Lloyds internal scoring

george9071

Hello,
I opened a club Lloyds account in branch back in february, i don't currently have any direct debits set up on the account and don't currently pay in £1,500 but honestly don't mind paying the £3 a month fee. I wasn't offered an overdraft or a credit card, i was wondering does anyone know how i can improve my score with them, is it to do with the way i handle the account or something else, i did previously bank with them and everything was fine. Any advice will be appreciated.
Thanks in advance

Willing2Learn

You will simply need to manage your account properly for six months or so, then you may end up being eligible for an overdraft.  They should hold data on how you conduct your account, back from when you were previously a customer.  Your previous account conduct will be used as data to assess your application.

If you are successful in getting an arranged overdraft, it will improve the way other lenders view you.  But, you should not use the facility as it could indicate you are living beyond your means.

george9071

Willing2Learn said:

You will simply need to manage your account properly for six months or so, then you may end up being eligible for an overdraft.  They should hold data on how you conduct your account, back from when you were previously a customer.  Your previous account conduct will be used as data to assess your application.

If you are successful in getting an arranged overdraft, it will improve the way other lenders view you.  But, you should not use the facility as it could indicate you are living beyond your means.

I don't intend to use it and i don't want a large one i would just like it there to help build my credit and to have a little bit of security for direct debits, thanks for your help.

nicetomeetyou

Banks do have their own internal scores. I know Nationwide so as initially my credit score wasn't very good but on keeping my account in good order for over a year I noticed on the online banking app I could apply for a overdraft, initially it £150 and no option to increase, then some months later it gave me the option to increase, I opted for £500 then again no option to increase, some months later it gave me the option to increase again, I opted for a £1000. I have the option to increase this again. But I'm happy with the £1000.

I only have £540 paid 4 weekly paid into this account and one direct debit coming out, the rest is disposable income. All my other bills come out a different account, They've trusted me with £1000 overdraft on the back of that £540. I really like Nationwide.

[Deleted User]

Regardless of banking institution, the conduct of the account holder is everything - the be-all and end-all.
Responsible, diligent, behaviour opens doors. 

Thrugelmir

george9071 said:

Hello,
I opened a club Lloyds account in branch back in february, i don't currently have any direct debits set up on the account and don't currently pay in £1,500 but honestly don't mind paying the £3 a month fee. I wasn't offered an overdraft or a credit card, i was wondering does anyone know how i can improve my score with them, is it to do with the way i handle the account or something else, i did previously bank with them and everything was fine. Any advice will be appreciated.
Thanks in advance

Manage your account properly and allow time to do the rest. Relationships aren't built overnight. 

george9071

nicetomeetyou said:

Banks do have their own internal scores. I know Nationwide so as initially my credit score wasn't very good but on keeping my account in good order for over a year I noticed on the online banking app I could apply for a overdraft, initially it £150 and no option to increase, then some months later it gave me the option to increase, I opted for £500 then again no option to increase, some months later it gave me the option to increase again, I opted for a £1000. I have the option to increase this again. But I'm happy with the £1000.

I only have £540 paid 4 weekly paid into this account and one direct debit coming out, the rest is disposable income. All my other bills come out a different account, They've trusted me with £1000 overdraft on the back of that £540. I really like Nationwide.

Thrugelmir said:

george9071 said:

Hello,
I opened a club Lloyds account in branch back in february, i don't currently have any direct debits set up on the account and don't currently pay in £1,500 but honestly don't mind paying the £3 a month fee. I wasn't offered an overdraft or a credit card, i was wondering does anyone know how i can improve my score with them, is it to do with the way i handle the account or something else, i did previously bank with them and everything was fine. Any advice will be appreciated.
Thanks in advance

Manage your account properly and allow time to do the rest. Relationships aren't built overnight. 

Catsacor said:

Regardless of banking institution, the conduct of the account holder is everything - the be-all and end-all.
Responsible, diligent, behaviour opens doors. 

Thanks for all the advice!

gt94sss2

Downgrade to their free account - if you're not funding it with £1500/month there is no point paying it - unless you think that some cinema tickets etc. are worth it.
Paying it won't improve your internal credit score with them

hermante

You can buy 6 cinema tickets for less than £36 on ebay (from Lloyds account holders who don't want them like myself) so paying the fee for that is a waste of money.

Fireflyaway

I'm a club Lloyds customer and get an interest free overdraft of £100. I thought that was standard? I think time is the answer. Set up some payments ( even a small standing order to another account in your name) and make sure you don't go overdrawn. Try to leave a bit of a balance in the account each month. I was told my internal score was bad because I had returned direct debits and always used my overdraft to its limit. Obviously your choice but I'm no longer convinced that overdrafts are a good thing to have. It's tempting to use them and if you do use it for an emergency how will you pay it back? Might be better to save a small amount each month to build up an emergency fund. 

born_again

george9071 said:

I don't intend to use it and i don't want a large one i would just like it there to help build my credit and to have a little bit of security for direct debits, thanks for your help.

Not quite sure what you mean by more security for DD.

So paying £3 a month, for a account you do not intend to use? Very MSE... 🤷‍♂️

If you want to improve your scoring with them, then use the account as it is intended. So pay in £1500 and use it as your main account.
Anything else and you are giving them, no incentive to offer you anything.