Grown up bank account

Bessie123

I have now successfully paid off all my debts, and my credit file is updated.

I have a number of pay day loans which defaulted in 2011, all of which now show on Experian as Default, Satisfied.

I currently have a Halifax Easycash account. How long should I wait before applying for a proper account (that my wife calls a grown up account!)?

Thanks

CKhalvashi

Officially, it's 6 years, however Barclays will offer mortgages to bankrupts 3 years from discharge, meaning that a year should be enough.

Halifax may offer to upgrade now, as long as you didn't default with Lloyds Banking Group, and that you're maintaining your account to the required standard.

CK

Bessie123

Thanks for the quick reply.

I know that they will drop off my credit file after 6 years from the default date, however I don't think I would have to wait this long for a bank account. Like you pointed out you can get a mortgage 3 years after bankruptcy.

If I was to apply with Halifax, do they mark my file or just do one of them searches that others can't see? Is it worth going into a bank and asking them how long I should wait?

I have a fairly good salary, and have been successfully paying my debts for 2 years?

CKhalvashi

I've never spoken to someone that's asked LBG to upgrade, so I don't know, however with some banks it's done via internal scoring, which is the best reason not to switch banks, as Halifax know your banking already.

I can't answer this definitely, however as long as you dont go applying for credit with it straight away, I can't see there'll be a problem. Someone who does know will probably be along to help you soon, as it's not just me, there are hundreds of thousands of users on the forum.

CK

Trajal

I had an issue like this, Natwest wouldn't upgrade my basic account. I ended up switching to HSBC who offered me everything, but fell out with them. Switched again to Lloyds who are very strict and won't offer me much despite me having thousands in savings, resposible credit use in the last 3 years and clearly paid off everything that was ever owed.

My advice would be to switch to HSBC - just be aware that they will pull the rug from under you double quick if anything goes wrong (they cancelled my overdraft when I lost my job, hence the falling out) so you need to have some kind of contingency saving.

Bessie123

Trajal wrote: »

I had an issue like this, Natwest wouldn't upgrade my basic account. I ended up switching to HSBC who offered me everything, but fell out with them. Switched again to Lloyds who are very strict and won't offer me much despite me having thousands in savings, resposible credit use in the last 3 years and clearly paid off everything that was ever owed.

My advice would be to switch to HSBC - just be aware that they will pull the rug from under you double quick if anything goes wrong (they cancelled my overdraft when I lost my job, hence the falling out) so you need to have some kind of contingency saving.

How long after you paid off your debts did you leave it before applying to HSBC?

I don't want any overdraft or anything. I have vowed to never borrow money again - I'm not very good at it!

Trajal

Bessie123 wrote: »

How long after you paid off your debts did you leave it before applying to HSBC?

I don't want any overdraft or anything. I have vowed to never borrow money again - I'm not very good at it!

The first time around - I left it about six months to a year, can't recall exact timeframe. Certainly wasn't over a year.

Bessie123

Trajal wrote: »

The first time around - I left it about six months to a year, can't recall exact timeframe. Certainly wasn't over a year.

Was that in our current times of austerity? (what an irritating politiciany phrase.. Sorry!)

Trajal

Yup. It was slap bang in the middle of it, after all the banks had started being painfully risk averse and not lending to anyone or anything.

[Deleted User]

Can I ask why you want a 'grown up' account' ? At least with a basic account there is no access to potential credit(debt), which could lead to difficulties in the future. I'd leave it for a while.

Bessie123

Deleted User wrote: »

Can I ask why you want a 'grown up' account' ? At least with a basic account there is no access to potential credit(debt), which could lead to difficulties in the future. I'd leave it for a while.

Because it's massively embarrassing being 33, on a good salary, and only having a Visa Electron. I find myself hiding the logo in shops.

My wife and I have a joint account, and it's also embarrassing for her to have an Electron for that.

I am aware there are basic accounts with proper Visa cards, but they still look like basic bank cards and have the name of the account on the. Also, if I'm going to switch then I might as well get the account benefits that go with proper accounts.