16k sitting in a no interest paying account. I'm stuck taking a decision

Ashan

Great advice guys!
I started with the wrong foot here. Barclays returned this error:


Thank you for your application.
We're sorry but an error has prevented your account from being opened online.
What happens next?

We've sent your details to our processing team who'll complete your application.
We'll be in touch within 5 business days to give you an update.
On to working on others I guess. Good thing I have plenty to tick from the list.

elephantrosie

You are facing a dilemma what most investors and people with large savings do.

i know many investors have backed off the market for the past few years due to the volatile situation.
i also know many people who have huge savings but too busy to learn about investments.

i personally have no idea what to do about my savings too (sadly).

in regard to your few questions on credit checks...
- most banks do perform new credit checks even if you already have accounts with them (i have asked at least 3 banks now)
- i was told give it a month apart before you re-apply for another account... but no one really know the answer.
- never screw up your credit score, especially if youre thinking of getting a mortgage in the next six years. you have less than 20k savings and i suspect you will have to borrow 90% of the property price (unless the property is cheaper than that)
exception to this rule: you have a huge savings and can buy property in cash.

shall see what the gurus say...

elephantrosie

once upon a time, my credit score was so poor that i cannot even get a mobile contract.

i learnt it the hard way!

Ashan

I regret applying to Barclays, Error, probably rejected, was told I would be contacted by them and all I got was an email to say that I should go in the Bank.. there goes a black spot on my credit score.. I had 2 addresses in the last 3 years, I don't remember exactly when I have moved at the first one from the past (According to my file) could this be a reason for the failure? at the end of the application I had to tick what products I have, like a test from Equifax and obviously there was no mistake there. Maybe I should check my files first? Worried now ...

elephantrosie

Ashan- i do not think any of us managed to understand your last post.

JohnRo

jimjames wrote: »

That's exactly the problem trying to time things. Markets could rise further all this year, maybe growing 20% before correcting by 15%. That's then still above the point you got out so deciding when to get back is very tricky.

It's really simple, you just wait for a 40% crash.

Ashan

:eek: my apologies.

Well, I don't have good news.

I was rejected by Barclays online. No one called me and the email encourages me to go in a branch.



Tried bank of Scotland tonight and got rejected here as well.

These are basic bank accounts I can't open...with no overdraft requested.

Not so easy as it seemed...

Credit score in equifax is good and above uk average. Experian is not bad either. Call credit is even more comprehensive than equifax.

Granted..I was honest to say that I have only 13 months with the current employer, but the income is decent.

Should I apply for TSB and Nationwide?

Reg. my Tesco savers account, how is the interest calculated on a yearly basis? if for 3 months Ihave 10k in it and 9 months 2k, how will they calculate the interest at the end of the year?

badger09

Ashan wrote: »

:eek: my apologies.

Well, I don't have good news.

I was rejected by Barclays online. No one called me and the email encourages me to go in a branch.



Tried bank of Scotland tonight and got rejected here as well.

These are basic bank accounts I can't open...with no overdraft requested.

Not so easy as it seemed...

Credit score in equifax is good and above uk average. Experian is not bad either. Call credit is even more comprehensive than equifax.

Granted..I was honest to say that I have only 13 months with the current employer, but the income is decent.

Should I apply for TSB and Nationwide?

Reg. my Tesco savers account, how is the interest calculated on a yearly basis? if for 3 months Ihave 10k in it and 9 months 2k, how will they calculate the interest at the end of the year?

I haven't re read everything, but suggest you pause your current account applications now. Apply for your statutory credit reports (£2 each) from all 3 Credit Reference Agencies. There may be something there which is causing the rejections.

Re the Tesco savings accounts - have you read the T&Cs which you were asked to save when making the application?

It is also explained briefly here:
http://www.tescobank.com/savings/flexible/internet-saver/index.html

Ashan

badger09, I already have the Equifax free trial.
Should I trial Experian as well or just get the statuary credit report?
for callcredit I have noddle, would that suffice?


Thanks for the info.

badger09

I don't personally use any of those.

What you need is the statutory Credit Report, from all 3 CRAs.

This is not the 'Credit Score' which all 3 will try to sell you, which is of very little use.

You need the Credit Reports from all 3, as different banks will use different CRAs.

If your free trials give you access to the statutory report, then fine. You need to check each of them to see if there are errors or inaccuracies, or any missed payments or defaults which might put off potential lenders (and current account providers are potential lenders as you can go overdrawn)