Nationwide FlexDirect C/A - 5% on 2K5 no fee

Alex92_2

innovate wrote: »

How else would you suggest they catch the desperate credit seekers?

True I guess, I dont know much/anything about credit ratings and dont pretend like I do. Shame after each check they cant write "Note: Was doing compulsory background check before he wanted to open a new account" and then not let it effect your credit rating. Rather than "Wants a new car/credit card/loan, doing credit check"

innovate

plunt wrote: »

there is still uncertainty about if you only get 5% on the first account.

That clause 1.5 is a bit ambiguous but I fear it is a 360-degree CYA clause that they can use to justify whatever they like to have justified regarding an "introductory rate or offer".

You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement.

Ref 1.5 on page 15 in http://www.nationwide.co.uk/pdf/btp/P857_ImportantInformation-TermsAndConditions.pdf

Wheres_My_Cashback

innovate wrote: »

How else would you suggest they catch the desperate credit seekers?

I'm sure the CRA's and the financial institutions know perfectly well by now that multiple credit searches doesn't necessarily mean they're looking at those who are seeking credit, but they're also looking at those who are financially savvy, a low risk and exploiting the system to get the best return possible from their funds by exploiting and chasing rates.
It wouldn't take much for them to sort the 'wheat from the chaff' so to speak, yet it's assumed an applicant is financially a greater risk which just goes to show how unfair the credit rating system is.

Hominu

Alex92 wrote: »

True I guess, I dont know much/anything about credit ratings and dont pretend like I do. Shame after each check they cant write "Note: Was doing compulsory background check before he wanted to open a new account" and then not let it effect your credit rating. Rather than "Wants a new car/credit card/loan, doing credit check"

But credit reports are read by computers, not people. If you start writing on them (eg. notice of corrections), most automated credit checking software just says "Refer to human".

Don't forget that every current account is an application for credit just like a credit card. You can put it into a debit balance just like a credit card. So its treated as such. Open 5 current accounts and then go overdrawn by £1000 on each and there's 10K of cash. Spend cash then declare yourself bankrupt.

Saying that, has anyone checked their credit report yet? Any searches showing up?

When I opened 3 current accounts with BoS, only one showed.

innovate

Wheres_My_Cashback wrote: »

I'm sure the CRA's and the financial institutions know perfectly well by now that multiple credit searches doesn't necessarily mean they're looking at those who are seeking credit, but they're also looking at those who are financially savvy, a low risk and exploiting the system to get the best return possible from their funds by exploiting and chasing rates.
It wouldn't take much for them to sort the 'wheat from the chaff' so to speak, yet it's assumed an applicant is financially a greater risk which just goes to show how unfair the credit rating system is.

You might be an IT expert, I am not, so you might know better than me. But I reckon that it would require a heck of a lot of current data, and some very complex algorythms, to sort the wheat from the chaff. Plus, there needed to be some sort of a definition as to what constitutes wheat, and what is chaff. And some intelligent recognition if yesterday's wheat turns into chaff, and vice versa.

Anyway, we are at risk of completely deviating from the purpose of this thread, which is the Nationwide FlexDirect account.

Mickygg

So does anyone know for sure whether you can have an existing flex account and open a flex direct and keep the incentives for both accounts?I need the travel insurance, but also I'd like the flex direct.
This is not mentioned in any search I have done.

Gromitt

Mickygg wrote: »

So does anyone know for sure whether you can have an existing flex account and open a flex direct and keep the incentives for both accounts?I need the travel insurance, but also I'd like the flex direct.
This is not mentioned in any search I have done.

I don't see why not. Just apply for the FlexDirect after you've logged into your banking and hit "Apply" rather than "Upgrade".

Alex92_2

Hominu wrote: »

Open 5 current accounts and then go overdrawn by £1000 on each and there's 10K of cash. Spend cash then declare yourself bankrupt.

What happens if I request not to have an overdraft (I always do this, never ever plan on going into it for the foreseeable future.)

innovate

Alex92 wrote: »

What happens if I request not to have an overdraft

You get no overdraft.

Alex92_2

innovate wrote: »

You get no overdraft.

Obviously.. I mean, if the reason you get bad credit rating for opening to many accounts is because potentially you can have lots of accounts in overdraft. Surely if I dont have an overdraft available, they cant give me a worse credit rating as there is never a risk to me owing anyone money.