Opening a bank account with CIFAS marker.

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struggler07
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#21
Report 7 months ago
#21
(Original post by hotgirl10101)
Is this for the rest of my life or just the six years where the marker is still on? Thanks.
6 years but could be longer after 6 years with no credit your credit rating goes you have to build it up from scratch again
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struggler07
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#22
Report 7 months ago
#22
(Original post by hotgirl10101)
Thanks. so after these six years I will be able to open up a High Street bank get car insurance a mortgage and a credit card?. i’m really scared I’ve ruined my life forever.
my account with HSBC got closed down two years ago and I’ve been using Monzo for now. The bank never told me that I have a marker on my name so I just assumed that I did since my account is closed. I want to try and open another High Street bank but I’m scared that if I do have a marker they will alert Monzo. any advice ?
and is it possible for me to check if I have the marker and to remove it.
Yeah after 6 years have past you can do that but you will need to rebuild your credit back up again could be 7 or 8 years till everything back to normal
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struggler07
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#23
Report 7 months ago
#23
(Original post by RedGiant)
6 years only (which is still a long time to not have a bank account). Moving to another country for a bit could be an idea.
No point in moving country just use someone elses card or get a prepaid card
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Dcosta20
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#24
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#24
No it doesn’t affect your credit score or what so ever.. you can still bill your credit score even with a Cifas marker

(Original post by struggler07)
6 years but could be longer after 6 years with no credit your credit rating goes you have to build it up from scratch again
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struggler07
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#25
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#25
(Original post by Dcosta20)
No it doesn’t affect your credit score or what so ever.. you can still bill your credit score even with a Cifas marker
Thought it did because you cant get credit for 6 years
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RedGiant
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#26
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#26
(Original post by struggler07)
Thought it did because you cant get credit for 6 years
You can't get credit, but you can still do things to keep your credit report established like being on the electoral register, paying utility bills, etc.
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struggler07
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#27
Report 6 months ago
#27
(Original post by RedGiant)
You can't get credit, but you can still do things to keep your credit report established like being on the electoral register, paying utility bills, etc.
Oh yeah thats true you know even after the 6 years its going to be hard to open a bank account you literally have to start over fresh
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Dcosta20
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#28
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#28
(Original post by struggler07)
Oh yeah thats true you know even after the 6 years its going to be hard to open a bank account you literally have to start over fresh
How is it going to be hard to open a bank account after the 6 years??
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Admit-One
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#29
Report 6 months ago
#29
(Original post by Dcosta20)
How is it going to be hard to open a bank account after the 6 years??
It might be harder depending on what credit footprint you’ve maintained during that period.
Last edited by Admit-One; 6 months ago
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Dcosta20
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#30
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#30
(Original post by Admit-One)
It might be harder spending on what credit footprint you’ve maintained during that period.
You don’t necessarily need a credit card to build your credit score, there’s other ways you can build your credit score as well
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Admit-One
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#31
Report 6 months ago
#31
(Original post by Dcosta20)
You don’t necessarily need a credit card to build your credit score, there’s other ways you can build your credit score as well
Yeah, I know, I worked in finance for a decade and reviewed credit reports for a living. The point I’ve made is that you may find it slightly more difficult to begin with depending on what your credit history looks like at the end of the six years, (specifically the 12 months immediately prior). It’s certainly not impossible by any stretch.

NB. I’ve amended my post above as it had autocorrected ‘depending’ to ‘spending’ and my point may not have been clear.
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hhk999
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#32
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#32
Would you need to get a basic account for example?
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Admit-One
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#33
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#33
(Original post by hhk999)
Would you need to get a basic account for example?
During the 6 year period you’ll likely only be accepted for a basic account or a fee paying account. You will need to shop around.

Afterwards, it’s up to the institution you are applying to. You may have maintained enough of a credit footprint for them to be happy offering a normal account, or conversely they may be reluctant to extend a credit line to you, eg. an overdraft, loan or credit card.
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Admit-One
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#34
Report 6 months ago
#34
This Money Saving Expert article on credit scores may be of interest to some in this thread. It explains all the basics as well as advice on how to maintain and improve your score.
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struggler07
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#35
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#35
(Original post by Dcosta20)
How is it going to be hard to open a bank account after the 6 years??
You might be able only to open basic accounts since you havent had credit or a bank account for 6 years you have to start of fresh again
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dunni4you
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#36
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#36
(Original post by RedGiant)
Getting a bank account will be difficult; receiving money will be difficult; renting a property will be difficult; getting a phone contract will be difficult; many regulated industries will not employ you; getting car insurance will be difficult; no car finance; no mortgage; no credit cards; nowhere to reliably store your money; and the list goes on. Lots of anecdotes about it on this forum.
Only for 6 years tho
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RedGiant
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#37
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#37
(Original post by dunni4you)
Only for 6 years tho
Yeah, "only".
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struggler07
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#38
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#38
(Original post by RedGiant)
Yeah, "only".
Its a long time for not having a bank account or credit truss
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rethick53
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#39
Report 3 months ago
#39
Hi there how did you manage to create a nationwide account please get back to me please many thanks
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rethick53
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#40
Report 3 months ago
#40
(Original post by Jinyarf123)
it erases in 6 years. for the meantime you can go credit union if you are struggling to open a bank account. after the 6 years you won’t have to worry about it again... people are acting like it’s a death sentence.
what credit unions accept members with a cifas marker mag i ask?
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