Current account with bad credit?

ti1980

I have a default on my name which still has almost 5 years before it comes off my record. Completely my fault, an oversight when I moved address.

I found out about it after getting rejected for a new credit card and was advised to get my credit records which I did. I paid it off straight away (was for a small amount, approx £100) and it is now marked as satisfied on my reports but I keep getting rejected for new financial products.

I would like to get another current account that has an overdraft facility as the one I currently have has an overdraft rate of 14.8% and I often slip into this just before payday, so would like one that doesn't charge me for slipping into it.
Is there any account that will accept me?

My credit cards have excellent payment records over the last year, no late payments etc and I pay more than the minimum on all my cards.

I have had my mobile phone contract for 5 years to the same supplier and have been with the same bank for over 14 years.
I have been with the same employers for 5 years and at the same address for 22 months.

If anyone can help with some good advice I will be most grateful. TIA.

jonesMUFCforever

ti1980 wrote:

I have a default on my name which still has almost 5 years before it comes off my record. Completely my fault, an oversight when I moved address.

I found out about it after getting rejected for a new credit card and was advised to get my credit records which I did. I paid it off straight away (was for a small amount, approx £100) and it is now marked as satisfied on my reports but I keep getting rejected for new financial products.

I would like to get another current account that has an overdraft facility as the one I currently have has an overdraft rate of 14.8% and I often slip into this just before payday, so would like one that doesn't charge me for slipping into it.
Is there any account that will accept me?

My credit cards have excellent payment records over the last year, no late payments etc and I pay more than the minimum on all my cards.

I have had my mobile phone contract for 5 years to the same supplier and have been with the same bank for over 14 years.
I have been with the same employers for 5 years and at the same address for 22 months.

If anyone can help with some good advice I will be most grateful. TIA.

Your problem may not be the default BUT 'I often slip into this just before payday' overdraft - have you exceeded any AGREED o/d limit in last 12 months? and 'My credit cards have excellent payment records over the last year, no late payments etc and I pay more than the minimum on all my cards.'
May we ask how many cards and how much do you owe on them in total?
With the default on your record it looks unlikely that you will get a premium o/d at under 10% so do the utmost to not go o/d by using the cards that you have got to your advantage.
Make a list of all debts on the cards and the APR 's charged. Move debt from highest charging to lowest available balance transfer rates where limits allow and then bin or destroy cards that you have cleared as not to get into more debt with them.
Eric

ti1980

I have 6 credit cards in total, one of them is HSBC so hasn't been reported yet to the CRAs but it will be from now on.
I currently owe about £10000. In Jan this year that figure was approx £13000.
I have done several balance transfers in the last few months and have got my debt from being on 24.9%, 18.9%(x2), 15.9%, 15.5% and 14.9% to 9.9%(x2), 7.9%, 5.9%, 2.9% and 0%.

Two of the cards that I was planning to close down are the ones that I have the lowest APR on at the moment, 2.9% and 0% respectively so I thought I should keep them all open as I may get other offers as time goes on. If I close down any cards, then because of the default I won't be able to get another card.
I don't use the cards for purchases anymore, just balance transfers.

I haven't exceeded any agreed overdraft limits for a couple of years, when I slip into it before payday it is literally by a few pounds.