ISA's after bankruptcy

ladyann55

I've had a basic bank account with the Co-op for several years and I was allowed to keep this when I went in to voluntary bankruptcy in February 2010, from which I was discharged in July 2010. I realise this stays on your records for 6 years, which is next year for me. I am now trying to rebuild my credit and wanted to open an easy access cash ISA with the Co-op and I was declined. I was mortified and phoned them and they said I could appeal and it would take 5 working days - that was 3 weeks ago, despite several phone calls to them and being fobbed off.

My point is, why do they do a credit check when you are not asking for credit but just trying to get back on track and save a little. Is there any sort of savings I can open without the risk of being declined again. My bank is not at all helpful at the moment and I really do not need new declines on my records when I am trying to improve myself. Any advice would be welcome. Thanks.

eskbanker

Did Co-op explicitly say that the reason for the decline was a failed credit check as such? As I understand it, credit checks aren't typically carried out for savings accounts, including ISAs, as they aren't credit products, so there is likely to be another reason for them to have declined you - on the plus side it shouldn't show as a credit search either (which in turn don't show declines as such).

Archi_Bald

OP, what do your credit files say? Do you have any CIFAS marker? Or it could be just that the Coop have decided not to offer you any account, due to your history.

ladyann55

Thanks for your replies guys. I have today had a letter from the Co-op saying they have opened my ISA for me and I will see it when I check in online and they sent me the account number. Why the change of heart I don't know or maybe they actually bothered to read my fairly heated reply, but whatever the reason, I now have an ISA :T

Thanks again for your responses

live'n'learn

I had the same problem today when I went into my local co op bank asking to get a savings account and got declined. The lady told me they did credit checks on savings accounts.

I cannot understand as the OP has said its not like I am asking for credit also just an account to add some some in when I have some spare.

Does anyone know if Barclays is the same?

lnl

betterdaysahead

livenlearn wrote: »

I had the same problem today when I went into my local co op bank asking to get a savings account and got declined. The lady told me they did credit checks on savings accounts.

I cannot understand as the OP has said its not like I am asking for credit also just an account to add some some in when I have some spare.

Does anyone know if Barclays is the same?

lnl

Hi,

I know this post is from last month - just wondering if you decided to appeal the Co-op decision like ladyann did? If so, did you get accepted? I have a Cashminder account with the Co-op and would like to open an ISA when I am discharged soon. Wondering if it is worth my while or should I go elsewhere?

Thanks,
BDA