What if my credit rating is bad?
A bad credit rating can mean you have managed money badly in the past, or it might just mean that you have not had your own account before, so there’s nothing to prove that you are good with money.
This doesn’t stop you from taking out an Arro Personal Account – as long as we can verify your ID automatically online, or using your passport or driving licence, you’re over 18 and you live at a UK address, we normally approve everyone within minutes.
Your Arro Personal Account can actually help you to build a better credit rating over time, as by managing your money well even in an account with no overdraft or credit card, you show possible future lenders that you know how to budget and prioritise regular bills and payments.
Why does my credit record matter?
If you’re not planning to apply for a loan or mortgage, you might not think a good credit rating is important, but credit goes much further into our everyday lives than it did in the past.
You may be considered a credit customer if you have:
- A mobile phone contract where you pay for calls at the end of each month.
- Gas, electricity or water utility bills where you pay based on a meter reading.
- Satellite, cable or broadband TV subscriptions with a single monthly charge.
Of course credit also includes overdrafts and credit cards, and improving your credit history by managing your money with an Arro Personal Account for some time could eventually help you to be approved for a high street current account with those features, if you wish.
Managing your money
If you’ve struggled with your own money management in the past, it’s normal to want the best possible access to your finances until you build up a better credit rating.
The Arro Personal Account gives you everything you need to manage your money, both income and outgoings.
Your personal account supports:
- Having your salary/wages paid directly into your Arro Personal Account.
- Receiving money from family and friends using your sort code and account number.
- Transferring money to other people via the Faster Payments Service.
- Paying for bills and other regular spending via Direct Debit.
- Checking your balance and managing your money on your online dashboard.
- Buying things online with your MasterCard® Debit Card details.
- Paying by card in-store and/or withdrawing cash from an ATM.
It is an account that allows you to do most of the things anybody would normally want or expect to do with their personal account – just without involving any credit.
How to apply
It’s easy to apply online, and because there is no credit check, you can be approved and start managing your money within minutes.
Just fill in our online signup form to give us your details. We will verify your ID – usually automatically with no delay – and once your account is approved, we will send you your account number and MasterCard® Debit Card details immediately so you can set up payments or make purchases with your card number and security code.
Sign up for a Personal Account