Is credit report preventing a new bank account

Jez_

Hello, I've recently settled debts with creditors and I'm finally debt free. I'd now like to open a regular high street bank account, however I'm not sure how to proceed.

My experian credit report is showing a status of 'Default' on all except one entry which shows as 'Satisfactory' (the website address below shows a copy of this).

imgur.com/tyLCnti.png

I've recently tried to open a HSBC bank account but was declined.
Is anyone aware if it's the 'Default' or 'Satisfactory' entries that are causing the problem, and if so how I could fix this? Many thanks

cheops2006

I would open a basic current account first you need to show that you can manage that before they will offer you a standard account with proper debit card.

Tixy

A regular current account will be subject to a credit search andhaving several accounts that defaulted is very likely to be the reason your application was declined. They will still likely consider you high risk.

A basic bank account would be an option, although you perhaps already have one?

How long until the defaulted accounts drop off your credit file?

Jez_

Thanks for the advice
I currently have an account with SecureTrust Bank. It's basic but has gotten me by. I have £10,000 in it at the moment, and I plan to move this and future earnings to a high street bank account.

I've booked an appointment with HSBC for next Saturday to hopefully open an account with them. I'm told they have a 'basic' account which has no overdraft or loan options, and is available to people in my situation.

I've no idea how long it takes for a defaulted status to drop off my credit file, but I'd guess probably 5-6 years

Tixy

It is 6 years from the date of default as shown on file, so it depends on how old your defaults are.

All banks offer a basic bank account (some have a full debit card, some banks only offer a solo type card or just a cashcard for withdrawing at the machine). There is a link to compare different banks basic accounts on this page https://www.moneyadviceservice.org.uk/en/articles/basic-bank-accounts

Deposit/savings accounts are also not subject to a credit application search.