Well ....

[1NightInIbiza]

Re: Well ....

Just been linked to this as I was made BR today.

With Santander, get a normal 'everyday current account' if you can, then go for the upgrade to 123 online - it's a simple form and process is automatic - although check the declarations, there may be something about BR. I played this trick last year when they refused to give me a 123 - just got a normal bog standard account and upgraded it.

I'm hoping Santander will leave my account open, don't want to go to Barclays! I have accounts with Co-Op (ex-staff & student account), but they have serious debts. assuming they won't give me a cashminder as an existing customer (so the no-undischarged new to bank won't affect me)

[fiscalfool]

Re: Well ....

Apologies for the delay ... missed the post above.

I logged in as I'm now out of my 3 year IVA associated with the BR. That was a few months back. I've completed my credit clean-up sometime ago. I don't really check my credit-report, but I have a free account with noddle.co.uk, which is looking fine ... just concerning that it's not improving.

I have:
2 x credit cards which I manage very carefully now. One Vanquis, one Aqua.
1 x Mobile phone contract, always paid in full everytime.

This week, I managed to open a TSB ClassicPlus bank account, which is nice to get back into a Normal Account. Wish I'd seen the above post first though, else I would have applied to Santander and gone with the upgrade route.

[fiscalfool]

Re: Well ....

QUESTION!

As mentioned above, I have now managed to open a High Street bank account, that is a "normal" account. Should I switch everything away from my Cashminder?

Co-op have been great, but refuse to upgrade my account until 5 years post BR. So I applied for the TSB account, and got accepted. I'm thinking that if I have a "normal" account, and show good management, that it will improve. Rather than a restricted account.

Thoughts??

[Never-In-Doubt]

Re: Well ....

If you now have full banking, then transfer and keep the co-op as a basic account and chuck a tenner or whatever a month into it.........

[1NightInIbiza]

Re: Well ....

I'd keep the cashminder, but when I used to work there they were a right pain - we had to 'meet customer needs' by looking at their internal scores etc and seeing if we could book them in for a review. On the system it would come up with details about cashminders who (according to the rating) had a fairly decent chance of being accepted.

However, when said customer returned for their appointment... they were promptly declined - presumably due to ex-bankruptcy, despite having what looked like a good chance of being accepted! The bank didn't have an official policy on it either (we just put 2 and 2 together by asking about bankruptcy when customers were declined and surprised), so it just looked as if somebody had failed credit scoring - but it was clear from people who had been declined (cashminder well managed, some now with a high income, customer saying they've got credit elsewhere and no missed payments etc) that it was their policy and the system was wrongly flagging them up to branch staff as potential upgrade material - you said they refuse to upgrade, so maybe they have now made that an official policy (which would follow, given the closure of the cashminder to undischarged bankrupts). So just be aware if you are ever in branch and asked for a review! We did get some people kicking off that they'd essentially wasted an hour going through a whole review to be turned down, when staff told them they had a good chance!

I can't remember the criteria for credit cards etc, I'd imagine that would also be a no - but it may be worth sticking an application through online every 6 months if you do want an account or card. Other than a search you haven't got much to lose.

Which is why I come on to Santander - if the 123 account would be good for you, you could apply for that (via the ECA route) still - it's only an extra search, which will be wiped in a year anyway, and generally not take effect after 6 months. You don't even have a great deal of credit cards etc, so there's no reason why you can't keep the TSB & Santander (if you get it) open - then you have even more accounts reporting to your credit file. And if the upgrade game works for you (only try once you are signed into online banking - you'll know the form, it's ridiculously basic, a 3 year old could have designed it....) then you get the best of both worlds. If it doesn't, you've got a everyday current account reporting to credit agencies, and if you're declined you've only essentially 'spent' one of your searches.

