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timmoff timmoff is offline
Entrepreneur
Join Date: Oct 2004
Posts: 26
Business Banking

Hi, I feel a bit guilty as I'm always on the ask for advice... so, before I begin...sorry!!

I'm really struggling to get a business bank account because I have a very poor credit history... my existing bank who I have a personal account with won't help!

I have a few people waiting to sign cheques to me. However, I really don't want them to write a cheque to me rather than my business name. Since we are in publishing this is not the image that I want to convey...

Any suggestions

Thanks!!!
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jamesrw jamesrw is offline
Entrepreneur
Join Date: Nov 2003
Posts: 36
Eeeek, perhaps someone could clear this up for me. If I open a business bank account for a limited company, is there a credit check done against me as an individual? Or is this only the case if you are a sole trader?

Thanks
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jamesrw jamesrw is offline
Entrepreneur
Join Date: Nov 2003
Posts: 36
What do people describe as a bad rating?

I have just requested a copy of my credit report so that should help.

I think I have missed 2 or 3 CC card payments in my entire life of the value of about 5.00.

Is this the norm, will this generally be regarded as OK?

Thanks
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brighton_belle brighton_belle is offline
Connector
Join Date: Oct 2006
Location: Brighton...of course!
Posts: 249
Hi all

To: Timmoff

This is a link for Basic bank Accounts:
http://www.fsa.gov.uk/consumer/02_HO.../accounts.html

I know it's not business bank accounts but it may give an indication of those banks who will consider a business account for someone in your situation.

To: jamesrw

Yes they do a credit check against you as an individual if you will be a director of that limited company who will also be a signatory on the account.

Also, re: credit rating, this link should help:

http://www.fsa.gov.uk/consumer/04_CR...EBT/index.html

brighton_belle
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James Smith's Avatar James Smith James Smith is offline
Connector
Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
Tim - natwest have an adverse credit account that might be worth a look. You need to ask for it specifically. It depends how bad a credit record you have - if you have OS CCJ's etc I would suggest you get on any pay them off as it make a huge difference.

In terms of names on cheques, why not ask for payment via a bank transfer? This way they wont know who's name the bank account is in....cheque payments are a bit old fashioned as most people have on-line banking now and its a lot easier than phaffing about with cheques.

James - limited company bank accounts would presumably have a credit check run on the directors. NB see many threads about how to chose your business structure a limited company from the off is probably not a good idea unless you have a big start up.

hope this helps,

Regards,
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MailOrderCo MailOrderCo is offline
Connector
Join Date: Jan 2004
Location: Earth
Posts: 773
Yes as James says Natwest direct business banking will set you an account up for your business, ltd or not.

You can do it online and then they post you tne forms out, or on the phone. I have suggested it to a few people before on here.

Never pay anyone money (by searching google) for info on bad credit bank account's, someone paid about 200 to one of these rogues just to be sent info on natwest direct business banking, and you can get that info right here for free.

You can also get a normal FlexAccount from Nationwide if you need a bad credit personal account

So here is the natwest link, in the hope it also appears in google for the people searching for bad credit business bank account's http://www.natwest.com/business01.as...ING_A_BUSINESS
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timmoff timmoff is offline
Entrepreneur
Join Date: Oct 2004
Posts: 26
Thank you all very much - I'll get onto Natwest I think. Excuse my ignorance but will most businesses prefer to do bank transfers to me online/telephone etc above any other method. Just from a records point of view, what if the business paying me does not reference a payment - this might be difficult for me to locate that their payment has been made.

Thanks again

Tim
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