Investing with bad credit record.

zugzwang

Hi there,

Does anyone have any experience or knowledge of any companies that will allow an individual with a bad credit history to open an investment account please?

So stocks and share account, either ISA or otherwise. Not looking for any account that offers spreadbetting, just straightforward holdings of shares and funds.

They have a settled CCJ on credit history, but no bankruptcy and a lump sum around £100k.

My guess is that no company will do this.

Thanks,

z.

Lokolo

Bad credit rating won't have (or shouldn't have) any effect on savings or investments account because there is no facility to borrow.

zugzwang

I agree bad credit history shouldn't have any effect on getting savings or investments account, but I believe it does.

For example :
Declined for Natwest Share dealing ISA what next?
https://forums.moneysavingexpert.com/discussion/4078339

Why Can't I Get A Savings Account!?!?!
https://forums.moneysavingexpert.com/discussion/1601459

Declined S&S ISA Due to credit reference agency ??
https://forums.moneysavingexpert.com/discussion/4421137

Savings Account - Rejection...
https://forums.moneysavingexpert.com/discussion/4577239

Other explanations are possible for why these posters experienced difficulties

So I'm really looking for someone to confirm they have successfully opened an investment account with a CCJ. Anyone?

innovate

Just open the S&S account(s) with a provider of your choice. If you aren't on a "most wanted" list and they can identify you electronically (Electoral Roll, CRAs) there will be no issue.

If you can't be identified electronically, your options for S&S accounts will be limited because you would have to appear in a brick and mortar place with appropriate ID.

There will also be no full credit check - - the only reason they would read your CRA files is for the purposes of confirming your ID.

If you are unsure whether your data is up to date, get a credit file report.

zugzwang

Ok it's not for me, but I'll just tell them to try it. Thanks.

MoneySaverLog

Don't go to TD Waterhouse they turned me down a few years back when I had bad credit file.

zugzwang

MoneySaverLog wrote: »

Don't go to TD Waterhouse they turned me down a few years back when I had bad credit file.

Thanks.

Which company did you use instead.

MoneySaverLog

After they turned me down I waited until after the credit file was repaired before applying again elsewhere. I saw little point in even trying to apply after they turned me down.

maryleerk06

I was under the impression they don't check you for bad credit, i know they do a anti-money laundering screening and if you don't pass you have to send proof of ID and address. Maybe that's done by experian and they include credit check??

Bit odd that they refused you though.

jimjames

Depending what they are wanting to invest in then try Hargreaves Lansdown.

You can call up and speak to a real person so they will be able to check if there are any issues with the application

stinktankcynic

maryleerk06 wrote: »

I was under the impression they don't check you for bad credit, i know they do a anti-money laundering screening and if you don't pass you have to send proof of ID and address. Maybe that's done by experian and they include credit check??

Bit odd that they refused you though.

So how is it so hard to open an account, I've got a credit card and have been at the same address for years, I get voting cards each election?
What exactly are these checks? And how come people have had money taken from accounts to pay for others defaults on loans despite not having cards or I'd?