FlexDirect and Credit Scoring

irelavv

Hi guys.

I want to open a new current account and I have a couple of questions regarding Nationwide's FlexDirect:

1. Does opening a bank account have anything to do with one's credit score?
2. If I'm eligible, can I open the account in branch and immediately deposit the maximum £2,500 - this is to take advantage if the juicy 5% interest from day one.
3. Has anyone opened a FlexDirect account with low credit score?

My credit score is currently around 180 because I've yet to register to vote and I had a credit search performed by NatWest (I opened a new account recently), Virgin Media and Severn Trent for Direct Debit set-up. I have no debts, no credit cards and no loans.

eskbanker

Nationwide won't see your credit score (in the sense of the fictitious number used by agencies like Experian to sell their services), but they will carry out a credit check, reviewing the underlying data about your credit products and usage, and applying their own proprietary scoring mechanism to that.

If NatWest weren't bothered by your absence from the electoral roll then Nationwide may also overlook that, but only time will tell.

If you are going to apply for a FlexDirect with some doubts about success then it would seem to make more sense to do so online, rather than booking an appointment in a branch, unless you have plenty of time on your hands?

irelavv

I apologise if I sound misinformed but is it possible to make a deposit to a (potentially) new current account without having the debit card at hand? The only reason I want to do it in branch is for the immediate deposit of £2,500.

So, the scenario would be (this is just estimates):
15/8 Application
17/8 Approval (hopefully) and greeting letter/email
19/8 Security Letter of new Account Number etc
24/8 Arrival of new Debit Card
25/8 Depositing the £2500 but losing approx 10 days on interest.

Once agsin, I apologise if this is all incorrect assumptions

LobsterMemory

pre 19/8 Deposit £2500 in NatWest account and set up online banking
19/8 Security Letter of new Account Number etc
19/8 Transfer £2500 from Natwest to Nationwide

fiat_lux

You don't have to wait for the debit card to deposit money. You can do it immediately once you know your new bank acct number and sort code - just do a money transfer from your existing bank account to your new one.

molerat

Flex Direct opened Saturday 9th
Appeared in on line banking Sunday 10th and £2500 deposited by FP.
PIN arrived today Wed 14th.
Just waiting for card & card reader to arrive so I will be able to move money next month.

Marcli

I'm thinking of opening this account to do the same thing. It says I need to pay in £1000 a month. Can I transfer this from my regular HSBC account and then transfer it back?

molerat

Marcli wrote: »

I'm thinking of opening this account to do the same thing. It says I need to pay in £1000 a month. Can I transfer this from my regular HSBC account and then transfer it back?

Yes you can but you will need a card reader to be able to move money out.

Marcli

How does that work?

Cheers

[Deleted User]

Marcli wrote: »

How does that work?

Cheers

How does what work?

Marcli

I'm new to this sorry. Not sure how to quote messages.

I was asking about transferring the £1000 each month from my HSBC account to the flexdirect account then back again to HSBC. I can do this but I'd need a card reader. How does having a card reader enable me to do that?