Bank account

Mystie

Hi all, with lots of advice given to me recently I've managed to sort out my credit score, over night it has raised from 300 to over 850 .

With a credit score as this and no missed payments for over 2 yrs would I now be eligible for a current account. My account is currently a cash card account which has a lot of restrictions .

I will say this is still a daunting time after 10yrs of getting out of 90% of debt. I never will go down that road again due to the personal suffering it has caused.

Thanks for your advice given

MoneySaverLog

That would depend on the INFORMATION in your credit report, rather than a random number generated by a credit reference agency that at the end of the day does not lend you the money.

Each bank will have their own scoring system, some will accept and some will reject. It will be based on what you put on the application form and the DATA they find from the Credit Reference Agencies.

Mystie

All my accounts and info are up to date. How ever there is one settled default on a joint account I had with my wife. We no longer have joint accounts or any thing financial.

SpendlessKaren

Try upgrading your present account with your Bank

MoneySaverLog

You may struggle whilst there is a default on your file, satisfied or not. As suggested you could try your current bank. How long before it's gone completely?

Mystie

It was last updated in 2009 when the account was cleared. Even though this was a joint account for joint bills my wife cleared the account out and due to my working abroad I never saw a statement as my trust was in her to keep things in order. However when I did find out about it it was to late.

MoneySaverLog

Sorry to say you're going to hit brick walls until that default is gone, banks don't like defaults. You could try adding a "Notice of Correction" to your file explaining circumstances. Which will hold up any decision as decision will go through to a human underwriter. Though really doubt that will make much of a difference.