I have a poor credit history due to alot of late payments from my student years. Why cant a get a current account? I have no debts and dont owe anyone any money. I dont want to borrow any money. I dont want a overdraft or any type of credit. I have looked at basic bank accounts and they are very poor value for money and offer none of the facilities that you get with a current account. I find it better putting the money in a savings account rather than a basic bank account. But i would really like a current account to improve my finances. How would i get one.
2007-04-24 03:21:58 · 7 answers · asked by Ghansham P 1 in Business & Finance ➔ Personal Finance
Go to a bank like HFC who specialise in Non-prime lending - they offer banking facilities to those people who have a poor credit history, but be warned, they hit you hard on interest if you borrow anything
2007-04-24 03:28:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You say you want a current account without credit facilities.A basic bank account is ideal but choose carefully which bank you use.
Avoid Lloyds, you are given a cash card only that can be used in their machines only. No good if you are in the middle of nowhere and need some cash.
Try these banks they will give you a debit card as well. Co-op, Yorkshire, and Natwest. They will pay direct debits and standing orders.
If they refuse a payment for lack of funds, it is a one off fee, not fees on fees like credit accounts. And if you ring them up, they will refund the charges. I find them the cheapest account on the high street.
2007-04-25 03:12:56 · answer #2 · answered by charterman 6 · 0⤊ 0⤋
Yeah, they are 'poor value' ... and (let's be honest) as far as the Banks are concerned, you are a 'poor value' customer ...
Take the best of the ones offered and build up a better reputation. You should be allowed a Debit card from 'day 1' (since you can only spend the money you have in the account). If you can stay in credit and avoid bouncing cheques for 6 months to a year chances are you will be allowed a Credit Card.
NB. ever heard of the phrase "Beggars can't be choosers" ??
2007-04-24 03:51:24 · answer #3 · answered by Steve B 7 · 0⤊ 0⤋
Natwest have an account that they dont credit score for. You basically get a cheque book and a cash card / Solo. Keep this for a couple of years, keep in credit, use it for DD's and standing orders and get your wage paid in. Once they see you are using your account correctly, you can apply for a debit card, then an overdraft and then a credit card.
2007-04-26 01:55:30 · answer #4 · answered by Dingle-Dongle 4 · 0⤊ 0⤋
Derek, No, payday own loan companies do no longer report lower back to the credit companies....except you do no longer pay them lower back. So, now no longer basically do you pay rather severe expenses (above 4 hundred%), you does no longer have the possibility to rebuild your credit score and evaluate an staggering risk of injuring your credit much greater. actually, there may well be no longer adequate time between while you borrow the money and while you pay it lower back for the credit communities to rely that in direction of your credit historic previous, so do no longer take them out with the although of rebuilding to your techniques.
2016-10-13 08:56:18 · answer #5 · answered by doloris 4 · 0⤊ 0⤋
I think the below website helps you to raise ur credit score
2007-04-24 04:08:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
try to get a capital one card they gave me one!!
2007-04-24 04:28:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