Thinking of applying for the coop's everyday current account, but i am unemployed.

MoneySaverUK123

Thinking of applying for the coop's everyday current account, but before I apply, I wanted to ask this forum if it will be worth the risk, as although the amount I get per month is around £1k, it is in dwp benefits, as I have a serious health problem.



The risk is that if they decline my application, then a negative strike will appear on my credit rating. I am wondering, is it unlikely that I will be granted this type of current account, if I am unemployed, do you think? I


know it's very difficult to know, but I have absolutely no idea if I have a chance, or not, and I thought it would be worth asking here first.....
Thanks a lot for any comments!

Ben8282

There will not be a 'negative strike on your credit rating' if the application is declined. Worst case scenario is a single hard search appearing on your credit files with one or more CRA which, in isolation, will have no detrimental effect whatsoever on your future ability to obtain credit.
Can't really comment on if you will be given the account or not. You will have to apply and see.

xylophone

coop's everyday current account,

What is the attraction?

MoneySaverUK123

xylophone wrote: »

What is the attraction?

£4 a month, if you have 4 DDs.

surreysaver

MoneySaverUK123 wrote: »

£4 a month, if you have 4 DDs.

And up to another £1.50pm for using your debit card

colsten

MoneySaverUK123 wrote: »

£4 a month, if you have 4 DDs.

Or 1 DD, paid weekly. Or two, paid fortnightly. Should work ok in all months except perhaps February

MoneySaverUK123

I have my CCs paid off auto each month. Would those count towards the 4 DD total? I was thinking that the concil tax doesn't go out in I think Jan or Feb, and the only other 3 I have are: water, energy, and phone.
Thanks.

YorkshireBoy

MoneySaverUK123 wrote: »

I have my CCs paid off auto each month. Would those count towards the 4 DD total?

Turn the question around...they're direct debits, why would they not count?

I was thinking that the concil tax doesn't go out in I think Jan or Feb, and the only other 3 I have are: water, energy, and phone.

I believe it's February and March. But why not change to 12 payments rather than 10? Most (all?) councils should offer this option.

Ben8282

YorkshireBoy wrote: »

But why not change to 12 payments rather than 10? Most (all?) councils should offer this option.

Can you actually do this? Our council tax has always been 10 payments. Never realised there was any other dd option.

Ben8282

I like the sound of this account. It seems it may be more profitable than my Club Lloyds account now the interest rate has been reduced. Problem is, how long will it last?

MDMD

Ben8282 wrote: »

Can you actually do this? Our council tax has always been 10 payments. Never realised there was any other dd option.

You can split over 12 months

https://www.gov.uk/council-tax/paying-your-bill

although mine is sneaky in that you have to request over the phone and each time you change bank details (eg if you switch accounts) they revert to 10 months. They also go back to 10 months each year....it makes it better for their cash flow!

https://www.moneysavingexpert.com/news/2013/02/council-tax-bills-can-be-spread-over-a-year-from-april/