Also, I had multiple everyday current accounts with Santander (check quidco etc, they were offering £33.33 per account at one point, after I had 5 a few years back they tightened it up to 'switched accounts' though - although there are loopholes to make it look like you've switched when you haven't...) they've so far left the ones that aren't overdrawn open, so they're reporting 0's to my credit file every month!!!! They've now defaulted my 123 account though. Will be interesting to see if they leave the ECA's open - I won't try to use them, but it helps my credit file it's all good... and after they were such horrible buggers to me, it's nice to think they're doing me a favour without knowing!

[fiscalfool]

Re: Well ....

Thanks for the advice 1NightInIbiza ... I'll give Santander a try too. Going with NiD's suggestion too or keeping the Cashminder open.

For now, I've split my salary with my employer, enough gets paid into Cashminder to cover my DD's, and the rest goes into TSB for spending.


Another Update:
Interestingly after my initial Credit-Cleanup, I've not bothered checking my credit report other than the regular monthly Noddle Report.

I've just tried the Free Month of "CheckMyFile" which reports back from CallCredit and Equifax. Both seem to be ok. But it also said that according to their data, my Bankruptcy wasn't registered with Experian.

So I've just signed up to Experian - Credit Expert, hopefully it's been long enough and I'm getting 30 days free! But they were right my Bankruptcy certainly doesn't show up on Credit Expert at all!!! It shouldn't disappear until late 2017!!!

Although it has pointed out that I'm not on the electoral roll, so that's being sorted as we speak!

[fiscalfool]

Re: Well ....

1) So ... had my confirmation that my details are now on electoral roll (following house-move). Should appear on Noddle report in the next month or so, and I can then assume it has filtered through to the rest.

2) I've been with TSB now for 6 months, and popped in there today to see if I could have a contactless card. The branch manageress was looking at my account and she said "That's strange, there isn't even an option to select it". I suggested it might have been because of BR. She took my details and said she would call me. She made enquiries and called me back. She said "Despite my account being in fantastic order, because of the BR, they were unable to offer contactless at present!". I understand it's all risk based, but I did laugh ... especially since the max is like £20 on contactless!

Ack well ... nevermind.

Fingers crossed that when electoral roll and *fingers crossed* a payrise hit the account, that they might change their mind.

[Pixie]

Re: Well ....

Fingers crossed for you

[julian]

Re: Well ....

The limit on contactless cards is per transaction, so £20 x 40 transactions is £800.

The limit is what they give you, but as £20 is normally under the shop's threshold for checking, there may be no contact between your card and your account to check your balance during the transaction. Remember the aim of contactless cards Is speed, so thresholds are low. A person is able to run up large debts in small amounts in a short time.

[fiscalfool]

Re: Well ....

Hey all

Another little update for you all.

1) All CRA reports are looking ok now. Nothing erroneous.

2) TSB didn't give me a contactless card ... BUT ... once Apple Pay was announced, it let me add the card, and using that contactless instead. Nice 5% rebate every month.

3) I've been building my credit, and now have a Aqua, Vanquid and Cap1 card. With varying balances and credit limits. Trying to use them, but ensue that overall credit utilisation is low!

Lastly a question ... possibly one for Niddy ....
At the point of BR, I had two Co-Op accounts ... I used one for day-to-day spending, and the other was used for all my direct debits (rent/water/gas/elec/phone etc). Personally I like using the two-account system, as I ensure my bills are covered and the rest of the cash is safe.
So, now that I have a TSB Plus account, should I close the two Co-OP ones? I've kept them open, at present to show banking history, and my salary is split by my employer, with sufficient to cover the bills going to Co-OP, and the rest going to TSB.

[Never-In-Doubt]

Re: Well ....

If you like TSB why not open a secondary account? It's usually authorised - details shown below in screen prints.

Any reason you're still with coop? I'd close if you're happy with TSB.

TSB is easy to apply - as follows. If you do not see these screens then you will be credit searched so best to ring and ask if you can have a second account and they should be able to tell you before wasting a search.


