Account Holder Credit History

Your credit history is very important when applying for a current account. If you have been bankrupt or have a bad credit history, you may be refused a current account or have strict terms placed on the account, such as no overdraft facility (see Overdrafts). A basic current account will usually be offered to those people who have an unfavourable financial history. It is at the sole discretion of the banking institution whether or not to accept an application for a current account and a poor credit history is likely to lead to a less generous offer. If your bank or building society refuses your request for a current account, try applying to other financial institutions giving details of your history, explaining why you need the account and how you aim to manage your finances. You may also wish to consult a financial advisor to discuss the money management options that are available to you.