lloyds and their mysterious rating scale...

B

barbarp

Facilitator
Aug 20, 2008
55
4
0
Dorset
Lloyds have finally got on my last nerve.. The situation is that I had some credit issues over three years ago which have now been cleared.
At the time I was in HSBC who were worse than useless and I seemed to get a lot of sales call from them, could never get any sense out of the phone banking etc.
I changed to lloyds because my partner's account was with them so we wouldn't get charged for moving money between them, they were only prepared to offer my a cash card account not a current account. I was told I would be able to upgrade in 6 months time...2 years later I'm still waiting because apparantly I don't fit the criteria on the computer's rating scale.
No one can tell me what the problem is, or when it will be resolved. I can't appeal it or get details of the rating system.
It's not income because theres a good amount going through, theres been no returned direct debits or unautharized overdrafts....Does this strike anyone else as wrong because I think if my accounts being rated then I should be able to know the criteria they are using. :confused:
 
G

greatscotuk

Facilitator
Sep 1, 2008
31
0
0
I initially opened an account with Lloyds TSB after a friend sang their praises to me. I too was forced to take a standard Cash-card account (the card worked only at Lloyds TSB ATMs too). After a few months I complained in branch and was upgraded to a Gold Account, but this is mainly because of the amount I was paying in. I'm sure that if you're assertive in branch, they will yeild because I'm of the option that this rating system is pure buerocracy, and that they can waive it accordingly.

From memory I recall them checking my credit rating. They also check your spending patterns (how much you have left in your account at the end of the month) and how much you pay in. I get the impression it's a risk limitation policy. They are, after all, a conservative bank who lend sensibly (despite their complete inability to gasp the simple yet profound concept of Customer Care!!)

If your partner has a good relationship with the bank, it's a good idea to take him with you. A referee to back up your sincerity is always a plus!
 
P

Paul Carcone

Facilitator
Jun 22, 2008
141
7
0
South Coast
www.carconeconsulting.com
Lloyds Rating System

Lloyds are actually quite open about their rating system. If you go in and ask for an appointment with the branch, someone will sit down and explain to you why your rating is what it is.

The system is based on your history with them, your average balance, your income, your financial committments, how often you breach your overdraft/miss payments on outstanding debts etc...

The system is pretty much based on everything you would expect it to be...and I'd be surprised if they refuse to tell you if you ask them for a particular appointment to discuss your account.
 
K

katealpha

New Member
Sep 1, 2008
142
1
0
Beds
With financial institutions I find that threatening to close my account and move my money elsewhere is a good way to get their attention. :D I would make an appointment and see what they can do for you, you for them, but if you can't get it sorted out, switch to another bank. I don't think there are charges for moving money between different UK accounts, I think it is only services like CHAPS you pay for, which is when the money gets there same day and you might use when you are buying a house or something like that. (I write cheques to myself all the time, or transfer money using online banking.)
 
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