Lloyds or Nationwide account opening assitance

onthefencepost

Good afternoon:

I'm after opening either a Nationwide Flex plus account or a Lloyds Platinum account due to the benefits on offer.

On paper nationwide seems a better deal but due to my adverse credit i rather spread the risk in applying for them both if one doesn't accept.

I appreciate know one will actually know the true criteria for either bank but here is a little bit about me:

I earn around 28K a year with a payrise and promotion in a few months (have written confirmation of this if the banks want to see)
Managed my current account well
Live at home with parents so have reasonable disposable income
lived at the same address for 15 years
had my job for almost 5 years

my adverse credit:
no CCJ's or Bankruptcy
have 4 defaults three which will be off by spring next year and the remaining two years after that

Currently hold one credit card with a low limit (got it in October), paid on time and in full
Took out a cataloge in November along with a Argos card, again paid the catalouge off, Argos card ive not used, i dont need to shall i close the account? or just by something minimal on it and pay it off if it does me good?

Could i apply for any of the above account(s) with a minmual overdraft limit say £100?

Im prepared to challenge a rejection from the under writers by sending them a appeal letter but most of all i want to be close to acceptance criteria so i have a fighting chance.

I dont mind waiting till March/ April as my credit file will give a positive picture of me managing credit.

Many thanks in advance.

agrinnall

You really didn't need to start another thread which just repeats what you said in the first one, I'd suggest you delete the text above and stick to your original thread.

https://forums.moneysavingexpert.com/discussion/5386572

onthefencepost

Hi there, ive copied it over.

thanks

paragon909

All you can do is apply for an account and see if you get accepted, No one here can tell you what to do or what the outcome will be.

The bank will run a credit check on you to see if you meet their criteria of the account. Good luck appealing if you get rejected lol....

I think they days of writing to under writers as you put it ans asking to reconsider the application are gone, Especially with banks, They could open the account then close the account and don't need to give you any reasons.

Archi_Bald

Start your application with the FlexBasic. They will either give it to you, or, if they don't find you eligible for it, offer you one of their normal current accounts.

20aday

OP whilst you'd have to undertake a "hard search" to see if you'd be accepted/declined for a current account Lloyds Bank do offer a "soft search" tool on their website:

https://secure.form.lloydsbank.com/application/pca_eligibility_check.asp

However when I had adverse credit many years ago on my credit files I found Lloyds would only give me a bank account without an overdraft, chequebook etc.

So as mentioned above I'd go with the Nationwide and work your way up.