Bank account for poor credit but large deposit?

Terry_Towelling

Mrs_Ryan wrote: »

I’m not sure why you think my overdraft is such a problem- my student loan clears it and I take it you are aware that it is interest free for the next 6 years?!

Mrs_Ryan wrote: »

Bit wide of the mark there. My overdraft is interest free for the next 6 years- 3 years of degree and then 3 years after as a graduate account.

Yeah, I 'm giving up trying to interpret your wording now. It wasn't clear whether your loan or overdraft were interest-free - hence being 'wide of the mark' once again. So, you are replacing interest-free borrowing with interest-bearing borrowing. That may help the appearance of your creditworthiness and if you never have to pay it all back, you'll be 'quids in'.

Best of luck with the car and the driving.

jamets

I agree with the above comments about Marcus - No monthly fees, no credit check, no minimum monthly pay in to maintain the account, no fuss. Just fire it into a Marcus account and forget about it.

You still get easy access and interest. I quite like that they don't have an app as it means I can't see what's in there quite so easily, so I'm not tempted to spend it.

System

I'd suggest Marcus but look to pay-off the overdraft.

Mrs_Ryan

Can I please just clarify something!
To everyone saying I should pay off my overdraft before I spend a penny of the money that will be done straight off as it’s going into the account where the overdraft is.
I don’t intend to get rid of it completely- I have it for the next 6 years interest free and it will be there if I should need it any time in the next 6 years and also it will show green on my credit file but it will be paid off by default before I touch any of the money.
Just as an aside I’ve spoken to my solicitor this morning and I have an advance payment coming in the next week and the full payment will come in 3-6 weeks. I’ve also spoken with the gentleman at the dealership who always sorts my partner’s cars and he is going to keep in touch if anything comes in that is suitable.

Takmon

Mrs_Ryan wrote: »

Can I please just clarify something!
To everyone saying I should pay off my overdraft before I spend a penny of the money that will be done straight off as it’s going into the account where the overdraft is.
I don’t intend to get rid of it completely- I have it for the next 6 years interest free and it will be there if I should need it any time in the next 6 years and also it will show green on my credit file but it will be paid off by default before I touch any of the money.
Just as an aside I’ve spoken to my solicitor this morning and I have an advance payment coming in the next week and the full payment will come in 3-6 weeks. I’ve also spoken with the gentleman at the dealership who always sorts my partner’s cars and he is going to keep in touch if anything comes in that is suitable.

It may show green on your credit file but overdrafts being used are generally a sign of financial difficulty as people generally only go into them when they run out of money in their account. So I'm not really sure it will be treated as a positive thing on your credit report.

Mrs_Ryan

Good point but I’m a student so I guess for a student it’s a fairly normal thing to be deep in overdraft!

System

Myself (and possibly others too) were suggesting you pay off the overdrawn balance not remove the facility from the account.

As a long time poster, you probably know that the bank can cancel the overdraft at will anyway.

You'll still get a green tick on your credit file and the limit will still be listed on your credit file.

Have a nice Hogmanay and 2019!