Coming off the credit score bandwagon

crystal_pixie_2

Hi,

Bit of a different question but I would appreciate opinions.

I have had some problems in the past mainly due to divorce but things are going ok and I am paying my debt down at a good rate.

Due to defaults my credit score is still only fair - however, I have the opportunity to open a bank account with a bank that does not use credit scoring but accesses you via the old fashioned method!

This bank has offered by a full current account + savings as well as a charge card. The caveat is that they ask for me to transfer all my banking over to them.

My concern is that once my debts are paid off I won't have any credit footprint as I will have no credit cards or mortgage.

Is it worth the risk?

Tixy

What bank is it?

Are they stating that they will never report any of your accounts with them to any of the 3 credit reference agencies? (even if you default / go overdrawn/have DDs bounced etc)?

Is this bank offering you any services / benefits that you cannot get elsewhere?

crystal_pixie_2

Its Handelsbanken.

Well its slightly different approach - they tend to let you know if there is a problem or if you are coming to your limit and you can call someone in your local branch to discuss any issues.

My partner banks with them and he says they are very good - checking transactions/DDs etc.

My intention is not to get problems like being overdrawn etc - I tend to be someone who pays their bills on time. Unfortunately I was just tarred with same brush as my ex husband by trying to help him out.

I don't doubt they would report any credit "violations" but the point is they wouldnt report my current account either.

Tixy

Ah - yes, they are good at treating people like people.

If you are likely to want credit in the future then I would want to try to maintain some credit history.
That may just be a credit card help with a different provider that you use just to maintain the credit history. I wouldn't personally worry too much about not having a current account showing on your files.

andyfromotley

you won't be protected by the uk fcsc

crystal_pixie_2

andyfromotley wrote: »

you won't be protected by the uk fcsc

No but you are protected by Sweden's scheme - which is very similar.

Handelsbanken are a triple A rated bank so I am guessing I have more of a chance of them being around than most UK banks surely?