MSE Credit Club - Overview of your Current accounts

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Hello,

Should the balance show against your list of Current Accounts? Mine has always listed them as £0 which is not correct.

Any help appreciated!

Thanks

Comments

  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
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    Hi, and no.

    Mine never does either (always £0) and it shouldn't. It would never be up-to-date as most people's current account balances change too frequently for the CRAs to keep up. The most important part is where it shows whether or not you've missed any payments. I've just checked on Clearscore (my score there has been 1000 for the past three months but I'm most disappointed as nobody but me will ever see it!) and under my current account it reflects that I've not missed any. Happy days! 

    Don't worry, they haven't got it wrong and sounds like you haven't done anything wrong either.  :)
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • MovingForwards
    MovingForwards Posts: 16,980 Forumite
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    Only if you have, and use, an overdraft will the balance of that show. Your regular income in / bills out balance won't show.
    Mortgage started 2020, aiming to clear it in 2026.
  • FrankRizzo
    FrankRizzo Posts: 226 Forumite
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    Thanks!!!!
  • cymruchris
    cymruchris Posts: 5,320 Forumite
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    Credit reports in relation to figures show only debt - things you owe - and so when you're in a positive balance on your current account it'll always show £0. You'll notice if you have one, that savings accounts are not recorded, and that again balances aren't reported. Nobody tracks how much money you have got - only how much you owe (even if you have a hundred times the amount in a current account to pay it all back).
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
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    MalMonroe said:
    Hi, and no.

    It would never be up-to-date as most people's current account balances change too frequently for the CRAs to keep up.
    Just for the sake of clarity, that's not the reason.  As pointed out by a previous poster, the CRAs (and lenders) are only interested in your debt, not savings or positive balances in current accounts.  If you are using an overdraft on a current account, you'd see that reported (as a negative figure).  But if you've got a million quid sitting in your account, it would still show as zero.
    One reason is that savings are not taken into account when making lending decisions.  Quite apart from anything else, there would be nothing to stop you making a loan application, showing them that you've got £5000 saved in a bank account, then going out the very next day and blowing the whole lot on fine wine and a punt on "Lame Larry" in the 3:30 at Ascot.

  • [Deleted User]
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    MalMonroe said:
    Hi, and no.

    It would never be up-to-date as most people's current account balances change too frequently for the CRAs to keep up.
    Just for the sake of clarity, that's not the reason.  As pointed out by a previous poster, the CRAs (and lenders) are only interested in your debt, not savings or positive balances in current accounts.  If you are using an overdraft on a current account, you'd see that reported (as a negative figure).  But if you've got a million quid sitting in your account, it would still show as zero.
    One reason is that savings are not taken into account when making lending decisions.  Quite apart from anything else, there would be nothing to stop you making a loan application, showing them that you've got £5000 saved in a bank account, then going out the very next day and blowing the whole lot on fine wine and a punt on "Lame Larry" in the 3:30 at Ascot.

    What happened to Lame Larry running at Kempton at 3:30? No wonder he's lame  :D  
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