Upgrading from a basic bank acct

Allyc

Hi I have a basic bank account due to past bad credit and ccj. I have been trying to upgrade to current bank acct, I just want a chip and pin card no extras like o/draft etc. Bank will not let me due to bad credit rate, still ongoing. Not been o/drawn on this acct for nearly 5 years. Is there an acct I can change to with another bank that will allow me to open a current acct with bad credit?

Thanks Ali:rotfl:

BugsyBrowne

Allyc wrote: »

Hi I have a basic bank account due to past bad credit and ccj. I have been trying to upgrade to current bank acct, I just want a chip and pin card no extras like o/draft etc. Bank will not let me due to bad credit rate, still ongoing. Not been o/drawn on this acct for nearly 5 years. Is there an acct I can change to with another bank that will allow me to open a current acct with bad credit?

Thanks Ali:rotfl:

With bad credit history there's a chance a bank will give you a current account albeit credit restricted.

Who are you with?

thatsean

Switch. Co Op, Barclays, RBS group, Lloyds group all offer basic service accounts that have a chip and pin debit card. Do your research online and make sure that you explicitly ask for the product that you want, to avoid an overzealous sales advisor trying to upsell.

Allyc

Hi Thanks I am with HSBC

thatsean

Almost all the other high street banks will offer a debit card, (as do Nationwide, they call it a cashcard, but it's a Visa debit card), so you've plenty of options.

Basic accounts almost always have the word cash in the product name, so are easy enough to identify.

zombieslayer25

Im with the Halifax and have a debit card. Its Electron so is only accepted by 95% of places, but its still a chip and pin card that I can use. Ive only found it not worked on Tesco pumps (it works in the garage though) and a couple of websites.

Toe-Jam

HSBC perform a full credit check to upgrade accounts now. Your best bet is to go to another bank such as Barclays cashcard account, nationwide or Co-Op cashminder.

Bad_website

i have had a barclays basic account for 5YR+ now, tried on three occasions to upgrade my account, and was refused everytime.
Have decided to never apply for a current account ever again, the basic account gives me everything i want, debit card, dd's and internet banking. I think the only reason i wanted a current account was because my mate said that when you apply for credit the company's know by your account number if it is a basic account and there for know that you have had a bad credit history so refuse you credit.
I also have a capital one rate reducing card and that will do for me and if i need to get a loan, i wont apply for one, i will just use the credit card to draw cash on and them i am not restricted by a 3-5year debt around my neck and most banks offer you a loan at 15% which is just a bit less than my credit card but i can pay the credit card off quicker if i want so over all works out cheaper.
I will never let banks make money out of me again.

Savvy_Money

I wouldn't withdraw cash from a credit card account - normally the interest charge is high and there is usually a cash advance fee - best sticking to a budget!

kloana

Bad_website wrote: »

my mate said that when you apply for credit the company's know by your account number if it is a basic account and there for know that you have had a bad credit history so refuse you credit.

Not sure this is true. I don't know if such a detection system exists (it may), but weeding you out by account number/type is not how lenders assess your credit risk. They look at information provided by one or more credit reference agency, to see how you've managed your accounts past and present. If your overall credit history is bad, you'd be declined on that, not on the basis of having a basic bank account alone.

I will never let banks make money out of me again.

Capital One will make a killing out of you if you withdraw cash on one of their credit cards.

BASFORDLAD

I wouldn't listen to my mate...