?

B..

I currently bank with Lloyds TSB, which I'm happy with. However I'm constantly being refused overdrafts etc, so I was just wondering how I should manage the account to put me in a better position, so in the future I'll get accepted for their overdrafts, credit cards/loans etc.

Or would I be better closing the account and starting a fresh with a different bank and making sure I never go overdrawn on that etc?

I did go through quite a rough few months earlier this year with redundancy and I went overdrawn a considerable amount of times, which I'm assuming will of tarnished my internal scoring with Lloyds..

Also, does it help improve your score if you have all your bills going out one account? as I currently transfer my bill money to a separate account.

Thanks and sorry for the stupid questions.

Hooloovoo

The best way is to have a float in your account so you don't need the overdraft.

Just call, say, £200 your "zero" level and make sure it never drops below that.

You need to buffer your cashflow so that it doesn't matter when payments go in or out during the month.

B..

Okay thanks.

I've told myself I'm not going to apply for anything for 12 months. So in the meantime I want to make sure I manage my finances in the best possible way to boost my chances of acceptance!

exel1966

B.. wrote: »

I currently bank with Lloyds TSB, which I'm happy with. However I'm constantly being refused overdrafts etc, so I was just wondering how I should manage the account to put me in a better position, so in the future I'll get accepted for their overdrafts, credit cards/loans etc.

Or would I be better closing the account and starting a fresh with a different bank and making sure I never go overdrawn on that etc?

I did go through quite a rough few months earlier this year with redundancy and I went overdrawn a considerable amount of times, which I'm assuming will of tarnished my internal scoring with Lloyds..

Also, does it help improve your score if you have all your bills going out one account? as I currently transfer my bill money to a separate account.

Thanks and sorry for the stupid questions.

Ask them what your credit risk score is? It will be between 1-7 or possibly 99/CPD. That will give you an indication of your chances of credit with them.
Ask them how you can improve it, but generally regularly credit the account (salary?), use DD's/SO's, always stay in credit etc.

If you're relationship with them is good/had no problems then stick with them.