Nationwide

kevinpert

I have just had my credit file updated following an IVA six years ago. My credit rating is now Excellent and a score of 999, the highest possible.

However the Nationwide where I have my account refuse to upgrade my account from a basic to a interest bearing account for at least 6 months. I have £65,000 in savings accounts with them but they still refuse. I can only think that the banking world only look at computers and take no consideration to personal circumstances. Apparently even though I have a good credit record over the past six years with the IVA now removed, I am still a risk with over £60,000 sitting in savings with them

realaledrinker

Move banks and collect £125

Dobbibill

Your score is pretty meaningless as you've found out. You can have a score of 999 and get declined for products. Experian produce your score - Nationwide is who you have asked for a product. It's like walking into Currys and telling them Asda has said you are eligible to buy bananas at £1 a bunch - why won't Currys sell them to you.

They will make decisions on numerous factors and their internal data will play it's part in that. No-one is guaranteed the product of their choice as long as an account of some decription is offered to prevent people being unbanked. (there are exclusions eg Fraud)

EachPenny

kevinpert wrote: »

I have just had my credit file updated following an IVA six years ago. My credit rating is now Excellent and a score of 999, the highest possible.

Just to be clear, did your IVA start 6 years ago, or finish 6 years ago?

PeacefulWaters

Your score means nothing. Excellent means nothing.

Well done on improving your history, but don't sit around with a sense of entitlement because somebody who isn't a bank throws the number 999 at you.

£65,000 is lovely. But you could spend it tomorrow. Don't expect them to be too impressed and throw multiple credit lines at you.

There are other providers out there who may accept a switch in and pay you for it. But they don't have to.

System

The FlexBasic is fairly functional - pretty much the same as a full account bar the overdraft and possibly some credit interest.

Try elsewhere and see if they are happy to have you?

kevinpert

IVA started on 19th April 2012 and was removed from credit file on 19th April 2018

EachPenny

kevinpert wrote: »

IVA started on 19th April 2012 and was removed from credit file on 19th April 2018

You're probably going to have to wait a bit longer before banks are going to be happy trusting you. Nationwide's 6 months doesn't seem unreasonable.

It does demonstrate what a nonsense credit scores are though.... nothing against you, but presumably you've hardly started rebuilding your credit history after an IVA and they give you a 999.