Bank Account..

[Ebayorbust]

Also as GT says, there are several other options available to those that are unable to open regular accounts with the high street banks.

[Callidus]

Ebayorbust - No I haven't lost any but have just been trying to get some accounts made so I can start selling more across more accounts.

I think its been my fault, I thought a CURRENT account was a BASIC account or im not understanding the terminology.

Tbh, I really need for someone to let me know what is the BASIC account at certain banks as once you have current accounts open you cant open EASYCASH at Halifax for instance.

So im still none the wiser on which basic accounts to open as Im worried its going to be a current account then another mark on a credit report..

[NoneOther]

Try nurturing the accounts you already have, it will be more beneficial in the long run than opening new account after new account.

Too many balls in the air at one time and you will lose sight of one and then they all come tumbling down. Even the best jugglers drop them sometimes.

Not being funny or giving you attitude, if you don't understand something then read about it until you do.

[Ebayorbust]

Can't understand Halifax having this policy. I have a Santander current account. I went into my local branch and opened two basic accounts without any issue.

Basic account: Like a current account but No overdraft, no cheque book. Usually just a cash card & same crappy current account interest rate.

A lot of these "basic" accounts aren't advertised online but are available in branch on asking.

Banks would much rather sell you all singing, all dancing current accounts with a monthly fee for AA membership, travel insurance and all the rest of the crap that they are promoting.

If you are set on trying to get more accounts, go into branch and TALK to them. Far better face to face than the "anonymity" of an online application.

[GreenBean]

Please read thro' this URL.
Forget about new bank accounts until you give yourself a chance to understand the different
terms. It's laid out simply. There's also a page there that has a listof all the banks & types of accounts.(Or was in January)

Money Saving Expert: Credit Cards, Shopping, Bank Charges, Cheap Flights and more

Since you are aiming for bigger things get your banking under control

[meVebay]

That'll be MoneySavingExpert.com Forums GB

[Callidus]

The link doesnt work but have been looking through the BASIC BANK ACCOUNTS
Listed the banks I can get the real basic bog standard account and will go with that that accept DD.

http://www.moneyadviceservice.org.uk...k_accounts.pdf

[NoneOther]

Last piece of advice.

DONT go applying for any new accounts for at least 3 months

Why? because you've just had 2 banks turn you down. Any more searches on your credit file, even generic ID checks are going to have other banks giving you the same answer

[Callidus]

So don't even apply for a basic account because that will get turned down aswell, even if its not a credit related search?

[Ebayorbust]

Originally Posted by NoneOther

Last piece of advice.

DONT go applying for any new accounts for at least 3 months

Why? because you've just had 2 banks turn you down. Any more searches on your credit file, even generic ID checks are going to have other banks giving you the same answer

If you have sufficient pp/ebay accounts for now, hold fire opening more bank accounts. Wait a few months and then try again.

Yes, good advice.

[NoneOther]

Originally Posted by hdavey10

So don't even apply for a basic account because that will get turned down aswell, even if its not a credit related search?

Exactly.

Even though it's not a credit application you have had way too many searches of any kind on your credit file recently.

Please read my previous post in this thread regarding how banks view this type of activity.

[Callidus]

Niceone guys! Thanks for all the help.

Out of interest in the few months im going to leave it will my credit get 'better' as such or am I just leaving it so that the banks dont get suspicious?

Also, I never knew having my car on part finance that it would make me have a bad credit rating? Thought it actually boosted it.

Thanks

[NoneOther]

Will it improve your credit rating?

If all things remain equal, marginally I would guess, as long as you maintain regular payments.

Will the banks be less suspicious?

Probably no as you have made several applications for bank accounts this year.

Is your car giving you a bad credit rating?

No, not directly but at 21 with £15k debt on a car plus any other 'borrowing you may have, that includes phone contracts by the way, is not a big plus as far as a bank is concerned.

[Ebayorbust]

Once the car finance is paid off, credit score goes up.

Existing debt is taken into account when applying for further credit. There's a limit on the amount of unsecured debt you can have and lenders look at "affordability".

[Callidus]

NoneOther / Ebayorbust - How many ACTIVE ebay accounts do you have then that are actively selling with bank attached...

Think what im trying to ask is how many BASIC accounts would you apply for in a year.. only reason is if my ebay's go down do I close existing bank account and then try to reopen another?

[NoneOther]

You really need to read and take on board what people are trying to tell you.

CLOSING ACCOUNTS TO OPEN NEW ONES IS EVEN WORSE.

How many active accounts I or anyone else has is not relevant to your situation and thats what you really need to try and understand above all else.

[Callidus]

I am taking it on board what 'people' are telling me, the question I am asking is what is the plan of action when an account goes down I obviously wouldnt need that bank account anymore and can't put it onto a new PP, so thats the question above.. didn't think it was that hard to understand to be honest.

Thanks

[NoneOther]

Man! I give up. There's a limit to how many ways you can say the same thing.

Good luck whatever you decide to do.

[Callidus]

NoneOther - Not quite sure why you're saying that, you haven't even answered the question I have put to you in the above at all.

[GrannyT]

hdavey10 - you remind me of my grandchildren. They ask me a question and I answer them. Two minutes later they ask the same question but using different words and phrases.

Now, you want to open new accounts, you know what you can and cannot do, you know what the effect of whatever you do will be.

You have been given sterling advise by members of this forum.

We assume that you do not need us to spell out to the letter what you need to do. That way we can be circumspect and expect you to understand without giving out too many 'trade secrets' on an open forum.

Everyone, as far as I can see, has tried to help and direct you. Suggest you use the white box on the top left hand side of the page

Good luck with it

[Callidus]

Want to make sure from now I get it right, as I actually NEVER knew before this thread about basic and current accounts and the checks that are involved. Will have to wait it out, keep low and build on the accounts I already have.

If I get anymore info will post it back here

[Thankful]

hdavey the fearless warrior! nice to see someone asking alot of questions though - he wants to learn as much as the next person - respect for that