"Current Account" Vs "Basic Bank Account" on credit file

Fighter1986

Does having a Basic Bank Account rather than a Current Account on one's credit file adversely affect their credit rating?

Currently have a "Current Account" with Monzo appearing on my credit file and it has been open six months.

Honestly, can't stand them. I've been offered a Nationwide FlexBasic account but don't want to switch if it will adversely affect how lenders will see me, I'd rather wait 12 months and re-apply in the hope I'll be entitled for a FlexDirect account if basic accounts negatively affect creditworthiness. 

onlyfoolsandparking

My bank account doesn't show at all on my files although I found out recently because I've had it over 35 years it has never been reported and what I can tell you is its had absolutely no negative affect having no bank account on my files, that's about the best answer I can give oh and all bank accounts that do show on files seem pretty basic info just showing a zero balance unless your using an overdraft so if your not happy with Monzo go for the switch.

captainlongtoes

I have a standard current account with an overdraft and another without, both just show up as "current account" on my credit file. 

Fighter1986

The basic account I had with HSBC and Co-Operative Bank prior to bankruptcy appear as "Basic Bank Account" with Experian, yet the basic accounts I had with Natwest and Clydesdale bank show as "Current Accounts".

I guess some banks report their basic accounts as full accounts to Experian and others don't.

I've been struggling to open any account even basic due to everything that's going on right now, Nationwide claim to not have received my signature form even after a week

I've just gone to the Natwest website though and found they now have an excellent paper-free account opening process.

That was incredibly easy. They use an online automated ID verification system, which took a photo of me using my laptop webcam and confirmed my photo ID (Passport & Driving License) all online. I've already got my account number, sort code, and online banking sorted, and they're initiating the process of an automated switch away from Monzo.

By a garden mile, the smoothest account opening process I've ever experienced. 

Bravo, RBS Group. 

Thank you.

dr_adidas01

Fighter1986 said:

The basic account I had with HSBC and Co-Operative Bank prior to bankruptcy appear as "Basic Bank Account" with Experian, yet the basic accounts I had with Natwest and Clydesdale bank show as "Current Accounts".

I guess some banks report their basic accounts as full accounts to Experian and others don't.

I've been struggling to open any account even basic due to everything that's going on right now, Nationwide claim to not have received my signature form even after a week

I've just gone to the Natwest website though and found they now have an excellent paper-free account opening process.

That was incredibly easy. They use an online automated ID verification system, which took a photo of me using my laptop webcam and confirmed my photo ID (Passport & Driving License) all online. I've already got my account number, sort code, and online banking sorted, and they're initiating the process of an automated switch away from Monzo.

By a garden mile, the smoothest account opening process I've ever experienced. 

Bravo, RBS Group. 

Thank you.

You need to be careful RBS group are quite good at opening accounts and sending you debit card and pins. Then when they do there final checks and there is something they don’t like they then close the account. 

There have been lots of threads on here over the years and very recently of RBS group closing accounts as soon as they have been opened. 

D3xt3r5L4b

Credit rating?

Fighter1986

D3xt3r5L4b said:

Credit rating?

Sentence?

Fighter1986

dr_adidas01 said:

Fighter1986 said:

The basic account I had with HSBC and Co-Operative Bank prior to bankruptcy appear as "Basic Bank Account" with Experian, yet the basic accounts I had with Natwest and Clydesdale bank show as "Current Accounts".

I guess some banks report their basic accounts as full accounts to Experian and others don't.

I've been struggling to open any account even basic due to everything that's going on right now, Nationwide claim to not have received my signature form even after a week

I've just gone to the Natwest website though and found they now have an excellent paper-free account opening process.

That was incredibly easy. They use an online automated ID verification system, which took a photo of me using my laptop webcam and confirmed my photo ID (Passport & Driving License) all online. I've already got my account number, sort code, and online banking sorted, and they're initiating the process of an automated switch away from Monzo.

By a garden mile, the smoothest account opening process I've ever experienced. 

Bravo, RBS Group. 

Thank you.

You need to be careful RBS group are quite good at opening accounts and sending you debit card and pins. Then when they do there final checks and there is something they don’t like they then close the account. 

There have been lots of threads on here over the years and very recently of RBS group closing accounts as soon as they have been opened. 

Yep, you were right, but it transpires I have a couple of CIFAS markers to deal with from a very long time ago; these were around the time of a messy breakup and I was moving around a lot at the time.

A few organisations have recorded with CIFAS that I witheld addresses; I can sympathise as to why they'd think this due to my having moved around so much at the time. They're five years old now anyway so will disappear in a year or so but I'm going to write to the concerned organisations explaining the situation at the time anyway, see if they'll remove them earlier.

Explains a lot.

Its incredible looking back to see how messy my life has been in the past and how much I've grown. Embarrassing to say the least.

sassy_one

As previously stated, becaretul, the group of banks which Nstwest is part of is well known to open and approve accounts only for a week or two later close it.

I know someone who had a Natwest account, for years, opened a second one after 7 years and it was approved.
Card pin sent out, went to use it and the account had been closed.

They then also issued a notice closing the first account under a 60 day notice.

Monzo IMO are very good, only downside I see is lack of branches.

dr_adidas01

sassy-one said:

As previously stated, becaretul, the group of banks which Nstwest is part of is well known to open and approve accounts only for a week or two later close it.

I know someone who had a Natwest account, for years, opened a second one after 7 years and it was approved.
Card pin sent out, went to use it and the account had been closed.

They then also issued a notice closing the first account under a 60 day notice.

Monzo IMO are very good, only downside I see is lack of branches.

Yes there a lots of threads on here saying how bad Monzo are.