Bank account with VISA but no credit report?

grumbler

danlightbulb wrote: »

Thanks grumbler. I appreciate that it has not been reported before but it could happen. I'd rather just keep it off the grid but I don't really want to use e-wallets either as it's inconvenient and I think there may be fees involved. I don't want to stop for 3 months either really, why should I if it's making money with no risk.

At some point prior to the mortgage I would need to transfer the money I have made back in to my main accounts. To what extent will they question where my deposit has come from?

Unless the situation has recently changed dramatically, you over-complicate this and underestimate e-wallets.

System

JuicyJesus wrote: »

You mean like basically every basic bank account there is?

Co-op Cashminder, Halifax Easycash, etc etc etc.

Not sure why you don't want it to appear on a credit report though. That could only ever be a positive for you.

You don't know what you are talking about - they appear on credit reports now.
The only exceptions are some of the older accounts.

JuicyJesus

Heng_Leng wrote: »

You don't know what you are talking about - they appear on credit reports now.
The only exceptions are some of the older accounts.

Probably wrong, true, not having a BBA. However the point about it not really causing OP any issues is still true.

GingerBob_3

Heng_Leng wrote: »

You don't know what you are talking about - they appear on credit reports now.
The only exceptions are some of the older accounts.

I believe this is right, and it represents an abuse of the system by the banks, egged on by their partners in crime at the CRAs.


Basic bank account = no credit at all = we're still reporting the account to the CREDIT reference agencies.


As noted previously, these blighters are in dire need of effective regulation.

JuicyJesus

GingerBob wrote: »

I believe this is right, and it represents an abuse of the system by the banks, egged on by their partners in crime at the CRAs.


Basic bank account = no credit at all = we're still reporting the account to the CREDIT reference agencies.


As noted previously, these blighters are in dire need of effective regulation.

Sigh... get off your hobby horse. Nobody actually cares.

EarthBoy

GingerBob wrote: »

I believe this is right, and it represents an abuse of the system by the banks, egged on by their partners in crime at the CRAs.

Basic bank account = no credit at all = we're still reporting the account to the CREDIT reference agencies.

As noted previously, these blighters are in dire need of effective regulation.

Why is it an abuse of the system?

There's no planned credit with a basic bank account, but you can still go overdrawn accidentally, e.g. using the debit card at a shop which doesn't check the balance before taking payment. You can also still have unpaid direct debits and standing orders, due to insufficient funds, so of course the banks want to know if you don't run the account sensibly.

leon_panda

Monese
They provide a Visa Debit card, Sort Code and acc number.
£4.95 monthly.
It doesn't support Direct Debit or standing order btw.

GingerBob_3

EarthBoy wrote: »

Why is it an abuse of the system?

There's no planned credit with a basic bank account, but you can still go overdrawn accidentally, e.g. using the debit card at a shop which doesn't check the balance before taking payment. You can also still have unpaid direct debits and standing orders, due to insufficient funds, so of course the banks want to know if you don't run the account sensibly.

Two different things - having credit available and owing money. I owe the window cleaner eight quid at the moment. I'll pay it in due course. That's not the same as me going to the window cleaner and asking him to lend me eight quid, although I'm sure some of the punters on here will say it is.

agrinnall

GingerBob wrote: »

Two different things - having credit available and owing money. I owe the window cleaner eight quid at the moment. I'll pay it in due course. That's not the same as me going to the window cleaner and asking him to lend me eight quid, although I'm sure some of the punters on here will say it is.

Let me be the first then, it is precisely the same, although your failure to understand that is perhaps not a surprise.

GingerBob_3

agrinnall wrote: »

Let me be the first then, it is precisely the same, although your failure to understand that is perhaps not a surprise.

No it isn't. You fail to understand the difference between rendering a service (or goods) with subsequent invoicing, and lending money. The two processes have similarities, but they are fundamentally different. Unfortunately the likes of banks and utility companies have been remarkably successful in convincing the gullible public that they are one and the same, just to enable them to report accounts to the CRAs.