So I finished uni this summer and have been with lloyds as my student account, they automatically upgraded my account to a graduate account this week, and with a graduate account you are allowed an overdraft of up to £2,000. I already have a job sorted, however as a midwife I can't physically start work till everything goes through official bodies and I have my so called PIN which won't be till november.
Now with my student account I have already maxed up to the maximum of £1,500 somewhere in second year. And was hoping to be able to extend my overdraft to help see my through till November. I'm well aware lloyds aren't obliged to extend it, however they are declining me on the basis that I have supposedly bad credit, and the cashiers can't tell me why I have to apply (and pay) for that privilege.
Now here's the thing I have no idea how I could have accrued bad credit, I have never gone over my planned overdraft, taken out a loan, used a credit card, had a phone contract on my account etc. Fair enough I've never owned a house or anything like that but I'm only 20! I've had no problems extending the overdraft before. In the same breath as saying I have bad credit and can't have an extended overdraft lloyds are more then happy to push both a credit card and a loan on me!
Really worried about paying rent and living till I start work end of november. I have september rent sorted however I have a full time placement till end of september so can't get another job to see me through and ensure I can make october rent.
So basically what I'm asking is whether anyone has had this experience with lloyds before? Is there anything I can do or should I just switch banks (which I can't do just yet as I currently don't have any 'proof' of graduation)
Edited just to add - Just spoke to my mum, my parents are in a fair bit of financial trouble as my dads been out of work teetering on the edge of losing the house basically, they used to bank with lloyds but switched because of the debts/threat of repossession. I've literally only just got round to changing my address associated with the account from my parents to my rented house. Anyway my mum thinks maybe its because of their financial difficulty and pretty appaling credit ratings that is causing the issue?
Last edited by pinkmeerkat; 03-08-2012 at 15:48.
Reason: More info
If you know you'll have money coming in as you have a job simply apply for a graduate account elsewhere. When you're financially stable start to pay off your current Lloyds overdraft and do not use more than you need when it comes to the new graduate account, also make sure your wages are paid into the new bank account.
And just to be petty, when you've paid off your OD, close the Lloyds account, bit weird that they wouldn't offer an extension if you have proof of definitive employment.