People with defaults opening bank accounts, is this normal?

kl2

I have 5 settled defaults on my name, all from 2015 (so now coming up to 5 years old and settled) and paid off since 2018, plus a protective CIFAS (someone trying to use partials of my details, Halifax/CIFAS confirmed this shouldn't stop me getting credit and have sent me a cover letter saying I committed no fraud and it's for my protection in case I am ever declined).

I just done a soft check on the Nationwide FlexPlus, it came back and said it can only offer me the FlexBasic.

I've not missed payments on anything in ages, have car finance with Mercedes, a credit card that's paid off in full every month but still cant get more than a basic bank account...

Is this normal, or should I be getting better offers by now? I would've thought I'd at least be able to open a better bank account by now?

spadoosh

Youre still looking desperate.

Seems like youve been on a mission for the last few weeks. Your credit report can take months to be updated.

You need to stop messing around with it and leave it alone or risk making it worse. Are you desperate for finance? If not just leave it the heck alone.

Any company looking at your credit report will see a mess of a history with bad credit, corrections, cifas markers and a few searches.

What are the benefits of a flex plus account to you over a flex basic or the account you currently use?

kl2

spadoosh wrote: »

Youre still looking desperate.

Seems like youve been on a mission for the last few weeks. Your credit report can take months to be updated.

You need to stop messing around with it and leave it alone or risk making it worse. Are you desperate for finance? If not just leave it the heck alone.

Any company looking at your credit report will see a mess of a history with bad credit, corrections, cifas markers and a few searches.

What are the benefits of a flex plus account to you over a flex basic or the account you currently use?

Soft search, I wouldn't of proceeded if it was a hard search. Lenders cannot see soft searches, so thought what's the harm in looking.

According to MSE, it's the best packaged account. I go on holiday 4/5 times a year, so that coupled in with fee free transactions makes it much better than my Halifax Reward. Travel insurance, mobile insurance etc. I can cancel each individual one I have and save around £5-10 a month, so adds up!

I also have no desperate need for finance, I never apply for overdrafts just the accounts themselves, I have no corrections on my account and a cifas marker, not plural. But I get what you're saying, my credit files have already updated and show 5 defaults on all 3 CRA's. Just wasn't sure if this was normal behaviour, I've seen people with defaults of 3 years just carrying on as normal, so wondered what I'm doing that's wrong to not even be offered bank accounts still.

Blackbeard_of_Perranporth

Take the Flex basic and wait to upgrade later

Willing2Learn

You are making too many applications (12 hard searches on your file is too many and really does look bad)

You have a CIFAS Protective Registration (I think this will mean that any application has to be looked at manually)

Add the above to your five defaults...and well...I think you can see how it looks to a lender...

spadoosh

kl2 wrote: »

Soft search, I wouldn't of proceeded if it was a hard search. Lenders cannot see soft searches, so thought what's the harm in looking.

According to MSE, it's the best packaged account. I go on holiday 4/5 times a year, so that coupled in with fee free transactions makes it much better than my Halifax Reward. Travel insurance, mobile insurance etc. I can cancel each individual one I have and save around £5-10 a month, so adds up!

I also have no desperate need for finance, I never apply for overdrafts just the accounts themselves, I have no corrections on my account and a cifas marker, not plural. But I get what you're saying, my credit files have already updated and show 5 defaults on all 3 CRA's. Just wasn't sure if this was normal behaviour, I've seen people with defaults of 3 years just carrying on as normal, so wondered what I'm doing that's wrong to not even be offered bank accounts still.

Getting too involved with it.

It seems your not in a position to be trying to take advantage of banking or finance offers. So leaving it things as they are seems like the most reaonbale course of action.

If you want to save yourself £120+ a year, id advise taking 1 less holiday. Thats something you can control a bank accepting you as a customer, you can not.

nicetomeetyou

I think it best to open the flex-basic account then keep an eye out on the online banking app to see if they offer you the flex-account. This is what I did. I had the flex-basic for years, when TSB had problems in 2017ish I started using the flex-basic as my main account and ditched TSB and 6 months later I upgraded to the flex-account and on the app they offered me a overdraft which I choose at the time about £100 and on the app it wouldn't let me choose a higher amount. 6 weeks later I was able to increase my overdraft. I then upgraded my account to the flex-plus to take advantage of the offers. For me who also likes to travel and has an expensive phone the flex-plus is a great account. I'm very happy with it. I started off with a bad credit score.

nicetomeetyou

I did the soft search and they offered me the flex-plus account but wouldn't offer me an overdraft at the moment. I already have a flex-account (I didn't realise it was a search for a account, I though it was how much overdraft they could offer me or I wouldn't of done it)

I think they have internal criteria for their accounts. I already have a £650 overdraft with them and my credit score is poor. I have managed my accounts with them well and they trust me with an overdraft. So must be internal?

Ben8282

The title of this thread 'People with defaults opening bank accounts, is this normal?' would appear to contradict the content of your OP.
The reason that you are encountering problems is the existance of the defaults. Just wait for them to drop off and then start your applications for new accounts and credit. It looks as if you have about another year to go.
With reference to the protective CIFAS, would suggest that you remove it. As the existance of the defaults is preventing you from obtaining new financial products, then they will also be preventing any fraudsters from obtaining new financial products in your name and therefore this protective CIFAS registration would appear unnecessary.

xlnc99

My credit history is probabbly 4 x worse then yours and i was in a similar situation. Just basic accounts for a long long time. Recently got a santander everyday current account

Try them, if they approved me, they will approve you. I got CCJs and Defaults!

Don80

kl2 wrote: »

I just done a soft check on the Nationwide FlexPlus, it came back and said it can only offer me the FlexBasic.

Are you sure it was a soft search? That seems unusual to me for a current account, and I don't see an obvious option to do that on their website. It's more likely (I think) that they processed an application, declined the Flex Plus and offered the basic account instead.

Either way STOP!

Sign up to the MSE Credit Club, Clearscore and Credit Karma - check your credit, the scores are only a guide - lenders don't use them. Clearscore has a great coaching section which can help you improve your credit worthiness.