Switching Current Account

Stigy

Hi all,

I am thinking of switching my current account either now, or in the new year. Could anybody advise if a couple of satisfied CCJs, which will be removed from my credit report at the beginning of next year, will affect this? I know I'll probably get a normal account without any issues, but I'm aware that for a more advanced account with more benefits credit checking is more rigorous. Ideally if I'm going to change I want to do so with a good bank, with an equally exceptional account.

I've rebuilt my credit history over the last five fish years and the only downside now is these two CCJs, there's no other negative factors I can see. I have two credit cards that I use regularly and pay off in full each month, as well as a secure job which pays about 33k a year.

I know the easiest thing to do would be to wait till next April, when the CCJs disappear, but I'm getting to the point where my current bank is so inconvenient to use (no branches as all online and electronic transfers which take up to five days to name only a couple of issues). Also, I'm lead to believe that even after they disappear from my report, if asked, I still have to declare CCJs? (Not sure how failing too do so will impact if there's no black & white record, but I wouldn't want to be untruthful and get found out...).

And advice would be welcomed,

Thanks in advance!

Dobbibill

Stigy wrote: »

I know the easiest thing to do would be to wait till next April, when the CCJs disappear, but I'm getting to the point where my current bank is so inconvenient to use (no branches as all online and electronic transfers which take up to five days to name only a couple of issues).

Electronic transfers should not be taking 5 days.

What account do you have specifically? Is it definitely a current account?

Anthorn

Stigy wrote: »

Hi all,

but I'm aware that for a more advanced account with more benefits credit checking is more rigorous.

Not necessarily: The bank could just ID check you and make a further decision on extras based on your application.

I don't think there is such a thing as a "more rigorous credit search" unless you are comparing a hard search and a soft search.

If in doubt apply.

Stigy

Anthorn wrote: »

Not necessarily: The bank could just ID check you and make a further decision on extras based on your application.

I don't think there is such a thing as a "more rigorous credit search" unless you are comparing a hard search and a soft search.

If in doubt apply.

I think one just checks for ID purposes?

Trouble is, if I apply and get rejected this will affect by credit rating. Not a massive issue for a one off I guess, and only an issue for 6 months. Thanks for the advice.:beer:

Stigy

Dobbibill wrote: »

Electronic transfers should not be taking 5 days.

What account do you have specifically? Is it definitely a current account?

That's worst case scenario, although if I use the service at a weekend it's a common occurrence. On a good day it takes 12-hours but even that is slow so I'm led to believe?

It's ThinkMoney and is a current acc.. I set it up when in more debt and to be fair to them, they have been good to me when I needed it most as my DD and available funds are kept separate. Downside is it costs me for the privilege. Maybe I'm being unfair towards them, but i feel id be better off with a mainstream account now I'm sensible

takman

Stigy wrote: »

That's worst case scenario, although if I use the service at a weekend it's a common occurrence. On a good day it takes 12-hours but even that is slow so I'm led to believe?

It's ThinkMoney and is a current acc.. I set it up when in more debt and to be fair to them, they have been good to me when I needed it most as my DD and available funds are kept separate. Downside is it costs me for the privilege. Maybe I'm being unfair towards them, but i feel id be better off with a mainstream account now I'm sensible

12 hours is really slow!. Almost all my online transfers are near instant but for some reason when my Tesco Account is involved then it can take up to an hour.

But one thing to consider Think Money do not offer a "Current Account" they call it a "Personal Account" so you may not be eligible to use the 7 Day Switching Service or get any switching bonus. But i would still move away from them as quick as you can!.

Dobbibill

Ah right.

No-one can tell you if you will definitely get accepted with a mainstream bank. The only way you will know if to apply.
Be honest if you are asked about any CCJs and take it from there.

One search won't impact you that much if you have no other applications to submit in the near future.

All the best.

Stigy

Thanks for the advice all!

I was worried about ThinkMoney not doing the whole 7 day switch thing, as this is one of the appeals of switching....if it's overly difficult I'd be less likely to consider it.

YorkshireBoy

Stigy wrote: »

I was worried about ThinkMoney not doing the whole 7 day switch thing, as this is one of the appeals of switching....if it's overly difficult I'd be less likely to consider it.

Less likely to consider what?...moving to fee-free banking? You sure?


FYI, you can't switch in to Think via the CASS, so it's highly unlikely you'll be able to switch out using it.

Dobbibill

Get another account set up - move the DDs after each one has left with the company, make arrangements for your income to go into the new one and within a few weeks you can notify Think to close the old account.

Admittedly it's alittle more work for you than the CASS but worth it in the long run.

Even if you don't get a current account, you should be offered a basic account which is free with online, branch or phone access and faster payments.

colsten

Dobbibill wrote: »

Even if you don't get a current account, you should be offered a basic account which is free with online, branch or phone access and faster payments.

A basic account is a current account