Why am I being refused a student account?
I have applied to Santander, Lloyds, & HSBC for student accts (separately) but they keep refusing me. I have a current acct with barclays which has an avg monthly income of 500 - 1000 GBP. Most of it goes out again but I always leave a balance of approx 100 GBP. I also have a credit card and have never missed a payment, always pay the balance in full and my limit is even being increased from 800 GBP to 1200 GBP. I don't want to open a student acct with barclays because they only offer an overdraft of 200 which is really bad. but I don't want to move my current acct either cause both my phone and laptop are insured on the tech pack (cost 7.50/month)
my credit score on experian is fair (808). Why do i keep getting refused?
my credit score on experian is fair (808). Why do i keep getting refused?
Original post by skaur_1
I have applied to Santander, Lloyds, & HSBC for student accts (separately) but they keep refusing me. I have a current acct with barclays which has an avg monthly income of 500 - 1000 GBP. Most of it goes out again but I always leave a balance of approx 100 GBP. I also have a credit card and have never missed a payment, always pay the balance in full and my limit is even being increased from 800 GBP to 1200 GBP. I don't want to open a student acct with barclays because they only offer an overdraft of 200 which is really bad. but I don't want to move my current acct either cause both my phone and laptop are insured on the tech pack (cost 7.50/month)
my credit score on experian is fair (808). Why do i keep getting refused?
my credit score on experian is fair (808). Why do i keep getting refused?
are you on the electoral role?
Original post by jelly1000
are you on the electoral role?
yeah
Original post by skaur_1
yeah
in that case i cant help, sorry .
Don't move your current account. Just ask Barclays to open a student account alongside it.
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Original post by Alarae
Don't move your current account. Just ask Barclays to open a student account alongside it.
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yh but barclays only offer a measly 200 overdraft
Original post by skaur_1
yh but barclays only offer a measly 200 overdraft
I'm pretty sure that's just before uni. Once you get your first student loan payment it can be increased up to £2000 (you'll probably get lower though)
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Original post by skaur_1
I might just appeal HSBC's decision first, providing evidence in the form of my bank and credit card statements from the last 3 months, etc
They can already see you have a credit card with a limit of £800.
They can also see you have a current account (and are not overdrawn)
You should have also supplied them with your monthly income i.e. salary?
They have already based their decision on the above 3 factors, but if there are other things you haven't told them, then it may be worth appealing
Banks are far more likely to give you a student account if you move all your finances to them. You can get insurance for your electronics with lloyds , natwest ect as well.
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Original post by BANS2012
Banks are far more likely to give you a student account if you move all your finances to them. You can get insurance for your electronics with lloyds , natwest ect as well.
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yh but I can't move the insurance from barclays bcoz my laptop is already more than 2 years old an insurance company will insure it now.
Original post by skaur_1
I have applied to Santander, Lloyds, & HSBC for student accts (separately) but they keep refusing me. I have a current acct with barclays which has an avg monthly income of 500 - 1000 GBP. Most of it goes out again but I always leave a balance of approx 100 GBP. I also have a credit card and have never missed a payment, always pay the balance in full and my limit is even being increased from 800 GBP to 1200 GBP. I don't want to open a student acct with barclays because they only offer an overdraft of 200 which is really bad. but I don't want to move my current acct either cause both my phone and laptop are insured on the tech pack (cost 7.50/month)
my credit score on experian is fair (808). Why do i keep getting refused?
my credit score on experian is fair (808). Why do i keep getting refused?
Fair means 'poor as ****' in real terms. Go here: https://www.noddle.co.uk/
I bet you have 1/2 stars.
Are you a UK national?
Original post by balotelli12
Are you a UK national?
british
Original post by samba
Fair means 'poor as ****' in real terms. Go here: https://www.noddle.co.uk/
I bet you have 1/2 stars.
I bet you have 1/2 stars.
2 stars on noddle...
but why?!? 
You can up your overdraft on Barclays as and when you need it, I set up mine today and they explained that as long as you can provide a good reason to up your overdraft (e.g. course expenses etc) they can up it to I think it was up to £2000 interest free, you might as well just do it through them.
try co op, and try walking in to branch to do your application. That way if it comes up as rejected, you can ask someone why.
Original post by CallMeBatwoman
You can up your overdraft on Barclays as and when you need it, I set up mine today and they explained that as long as you can provide a good reason to up your overdraft (e.g. course expenses etc) they can up it to I think it was up to £2000 interest free, you might as well just do it through them.
I might do that because I already have a current acct w/them so they might say yes but I'll probably wait a couple months before I apply.
Original post by skaur_1
I might do that because I already have a current acct w/them so they might say yes but I'll probably wait a couple months before I apply.
Most student accounts require you to have the account as your main current account - it could be that? And even if that's not why you're being declined, it would stop you having the benefits, including overdraft.
xxx
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