Step 1



Step 2



Step 3



Step 4

[1NightInIbiza]

Re: Well ....

2) TSB didn't give me a contactless card ... BUT ... once Apple Pay was announced, it let me add the card, and using that contactless instead. Nice 5% rebate every month.

Oooooh - I'm trying that on my work phone!!

[Never-In-Doubt]

Re: Well ....

They give contactless as standard now. Ring and request one

In 2015 it was LTSB - now it's Sabadell.

[fiscalfool]

Re: Well ....

I'd keep the cashminder, but when I used to work there they were a right pain - we had to 'meet customer needs' by looking at their internal scores etc and seeing if we could book them in for a review. On the system it would come up with details about cashminders who (according to the rating) had a fairly decent chance of being accepted.

However, when said customer returned for their appointment... they were promptly declined - presumably due to ex-bankruptcy, despite having what looked like a good chance of being accepted! The bank didn't have an official policy on it either (we just put 2 and 2 together by asking about bankruptcy when customers were declined and surprised), so it just looked as if somebody had failed credit scoring - but it was clear from people who had been declined (cashminder well managed, some now with a high income, customer saying they've got credit elsewhere and no missed payments etc) that it was their policy and the system was wrongly flagging them up to branch staff as potential upgrade material - you said they refuse to upgrade, so maybe they have now made that an official policy (which would follow, given the closure of the cashminder to undischarged bankrupts). So just be aware if you are ever in branch and asked for a review! We did get some people kicking off that they'd essentially wasted an hour going through a whole review to be turned down, when staff told them they had a good chance!

I can't remember the criteria for credit cards etc, I'd imagine that would also be a no - but it may be worth sticking an application through online every 6 months if you do want an account or card. Other than a search you haven't got much to lose.

I once asked Co-Op about upgrading my account, and got a big-fat NO. It seemed the policy was "During the 6 years post BR, they will only give you cashminder". They were convenient as they had a branch in my town, but thats now closed.

Which is why I come on to Santander - if the 123 account would be good for you, you could apply for that (via the ECA route) still - it's only an extra search, which will be wiped in a year anyway, and generally not take effect after 6 months. You don't even have a great deal of credit cards etc, so there's no reason why you can't keep the TSB & Santander (if you get it) open - then you have even more accounts reporting to your credit file. And if the upgrade game works for you (only try once you are signed into online banking - you'll know the form, it's ridiculously basic, a 3 year old could have designed it....) then you get the best of both worlds. If it doesn't, you've got a everyday current account reporting to credit agencies, and if you're declined you've only essentially 'spent' one of your searches.

Also, I had multiple everyday current accounts with Santander (check quidco etc, they were offering £33.33 per account at one point, after I had 5 a few years back they tightened it up to 'switched accounts' though - although there are loopholes to make it look like you've switched when you haven't...) they've so far left the ones that aren't overdrawn open, so they're reporting 0's to my credit file every month!!!! They've now defaulted my 123 account though. Will be interesting to see if they leave the ECA's open - I won't try to use them, but it helps my credit file it's all good... and after they were such horrible buggers to me, it's nice to think they're doing me a favour without knowing!

ECA route???? Enlighten me!

I'd ultimately prefer to get on the steps with Santander, but as Nid says, I've got full-banking now with TSB ... and 5% interest ... and 5% cashback on all contactless spend.

[fiscalfool]

Re: Well ....

If you like TSB why not open a secondary account? It's usually authorised - details shown below in screen prints.

Any reason you're still with coop? I'd close if you're happy with TSB.

TSB is easy to apply - as follows. If you do not see these screens then you will be credit searched so best to ring and ask if you can have a second account and they should be able to tell you before wasting a search.

Only reason I'd stayed with Co-Op is for:
"Time with bank"

If this isn't a valid metric, then I'll gladly close. As you mention, I now have full TSB banking, so would be happy to close basic accounts!

Computer says Naaaah!!