What about us naughties??

theresagreen_3

So I believe I am pretty good at my new life of miserhood. We certainly are not the poorest or the most foolish with our dosh however... it was not always this way.

During my uni days, i spent on creditcards, was late with payments, borrowed from unarranged over drafts and thinking I was being clever, pushed my balance from 1 0% credit card to another and another.

You can probably tell where im going with this. Now that im good (with no debt by the way) applying for high rate savings accounts is an impossibility! Add to that the fact applying for one after the other worsens our scores.

Does Martin and the team have any advise for us reformed spendaholics to stay afloat???? :A

Ian_W

theresagreen wrote: »

You can probably tell where im going with this.

No.

Now that im good (with no debt by the way) applying for high rate savings accounts is an impossibility!

Why?

Add to that the fact applying for one after the other worsens our scores.

Why?

My understanding is that previous bad debt isn't a bar to opening savings accounts - after all you can't overdraw on the vast majority of them and credit checks as such aren't used, just electronic verification for money laundering purposes which doesn't leave a credit check footprint.

neilp

There is no credit check to apply for a savings account. Providers use credit reports to check identity and address.

Xbigman

theresagreen

Strangely this is not the best board for this question. Try the credit card board or the debt free wannabe board.

In the meantime you might want to start with the basic credit reference checks to make sure everything is ok with your credit rating. If you have no negative history then the problem may be lack of history. Is your current address the one on the electoral roll? Have you had any credit before?
Lastly (and least likely) can you prove your identity with all the documents they would want?

Are you credit checked when opening a savings account? If applying with a company with which you already have a relationship (IE your current bank) then no. If applying with a completely new company, then yes you are.
You need to be creditworthy to save money in this day and age!
Regards




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