Bounce Back Loan personal credit score effects

LUXEcom

Hi all,
I'm one of two directors of a ltd company.
We've never taken on financing due to us both being 19 (and thus having low credit scores), despite the fact that we're in a capital-intensive industry and have experienced cashflow problems. These problems have been exacerbated by Coronavirus and the new bounce back loans would, therefore, be extremely helpful to us.
My question: Will taking on this credit affect our personal credit scores (positively or negatively), assuming all repayments are made on time?
The reason I ask is that taking on the loan could provide a side benefit in finally improving our credit scores (currently around 500).

Would appreciate any insights,

Many thanks

Percy1983

I don't believe my credit file was checked or if it was it didn't effect the decision as its not part of the criteria.
Part of the agreement did say my credit file would be marked if payment wasn't made but no mention otherwise, so I would guess it will show on my credit file (time will tell on that front).

NatalieAGC

no credit checks with any of the banks, just KYC and AML 

Growingold

NatalieAGC said:

no credit checks with any of the banks, just KYC and AML 

Sorry what's KYC?

Jeremy535897

Know your client. Procedures banks and others must follow to make sure they give appropriate advice.

LUXEcom

Percy1983 said:

I don't believe my credit file was checked or if it was it didn't effect the decision as its not part of the criteria.
Part of the agreement did say my credit file would be marked if payment wasn't made but no mention otherwise, so I would guess it will show on my credit file (time will tell on that front).

Ok great, thanks.

So there may be a possibility that timely repayments will positively affect my personal credit score - music to my ears

markyt1980

i spoke to someone earlier  from starling bank on web chat about being a sole trainer and credit  checks  and this was her reply,
S
Yes, it is available to sole traders.
We  do a soft credit check when you apply for it.

Boffins

Well this is disturbing, I am not sure if I have been refused a BBl or not. The Lockdown had an immediate impact on my business. Cashflow just stopped dead although I am now adapting with some success.
I bank with Santander Business. They paid out on a direct debit that took me into unauthorised overdraft. They same day four small card payments came through. I could not contact the bank at the time because the call centres were in meltdown. I have since been hit with an additional £150 charges for that one day, Taking me further into arrears. I have managed to bring the account back into the agreed limits however, and applied for the BBL on Tuesday. I fit all of the criteria required. I waited 48hrs and heard nothing, not even a confirmation email.

Last night at approx 2200hrs I received this email:
'Dear -----,

 

Following your recent application under the Bounce Back Loan Scheme (BBLS), we wanted to remind you that you still need to work with us to repay the arrears on your business bank account.

 If you already have an arrangement with us, please continue to make payments in accordance with your arrangement. If you're unable to maintain this, please call us to discuss how we can help you.'

Nothing else. Just that. Bearing in mind that I had already brought the account back into the agreed limits before applying, and that that temporary status was entirely due to the CV situation. Talk about kicking a guy when he's down! Thanks for nothing Santander. Is this even allowed under the scheme?

wilkima5

Starling are hopeless , I’m with them and I dread asking the question , I’ve been with Santander longer but as I don’t have a business account with them they need more information which is fine , I would rather do that then try starling as already they are banging on about credit scoring when the gov is securing it 

wilkima5

Does anyone know if your refused by a bank for the loan and you have an account with another If you can apply to them also or is it one application only