Hi CIF.

I cannot think of any way in which Co-op's commercial troubles could affect your credit rating because you bank with them.

They've announced that they wish to focus on their personal and SME business account customers in the future.

Hi TDA. The reason I thought of it, is that I did a check on another well known website re which cards you would have stand a chance of getting. The advice was that I had zero% chance of any of them despite already having one of them (Vanquis)!

However the advice that they gave, that my score could be affected by who I bank with.

Did they suggest certain banks that might cause you a problem CIF?

No they didn't unfortunately. I never thought that your bank could affect these things. I know that how many years you are with your bank can impact but not the bank itself.

Don't know if I am allowed to name the site on here - don't want to be breaking any rules!

You can name the site CIF (though we do ask that links aren't added to the forum) if you wish.

There are some financial institutions that only deal with people with significant credit problems - I suppose that might be relevant to a lender deciding whether to lend to you (though it will not affect your credit score with a credit reference agency I don't think).

I guess that's a bit like payday loans. Paying them back on time might increase your credit score but, just by using one, a lot of mortgage lenders wouldn't want anything to do with you.

I'm quite happy to say that part of our banking arrangements are with Co-op.

We're not reviewing that based upon what we know at the moment.

Thanks for the replies TDA, that is reassuring. The site is Money Saving Expert and it was a search purely on subprime cards. I am listed as 0% chance for any of them although do have a Vanquis card already and they were on the list. Therefore I'm not sure how accurate the data is!

Here's what we wrote about credit cards after trust deeds last year CIF:

Link Updated 2020: https://www.trust-deed.co.uk/repair-your-credit-rating.html

Might some lenders see the use of such a credit card as a warning sign not to lend to you? I suppose that's possible as lenders can use the information on your credit file to make lending decisions however they please.

Might some good use of credit on a "poor-credit" credit card bring more positives than negatives? That will depend upon the view that any lender takes when underwriting a credit application.

Good old MSE. It's brilliant for saving money (I use it) and rubbish at most issues connected to debt advice. To be fair they acknowledge this to some extent by signposting people towards debt charities.

Yeah it's possible that it is the fact that that I have a Vanquis card but that doesn't fit with the fact that it's meant to be there to build credit.

I was tempted to apply for an Aqua or Luma there but I will leave it for a bit. I am not sure how my TD is recorded on my credit file -is it recorded as sequestration? Part of the criteria for Luma is that you have not been declared bankrupt in the last 12 months. Not sure if that means that the TD is still live then it is within 12 months or does that mean they would not count it as I signed the TD well over 12 months ago.

Probably best to err on the side of caution. Bit of a head scratcher all of this!

Hi CIF
Just a comment on upgrading your account once your last payment is made, we completed ours in June and discharged in September, we have a cashminder account and spoke to them regarding upgrading and was told that we wouldn't be able to straight away, they told us to phone them back next year and will see how it goes.
Hope this helps.

Bravator

Thanks Bravator, that's useful to know. I would rather keep my account with them as the service has been decent.

Not a problem CIF, we feel the same as have had no issues with them and does our needs adequately

Bravator

Co-op wont let you upgrade if you have defaulted etc in the last 6 years. This is lifted from their site.

Eligibility Criteria

You must be a UK residentYou must be over 18You will pay in a minimum of £800 a monthYou haven't had any CCJ's, been declared bankrupt or defaulted on any credit agreements in the last 6 yearsYou have not been 3 or more payments in arrears on any credit agreement in the last 6 months

Thats for the current account plus.

Paul

Normal current account is the same. 6 years from any defaults.

Paul