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Are Natwest in the wrong here with my credit rating? Watch

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    recently, i have tried to apply for a credit card with natwest, with who i already have a student account but i got rejected

    I opened a experion 30 day trial and it says that i have a 8 pounds outstanding debt with natwest. This was in the period where i didnt have a student loan yet which was 1-2 months so i was 8 pounds in debt. However, i have an overdraft limit of approx 1000 pounds due to having a student account.

    Are they in the wrong?

    I'm going to a branch to complain about it on monday. My sister told me that i must get a letter of confirmation that it has been wiped from my credit rating, but it sounds like an uphill battle.

    Any advice?
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    (Original post by Astudentinneed)
    recently, i have tried to apply for a credit card with natwest, with who i already have a student account but i got rejected

    I opened a experion 30 day trial and it says that i have a 8 pounds outstanding debt with natwest. This was in the period where i didnt have a student loan yet which was 1-2 months so i was 8 pounds in debt. However, i have an overdraft limit of approx 1000 pounds due to having a student account.

    Are they in the wrong?

    I'm going to a branch to complain about it on monday. My sister told me that i must get a letter of confirmation that it has been wiped from my credit rating, but it sounds like an uphill battle.

    Any advice?
    I'm not sure that I follow exactly what's wrong here - your credit record is showing a debt of £8 that you know existed, so what needs removing?
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    well, i have an overdraft on that natwest account. Why is the credit report showing an outstanding debt when i was well within my overdraft limit?
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    (Original post by Astudentinneed)
    well, i have an overdraft on that natwest account. Why is the credit report showing an outstanding debt when i was well within my overdraft limit?
    Well, even as an approved overdraft it's still an outstanding debt. That doesn't necessarily mean that it's a negative marker, though - does your credit report show that you're in arrears on repayment? If not, having a history of well-managed credit is actually a good thing.
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    (Original post by Illusionary)
    Well, even as an approved overdraft it's still an outstanding debt. That doesn't necessarily mean that it's a negative marker, though - does your credit report show that you're in arrears on repayment? If not, having a history of well-managed credit is actually a good thing.

    so, they will just pass on this information to the credit rating even though i have an overdraft limit!? no, it doesn't, i have recently got my student loan so im not in my overdraft anymore. the thing is though, i have been rejected from getting a credit card from natwest and this is the only anomaly i can see in the credit report.
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    (Original post by Astudentinneed)
    so, they will just pass on this information to the credit rating even though i have an overdraft limit!? no, it doesn't, i have recently got my student loan so im not in my overdraft anymore. the thing is though, i have been rejected from getting a credit card from natwest and this is the only anomaly i can see in the credit report.
    Yes, to my knowledge all banks will pass on information in this way. Do you have a regular source of income? Not having one is a common reason for being rejected in credit card applications.
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    no i don't. I'm a student. does that mean that the outstanding debt will stay there forever which can affect my credit rating which stops me getting a credit card or a mortgage. From other forums, it sounds like natwest students basically get given a credit card. i've heard that at the end of every month, the banks give an updated balance, while this may make my outstanding balance to zero, would my credit rating remain the same?

    sorry, about this, im new to this whole thing
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    Each bank though assesses your credit rating differently though. However, repeated applications within a short space of time will look bad when they lookat your credit history.
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    (Original post by Taiko)
    Each bank though assesses your credit rating differently though. However, repeated applications within a short space of time will look bad when they lookat your credit history.
    i know, thats why im kinda reluctant to apply for a credit card elsewhere till this is sorted
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    (Original post by Astudentinneed)
    no i don't. I'm a student. does that mean that the outstanding debt will stay there forever which can affect my credit rating which stops me getting a credit card or a mortgage. From other forums, it sounds like natwest students basically get given a credit card. i've heard that at the end of every month, the banks give an updated balance, while this may make my outstanding balance to zero, would my credit rating remain the same?

    sorry, about this, im new to this whole thing
    As Taiko mentions above, there's no such thing as a single 'credit rating' for an individual - every credit provider will use different criteria. I'd suggest at least asking if it's possible to get more details on why your application was unsuccessful - though this may not be available.

