[greenfly125]

I just recently applied for a student account from Santander, making the use of the good offer that they have at the moment.
Just got a letter this morning saying that I was rejected due to a poor credit history, or I didn't meet the criteria.
I have never taken out a loan or an overdraft, never been late paying the one direct debit that I have had for 3 months - phone contract. I also do not have another student account. I only have a current account with Halifax and savings with Santander.
I have no idea why they have rejected me. I meet the current criteria, in that I am a first year going into my second year, I have evidence that I am studying at university, and I can provide that if they want it.
The only thing I can think of is that in my online application, it asked me to declare all my accounts that I had with other providers. I attempted to do this, but it would not let me put in any accounts that I opened after 2007. It would only allow me to enter accounts I had opened up to 2007 - which was none. Do you think they thought I was trying to hide something with the other accounts I had (which I have nothing to hide), when really it was glitch with the application form? Also maybe I paid utility bills for my student house a little late, but it wasn't ridiculously late, like 2 weeks, and anyway, I paid those using my debit card details and not a direct debit or standing order.

I don't want this to go on my history that I was rejected from opening an account, because to my knowledge I have good credit history, and I know these rejections can hinder you in opening other accounts in the future.
I'm going into my local branch tomorrow to see what is going on and challenge the decision, but can anybody see where I have gone wrong?

[WordsAndPictures]

You need to look at your credit report - you can do that online, as long as you remember to cancel the trial before they start charging you.

There are a few possibilities. If you've only had three months of a phone contract, and no overdrafts or credit cards, you probably don't have enough credit history for them to make a judgement. Any student used to be just given an account, but they've got a lot stricter in the past few years - and Santander especially, due to their financial difficulties.

Second is that if you paid your utility bills late, and its been recorded as a late payment. It doesn't matter what you paid with - was the account in your name? If so, they may have recorded it. It only needs to be a day late to be a late payment (and it becomes a default if you don't pay at all) - two weeks is quite a long time to be late, so if they were in your name, that could be a problem. While a late payment isn't too bad on a full credit history, it's pretty bad when you've only got a limited history.

If the late payment doesn't show, print your report off and take it with you. They will look at it and they can overrule the decision. A friend had hers overruled last year, and accepted half of the overdraft for the first six months to show them that she wasn't a risk. She's got all of it now, and it's fine.

The rejection won't hinder you yet, if its your first one. Other lenders can't see that you were rejected - just that you made an application for credit. Too many applications within a year becomes a hindrance but you'll be fine for now.

Hope this helps, and good luck tomorrow!

[The_Jakal]

The confusing thing about credit reports is that it can be down to a number of things.

It sounds as if it is most likely that they won't let you open an account because you have not built up enough of a record yet.

http://www.savethestudent.org/money/...it-rating.html

The article above allows you to see how to improve your credit rating as well as how to check it for free.

The number 1 top tip is to make sure that you are on the electoral role!

[greenfly125]

(Original post by WordsAndPictures)
You need to look at your credit report - you can do that online, as long as you remember to cancel the trial before they start charging you.

There are a few possibilities. If you've only had three months of a phone contract, and no overdrafts or credit cards, you probably don't have enough credit history for them to make a judgement. Any student used to be just given an account, but they've got a lot stricter in the past few years - and Santander especially, due to their financial difficulties.

Second is that if you paid your utility bills late, and its been recorded as a late payment. It doesn't matter what you paid with - was the account in your name? If so, they may have recorded it. It only needs to be a day late to be a late payment (and it becomes a default if you don't pay at all) - two weeks is quite a long time to be late, so if they were in your name, that could be a problem. While a late payment isn't too bad on a full credit history, it's pretty bad when you've only got a limited history.

If the late payment doesn't show, print your report off and take it with you. They will look at it and they can overrule the decision. A friend had hers overruled last year, and accepted half of the overdraft for the first six months to show them that she wasn't a risk. She's got all of it now, and it's fine.

The rejection won't hinder you yet, if its your first one. Other lenders can't see that you were rejected - just that you made an application for credit. Too many applications within a year becomes a hindrance but you'll be fine for now.

Hope this helps, and good luck tomorrow!

(Original post by The_Jakal)
The confusing thing about credit reports is that it can be down to a number of things.

It sounds as if it is most likely that they won't let you open an account because you have not built up enough of a record yet.

http://www.savethestudent.org/money/...it-rating.html

The article above allows you to see how to improve your credit rating as well as how to check it for free.

The number 1 top tip is to make sure that you are on the electoral role!

Thanks for replies I went into Santander today and it was due to an application error. Basically Santander count everyone as being in their first year until the 31st July. After that you become 'between' years and you have to put down the year you are due to start. So even though I finished term months ago, I was still classed as a first year and not a second year as I put myself down as