Sharmaine:

Thanks, yes you are right actually.

Stick with it and you will have the last laugh when and if the banks introduce transaction charges. The basic accounts will likely have lower charges. I have a Halifax Visa Electron account. There are very few places which don't accept them and then I have a credit card I can use. In fact many people want an Electron for cheaper flight booking.

There is really no status issue. On a CRA credit report a basic bank account is classified as a "current account" and is indistinguishable from a full service current account not operated in the overdraft zone.

Thanks, yes you are right actually. I'm sure the reason why my account is going so well is that at the back of my mind I know I have no overdraft etc so is always kept in credit. Also have been paying off all my credit cards, catalogues etc etc on time every month so should have a nice few 0000000 on my credit files now........

Hi Sharmaine,

I wouldn't worry about applying for it as the bank don't just score you on your credit file, but also how you have maintained your current account with them. Therefore it's quite likely you'd get it.

As Jalexa has said 1 credit check wont hurt.

However, I used a similar (Solo) account for many years due to my own stupidity in the past. I found it actually helped me manage my money better, and I thank my old bank manager every day for it (this was in the days when bank managers actually cared about their customers). I couldn't swipe for things that I didn't have the money for (unlike Switch/Visa Debit), as it would check my balance to make sure I had the money.

Well I don't have a full status current account, it's a cashminder. You're absolutely right about the cheque book, I don't really need one at all. I guess it's just a 'status' thing in that it would be nice to have a 'full' visa debit card attached to a 'proper' current account rather than a cashminder. Also although the co op are no longer sending out visa electron cards, the visa debits they're sending to their customers are really still electrons as they still start with '4508' etc. And you still can't use them in places where electron is not accepted.

I guess my question is - does anyone know if the co op will upgrade me using their internal score or will they run me past the CRA?

Sharmaine:

Can anyone advise? I don't want to apply toupgrade and then get turned down and have that footprint on my credit file with the CRA's

Here is my take on this. You already have a "current account" as you will see if you check your credit report. What you don't have is an account with an overdraft facility or a cheque book. You said you didn't want an overdraft so it must be the cheque book but there is hardly any call for cheques these days.

You have an account with much less scope for charges than than the one you might upgrade to. Call me a cynic but I wonder about the bank's motives.

Regarding your final concern, while its possible you could be declined because of your CRA credit file, the footprint isn't a record of failure. Too many footprints is not good but several a year is of no consequence. Anyway the footprint would be a "current account" footprint not a "credit card" footprint (not entirely sure what difference that makes though).

So, why upgrade, you already have a great account?

Hello all - I'm new to posting on this site, although have been reading other posts for a while now and taking in all advice etc etc. I have a co-operative bank cashminder account with visa debit (was electron but these are all being replaced as is prob common knowledgenow) cos I have past debts. Have been running this account well and sensibly for just about one year now. Salary of £1200 in per month, never going overdrawn and have some d/d's coming out like rent and council tax/water rates. When I went into the bank y.day the lady at the desk told me my internal score was a 'L1' (last month it was an M1) and she said I could apply to upgrade my a/c to a current account etc etc and offered me £200 fee free overdraft (alhtough I told her didn't want an o/d) Told her I would have a think about it as going on my hols in a couple of weeks and didn't want to run risk of cards not turning up etc. But the real reason is I am a bit worried that they will externally credit check me as some of my past debts are probably still on my credit file. But I have also read on some threads that co-op only do an internal score. Can anyone advise? I don't want to apply toupgrade and then get turned down and have that footprint on my credit file with the CRA's.