Bounce back loan with bad credit

Gandhi23

Danrover82 said:

Gandhi23 said:

In theory, it shouldn't matter. 
In Practise;
My credit score isn't great - I was declined by both Starling and HSBC for opening a feeder account. There are no fraud markers or other issues with my history apart from a very old satisfied CCJ and one default.

Who do you bank with and is it a personal account

applied with Starling and part of mass reject, applied for HSBC feeder on the new online system.
My personal account is with Barclays, so I might try them next. My business account is with Tide.
There's still hope, I guess.

mattyprice4004

I have poor credit and HSBC accepted me - but I already had an account (personal) 

Danrover82

mattyprice4004 said:

I have poor credit and HSBC accepted me - but I already had an account (personal) 

Fingers crossed  for me then 😬

Do u mind me asking if u know what your score was? 

[Deleted User]

Danrover82 said:

mattyprice4004 said:

I have poor credit and HSBC accepted me - but I already had an account (personal) 

Fingers crossed  for me then 😬

Do u mind me asking if u know what your score was? 

Scores are irrelevant, they are just a marketing gimmick (read the MSE guide). CCJs, IVAs and personal bankruptcy would likely be automatic disqualification, other than that it will really come down to fine details. There will be a big difference between lack of a a good record of repayments and multiple defaults for example, even though both can affect a "score" equally.

Danrover82

MadMattUK said:

Danrover82 said:

mattyprice4004 said:

I have poor credit and HSBC accepted me - but I already had an account (personal) 

Fingers crossed  for me then 😬

Do u mind me asking if u know what your score was? 

Scores are irrelevant, they are just a marketing gimmick (read the MSE guide). CCJs, IVAs and personal bankruptcy would likely be automatic disqualification, other than that it will really come down to fine details. There will be a big difference between lack of a a good record of repayments and multiple defaults for example, even though both can affect a "score" equally.

So in your theory, with no CCJ, I A, Gains or Bankruptcy,  I should be ok? 
Maybe I shouldn't have mentioned my concerns to my case worker 😬

[Deleted User]

@Danrover82
I do not know for sure, it is hard to judge as the BBLS has not been in operation long enough to see a pattern of acceptance and refusal. If you already have a business account with a bank which offers BBLs and with no CCJs, IVAs or personal bankruptcy then even with some recent defaults then my opinion is that it would go through. If you need to open a business account or a feeder account to gain access to a BBL then you will need to meet the bank's requirements for opening a new account which might be more stringent, in which case a string of defaults might be an issue.

Danrover82

I'm a ST which uses personal account as business as per HSBC advice when I started in Oct.   I've had to apply for a feeder due to when I started 😕 

Poor  score, but no ccjs, ivas, etc on my reports 

[Deleted User]

@Danrover82
As you are a sole trader it is acceptable (it is not to operate a limited company through a personal account) and as you already have an account with HSBC you would appear to meet their requirements for being a customer.
I do not think your poor credit will cause a problem, but HSBC are being very slow for a lot of people without business accounts so it might just take a while. My opinion is that you should be granted a BBL, it could just take a few more weeks.

stevie433

As a sole trader runniing through a private account Barclays wont allow me to apply as have 1 CCJ 71 months old but next month I can have a proper business account or profile my personal account when it drops off the file and they will support my application.130K t/o and no payment difficulties and fill all the criteria. Easier to wait and scrape by than open a can of worms.

Danrover82

MadMattUK said:

@Danrover82
As you are a sole trader it is acceptable (it is not to operate a limited company through a personal account) and as you already have an account with HSBC you would appear to meet their requirements for being a customer.
I do not think your poor credit will cause a problem, but HSBC are being very slow for a lot of people without business accounts so it might just take a while. My opinion is that you should be granted a BBL, it could just take a few more weeks.

Hope so, 

Some of the loan will be to consolidate cards I've used to start up and il be working 6 days a week from July. 

I do have my MP on the case as its been shoddy to say the least so hope she packs some punch too