    Yes, the outstanding balance should be updated each month and so long as you don't fall into arrears (which with an approved overdraft, you shouldn't unless it's specifically recalled by NatWest) this shouldn't be a negative factor in the long term.
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    (Original post by Illusionary)
    As Taiko mentions above, there's no such thing as a single 'credit rating' for an individual - every credit provider will use different criteria. I'd suggest at least asking if it's possible to get more details on why your application was unsuccessful - though this may not be available.

    Yes, the outstanding balance should be updated each month and so long as you don't fall into arrears (which with an approved overdraft, you shouldn't unless it's specifically recalled by NatWest) this shouldn't be a negative factor in the long term.

    i tried, all he said was speak to experion and gave me their number (which is not helpful and expensive). Then why can't i get a credit card!?:confused:

    so, they didnt enter it wrong or something? and my credit rating would not be hit by this outstanding amount>

    Should i wait a couple of months before applying again?

    i got myself a 24 months phone contract (been meaning to for ages) today as it's cheaper and i've heard that it might help with my credit rating?

    is there anything i can do then?
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    (Original post by Astudentinneed)
    i tried, all he said was speak to experion and gave me their number (which is not helpful and expensive). Then why can't i get a credit card!?:confused:

    so, they didnt enter it wrong or something? and my credit rating would not be hit by this outstanding amount>

    Should i wait a couple of months before applying again?

    i got myself a 24 months phone contract (been meaning to for ages) today as it's cheaper and i've heard that it might help with my credit rating?

    is there anything i can do then?
    See if any of the suggestions here are helpful: http://www.moneysavingexpert.com/loa...g-credit-score
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    I would give it a little time before applying for another credit card, I suggest going for one of the higher APR cards as you are more likely to be accepted with no credit history. Then as long as you pay off in full every month you can start to build a good credit rating for yourself.

    I assume you are on the electoral roll?
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    yeah, im on the electoral roll. im hoping the phone contract i got will also help with my credit rating. it does help, probably means that my credit rating is too low

    i dont get why banks give first years credit card but 4th years they don't. Did i miss a deadline or something?
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    wait, i just thought of something. if the outstanding bill was not the reason could it have been my water bill? i got a final notification from thames water last year (even though they did not even send me the final bill) but i paid that. Could that be it?
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    (Original post by Astudentinneed)
    wait, i just thought of something. if the outstanding bill was not the reason could it have been my water bill? i got a final notification from thames water last year (even though they did not even send me the final bill) but i paid that. Could that be it?
    None of us can say for sure why you were rejected. If this debt didn't show on your credit report it seems unlikely, though there are multiple credit reference agencies so one of the others *might* have details of this.
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    not cool, it was a couple of months ago as well, so i don't think it shows up. although, the whole paying every two months instead of one month that i did was a big mistake i think.
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    banks can decide to accept or decline you as they please. at age 18, with no credit history at all natwest gave me an overdraft of £1250. this went up each year and i graduated with £2000 approved overdraft. i cleared this well within the agreed period. i also have gas, electricity, water, mobile phone bills in my name and have never paid anything late at all. my credit report is spotless. yet i was declined for a student account at santander in august (going back for a pgce) and they wouldnt' tell me why. they can do whatever they like, no one is obliged to give you credit. it's very annoying.
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    (Original post by Astudentinneed)
    well, i have an overdraft on that natwest account. Why is the credit report showing an outstanding debt when i was well within my overdraft limit?
    Credit reports show how much you're into your overdraft at the end of each month - it's perfectly normal and £8 showing for one month is absolutely nothing to be concerned about.
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    My credit report never showed my overdraft and Im with Natwest, and Ive been pretty much overdrawn the whole time Ive been at uni. I got given a natwest credit card when I opened my account but they sent me a letter last year telling me I had to use it or they would close it, so now I no longer have it - seems a bit weird forcing you to 'use it or lose it' mind
 
 
 
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