Upgrading from a basic bank acct

jen245

Bad_website wrote: »

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.

Absolute rubbish. Banks/lenders do not know what type of account you have by the account number. On your credit report, basic accounts show as current accounts.
And withdrawing money from a credit card, is probably one of the most expensive ways to borrow money, with cash advance fees, and sky high interest, and not only that, withdrawing money on a credit card is reported to the CRAs, and is seen as a sign of financial stress, so if you are doing it on a regular basis, you can kiss goodbye to getting any cheap mainstream lending.

Bravehearted_2

Bad_website wrote: »

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.

Your post is full of unwise advice which is maybe why Barclays keep refusing you the account.

I bet Capital One are laughing to the bank because withdrawing cash on a credit card earns them a tidy fee - ironic when you say banks wont make money off you.

Toe-Jam

Bravehearted wrote: »

Your post is full of unwise advice which is maybe why Barclays keep refusing you the account.

I bet Capital One are laughing to the bank because withdrawing cash on a credit card earns them a tidy fee - ironic when you say banks wont make money off you.

Yes I bet they are laughing, but I also bet other lenders are not. Cash Advances are shown on a separate section of your credit report, Withdrawing too much cash on a credit card every month can make you look like you can't live within your means.

pinkdalek

Try Halifax, going from your post you may be offered the Easycash (their basic account) but it comes with debit card facility.

Work it well, conduct it good and generally they'll upgrade you after 6mths or 1 yr based on your internal relationship.

Bad_website

Yes getting cash loan on my credit card may not be wise, but the only other option for someone like me would be a wonga loan or provident loan which would cost me a lot more than the cash advance on my credit card, plus i don't get credit checked for every cash withdrawel.

I also pay the credit card off with in a few months not a whole year. So it works for me, people say the cash withdrawel is recorded on your credit file, yes i know that, but my credit file is already shot, so it really makes no difference to me as no one is going to lend me anyway, so i have to improvise and make the most of the credit facility i have available to me at the moment in time

thatsean

"Yes getting cash loan on my credit card may not be wise, but the only other option for someone like me would be a wonga loan or provident loan which would cost me a lot more than the cash advance on my credit card, plus i don't get credit checked for every cash withdrawel."

You could just budget.