Turned down for current account

K195h3ba

Hi, so a bit of background first. Due to illness around five years ago I was unable to work and as a result have four defaults on my credit record. My Noodle Credit score is 545.

I have roughly 1.5 years until all the defaults pass the six year mark. Since that period of illness I have kept up to date on my other payments (mobile contract and credit card, (which I took out three years ago and pay off in full each month). I am also on the electoral register and have been at my current address for just over a year.

Anyway to get to the point. Since all this happened I have been using the co-op cashminder account, which is their most basic current account. About a month ago they offered to upgrade me to their standard account, but I was declined after the credit check.

Firstly, I was surprised that a credit score of 545 wasn't high enough for a standard current account, I mean obviously I know that it isn't a good score but it was much worse a few years ago.

Secondly, is there anything more I can be doing to improve my credit score now, or is it just a case of waiting for the defaults to expire?

Many thanks to anyone who took the time to read my mammoth question. Any tips would be much appreciated

Thrugelmir

Did you settle the defaults?

K195h3ba

I am almost done paying off one of them. The other three I've not heard from since I defaulted.

Thrugelmir

K195h3ba wrote: »

I am almost done paying off one of them. The other three I've not heard from since I defaulted.

Explains why your options are limited. Maybe worth checking your credit files.

chuckley

whats wrong with the cashminder acc? they tried to get me to upgrade a few months ago, but couldn't explain why I needed to so I didn't bother.

I can use the card online, in shops and at atms. there's nothing more I need.

what more do you need? an overdraft? Credit cards are a cheaper line of credit.

K195h3ba

I was under the impression settling my defaulted debt would be irrelevant to my credit score. Is that not the case? I mean as long as I'm not being chased for the debt.

K195h3ba

I'm completely happy with my cashminder account. I wasn't interested in changing accounts at all until I was told that the standard account would help contribute to my credit score (the cashminder doesn't do that).

20aday

OP you *could* consider the Nationwide FlexBasic current account?

If you run your account well then they'll write to you within six months' with the chance to upgrade to one of their "main" bank accounts i.e. FlexDirect.

robber2

its worth pointing out that you dont have a 'credit score'. Despite this the CRAs will be happy to part you from your cash to supply you with a made up number but as you cant open a current account with them it really is irrelevant.

solentsusie

K195h3ba wrote: »

Hi, so a bit of background first. Due to illness around five years ago I was unable to work and as a result have four defaults on my credit record. My Noodle Credit score is 545.

I have roughly 1.5 years until all the defaults pass the six year mark. Since that period of illness I have kept up to date on my other payments (mobile contract and credit card, (which I took out three years ago and pay off in full each month). I am also on the electoral register and have been at my current address for just over a year.

Anyway to get to the point. Since all this happened I have been using the co-op cashminder account, which is their most basic current account. About a month ago they offered to upgrade me to their standard account, but I was declined after the credit check.

Firstly, I was surprised that a credit score of 545 wasn't high enough for a standard current account, I mean obviously I know that it isn't a good score but it was much worse a few years ago.

Secondly, is there anything more I can be doing to improve my credit score now, or is it just a case of waiting for the defaults to expire?

Many thanks to anyone who took the time to read my mammoth question. Any tips would be much appreciated

Hi


CoOp are one of the harder banks to get a standard account with if you have had difficulties in the past. If you look at their terms and conditions they state they will not accept anyone with defaults or CCJ's in the past 6 years. Not really sure therefore why they offered you upgrade you really.


I had 3 defaults registered against me, a similar age to yours, and was accepted for a FlexAccount with Nationwide, and an standard account with RBS. It really does depend on the criteria of the bank in question.


Although, if you are happy with the account you currently have with the CoOp then just stick with that until your defaults disappear in 18months time.


Barclays are also very good for people who have had credit problems in the past. They may offer you a standard account, or if you don't qualify, they will offer a basic account which they normally automatically upgrade in 6 months after monitoring your behaviour.


Good luck.

solentsusie

Oh and I forgot to say. Don't take any notice of the credit 'scores' with any of the CRA's.


CRA's do not provide credit. Companies who you apply for credit with will assess you against their own individual criteria.


Never ever pay a CRA for a credit 'score'. A £2 statutory report for any CRA is the maximum you will need.