Bank Credit Reference?

sleepyjones

Howdy folks.

Long story short ... I'm looking to rent a retail property from a local council. They're going to ask my bank for a credit reference.

What exactly is it they're looking for?

I told them (the council) that I've just opened a business account so there isn't any credit been going through it really, so they told me to just use my personal account. Which I did. In the few weeks or so I've started moving money into my business account so that I can keep all of the business expenses going through the business account, however this hasn't left much money in my personal account ... so I'm wondering are they just looking for past credit history or are they asking if (based on my current balance) can I afford to lease the shop. So I'm wondering if I should stop buying stuff and move the money back into my personal account? :S

I know my credit file is ok (probably average), but I'm guessing this is nothing to do with that?

National_Debtline

Hi

It may be to check that you can afford the lease but as it’s regarding a shop I’m not 100% sure. I suggest contacting my colleagues at Business Debtline as they are likely to have a better idea.

www.businessdebtline.org

James
@natdebtline

sleepyjones

Should be fine, thanks James.

I don't really want to waste anyone's time with it was just curious really.
I've transferred some cash back into the account so it should be fine ... business and personal accounts are both with the same bank too so they should see what's going on.
Thanks for your reply.

MEM62

There is no point in transferring funds from one account to the other in the hope that this will influence the reference that the bank provides. The Council are not checking your balance!

In most cases they will want to bank to confirm that they do have a relationship with you, that the accounts actually exist and that they have been run in a proper manner.

sleepyjones

Thanks Mem'
That's what I was asking in the original post really, are they looking to see if I have enough money or just that the account has been run ok with no returned Direct Debits etc.

All good though, got an email this afternoon that everything went through fine and pick up the keys next week.