Opening a bank account with CIFAS marker.Watch
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.
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
NB. I’ve amended my post above as it had autocorrected ‘depending’ to ‘spending’ and my point may not have been clear.
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.
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.
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.