Business Bank with Poor Credit?

[Jasandjules]

Chaps,

I have a friend going self employed and wanting to set up a bank account for her stuff.

But, she says she has poor credit to the extent she could not get a loan.

Anyone know if she could still get a bank account for her business? Just to pay money into and out of? She thinks she can't.

I would say I can't see why not if she's not asking for a loan or overdraft (which I am told is the case). Am I right?

[blindswelledrat]

Am saying this with no specific knowledge but I would be utterly amazed if she couldn't.
I thought in those scenarios they restricted the type of cash card/payment card so they couldn't go overdrawn.
If children can get an account I don't believe that an un credit worthy adult cant.

[Jasandjules]

Yes that is how I see it. Guess she will have to try and see what they say!

[williamp]

It depends. Is it bad credit. Or just "not good" credit?

If she has been struck off as a director or previously, has CCJ's etc then the answer will almost certainly be no.

If not, then its possible.

Remember as a sole trader she doesn't legally have to have a business bank account. A limited co does, but a sole trader doesnt. Its a good idea, though.

[Frixturbo]

Perfect for your friend & any start up companies...

http://www.mycashplus.co.uk/business/

[mouseymousey]

Frixturbo said:

Perfect for your friend & any start up companies...

http://www.mycashplus.co.uk/business/

This man is correct. High street banks will still want to credit check you for a business bank account despite not offering you credit facilities.

Cash Plus also has the benefit of being able to be opened online whereas most (if not all) high street banks will want to either talk to you on the phone or see you in branch.

[uber]

If she only has bad credit and not bankrupt etc Natwest will give you a basic business account very quickly.

[Jasandjules]

williamp said:

If she has been struck off as a director or previously, has CCJ's etc then the answer will almost certainly be no.

I am not sure if there are CCJs, quite possible.

Certainly a lot of credit cards - paying them off a little at a time or something like that though?
Think mortgage is repossessing as well unless the business takes off and she can repay it.

[Jasandjules]

Frixturbo said:

Perfect for your friend & any start up companies...

http://www.mycashplus.co.uk/business/

Thank you I will pass that link on.