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bank accounts

Ive been refused student bank accounts for some strange reason. I opened a lloyds normal current account about 3 months ago with no problem, so there doesnt seem to be any problem with my credit rating, although i havent really got much on finance apart from a store card??

Has anyone else had this problem, or is it just me?

Reply 1

Praddles

Did the bank not give you a reason?

Reply 2

frobak

no, just the usual 'you didnt meet the criteria for our account, we use credit scoring , blah blah'

ive been turned down by natwest/halifax/RBS???

Reply 3

Praddles

That's very odd..

These are personal questions, so you don't have to answer:

How old are you, and where are you living?
Do you have credit cards, and if so have you ever been overdue on payments?
Are you in an overdraft on your current account?

Reply 4

frobak

Im 28, living with my girlfriend, i dont have any credit cards so no never been late on them, and no i havent got an overdraft with my current bank?

Like i said i havent got bad credit becasue i opened a normal lloyds bank account a couple of months back, i've never really had credit, i move about a lot and never settle so ive always found it difficuly to obtain credit but i thought you automaticly got a student account, even if you dont get the overdraft.

Reply 5

kikzen

i think experian are doing free credit checks. get it done (google for teh site address)

Reply 6

Juno

If you move lots you might not be on the Electoral role. But check your credit history from Experian and Equifax anyway.

Reply 7

Praddles

frobak

Did you provide the bank with proof that you're a mature student?

Try Barclays!

Yes, as suggested get a copy of your credit report to make sure nobody has stolen your identity, etc. Also go to a big student branch of one of the banks and ask to see a student advisor or something and speak to them - tell them all about your situation, age, etc. and that you've been declined for student accounts and want to know why.

Reply 10

viviki

check your credit rating. For example if you are in a rented property and the previous people didn't pay their bills I think it can have an iimpact on your credit rating.

Reply 11

username21537

^^
thats rediculous!! how can someone elses payments affect yours?!

Reply 12

Kingspharm

If there are a lot of bad debts recorded at your address then it will affect you as it makes companies very suspicious and adds up to a risky lending profile.

This is rare though, especially for bank accounts - the answer here must surely be far simpler, I'd get copies of the credit reports and go and see the bank - if they say it's as a result of the credit reference check then show the credit reports if they're clear and see what happens.

It could just be because the guy is 28, has had no significant borrowing and hence is a poor credit risk - they have no proof of how good he is at handling credit and paying back debts. Someone who has loads of credit but always pays bills on time and manages his finances well is an infinitely better credit risk than someone who has no credit management history to speak of.

Reply 13

Drug Lord

RBOS and Natwest are the same bank and normally you will need a job before you can get an account with them, but "if" you have a grant from uni then just show this to them and you should get the account.

Reply 14

Trousers

You'll have got your normal bank account without any problems because it doesn't have an overdraft. Now you're applying for an overdraft (interest free), so the credit checks will be more stringent.

If you make too many applications, you'll find it harder to open accounts in the future. Ask for a copy of your credit record and go from there. Even if you can't get a free one, it should only cost you a couple of quid.

Other stuff that might affect credit rating:

You MUST be registered to vote at your current address.
You MUST give accurate information of addresses you've lived at before, and the dates you moved in and out of those places.
Ensure that your driving licence, bank accounts and companies that bill you (electricity, gas, store card etc) all have your current address.
Ensure that you're up to date on your store card payments.

Hahaha, deja vu

frobak

You have to have conformation of being a student, which you won't get till results day (or before if your offer was unconditional)

http://www.thestudentroom.co.uk/showthread.php?t=129201&page=1