Bank Account and Personal Credit Ratings

[lemur]

Hi,

I'm thinking of starting out as a contractor and I've a question about business bank accounts.

I few years back, my wife and I had some financial problems and ended up with a crappy credit rating and ended up on a debt management plan for a while. We cleared everything up and we've been totally in the black for a year now.

However, is this poor credit rating likely to affect decisions if I apply for a business account? I'm not looking for a loan or any sort of financing, or even an overdraft.

Anyone been in my position before? How did you get on?

Thanks,

Kev

[moorfield]

Shouldn't be a problem for a business bank account in the ltd co name - unless you have previously been a director of a failing company.

[lemur]

Thanks for response.

I decided to just speak to my bank in the end who told me that a credit search would be run on the directors as a matter of bank policy for new accounts.

However, even with our credit credit rating, it wasn't a given that I'd be rejected and it was double-checked with a colleague that other people had been in my circumstances before. There's certainly room for negotiation, so fairly hopeful.

K

[Hex]

There has been a thread about business bank accounts and personal credit ratings in the past few months. I think the OP ended up at HSBC. Try searching for "Barclays" as I remember they were mentioned as well.