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Opening a bank account with bad credit rating

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  • 06-06-2011 6:37pm
    #1
    St._Andalou
    Closed Accounts Posts: 327 ✭✭


    Hi all, I'd appreciate any help you can give me with this.

    A couple of years ago I had a student loan (€1500) with Bank of Ireland that I fell behind on. I was nine payments behind because I was ill. I settled with the bank in 2010, paying €1100 but that obviously left €400. It was the best I could do at the time.

    I know that this damaged my credit rating, and it will be on there until 2015. However, recently I got a job and want to open a bank account again (I have not had one since then). I have still kept a credit card however with a small limit that I pay regularly.

    I went to two banks and I was told I did not qualify to open a bank account. I only want a current account, no overdraft or anything like that. According to my ICB report my ICB CRIF 2 is 410. If I went back and paid off the remaining 400 Euro, would that improve my rating? (I know that it would still be on my record.) And would a slightly better rating improve my chances, or will I be unable to open up any sort of bank account in this country until 2015?

    Any help appreciated. I've rung MABS twice and got conflicting advice on my options.


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    The trouble is even though you say you dont want an overdraft or credit facilities, current accounts are capable of these and because of that are credit scored. What you can get is an account with most of the functions of a current account but it is not a current account. Cant remember the name of the account but Ulster Bank definitely do one, just make it clear you only want an account that you can set up direct debits from, that will accept paypath payments and will give you an ATM card. That should do you to start with.


  • Options
    #3
    finnteme
    Registered Users Posts: 970 ✭✭✭finnteme


    phormium wrote: »
    The trouble is even though you say you dont want an overdraft or credit facilities, current accounts are capable of these and because of that are credit scored. What you can get is an account with most of the functions of a current account but it is not a current account. Cant remember the name of the account but Ulster Bank definitely do one, just make it clear you only want an account that you can set up direct debits from, that will accept paypath payments and will give you an ATM card. That should do you to start with.

    I think its called Step account in Ulster bank


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