Denied Student Current Account

hi im 18 yo and im going to uni in sept, i have applied for student current account in Halifax and was denied because my credit score wasnt high enough. i tried Barclays with no luck, here i was told that according to my credit rating I'm a moderate risk. they say they can offer me a normal currant account but why do i need those bs rates when i as a student should really be entitled to a student account?

i never owned a card with overdraft capabilities, and all my bills previously were payed by my parents.

what do?

maybe different bank?

Reply 1

Phoebe Buffay

Yo could try somewhere else, but if you they say no, you dont really have much choice

Reply 2

ladynova

what have you done to make your credit score low? I opened one with Barclays and they didn't even look at anything like that I have just had a under 18 account up until then.

Try Natwest?

Reply 3

balotelli12

You aren't "entitled" to a bank account.
As you are now discovering, it is entirely at the bank's discretion.

Reply 4

Hunarench95

NatWest has a free current account (which can be converted to a student account) - the overdraft on both is optional.

Posted from TSR Mobile

Reply 5

HHBezz

Is there a particular bank based on the campus? They may be more sympathetic or if you currently have a bank account try and convert that, may not get you the account with the features best for you but would at least give you some student features. If not open a basic free account and try to run it responsibly and then get it changed to a student account. Would be interesting to know why they consider you a risk... Having no credit history can be limiting though.

(edited 10 years ago)

Reply 6

Tezz311

Keep trying different banks if all else fail get a trial account with expedia the people banks use to gather credit score information to see what advice they might have to improve it. I guessing its because your parents pay for your bills they've denied you as the bank will need to know wether your capable of paying your own bills back should anything happen between you and your parents.

Reply 7

tonyblair

Original post by balotelli12

You aren't "entitled" to a bank account.
As you are now discovering, it is entirely at the bank's discretion.

well excuse me for asking for something in return from the corporate world other than f- me over and over again.

what meant was - i dont want a normal current account for a reason- because im a student.

and thats the thing i literally have done nothing wrong- i treated the card i have as more or less a savings account, ever so often making large purchases but never falling to overdraft (if i even had any) and always depositing back.

btw, other dude,you mean experian??? ill try that, thx.

Reply 8

ElChapo

Is it possible that you share the same name with your father?

Reply 9

aesir22

Are you on the electoral role? This is one of the biggest problems, your credit rating will suck if you arent. Get on the role and you'll have a much better chance

Posted from TSR Mobile

Reply 10

balotelli12

Original post by tonyblair

Great attitude.

And what on earth does
i treated the card i have as more or less a savings account, ever so often making large purchases but never falling to overdraft (if i even had any) and always depositing back.
Mean?

Reply 11

AK0001

Original post by tonyblair

A similar thing happened to me last year when I tried to open a student account with Santander. Although it was not due to a poor credit score. The bank offered no reason, so I contacted Experian (made a free 1 month account with them), and they told me my score was fine.

In the end, I just upgraded my normal natwest account to a student one- but without the overdraft facility (the bank would not give me the overdraft option, I didn't need it anyway).

Reply 12

tonyblair

Original post by balotelli12

what are you here for?

Original post by aesir22

Are you on the electoral role? This is one of the biggest problems, your credit rating will suck if you arent. Get on the role and you'll have a much better chance

Posted from TSR Mobile

wait that helps? i am though..

the weird thing is why offer student account if the student needs to have a better rating to get that account than to get a normal one?

because they offered me a standard current account but denied a student one which i find stupid.

anyways ill be sure to check experian and see where that gets me- thx guys.

Reply 13

TraineeLynsey

The student account probably requires a better credit score because it comes with an interest free overdraft facility, which usually increases each year. So by the time you graduate they'll probably have made 3k of overdraft available to you. If you don't have a credit history that demonstrates you're likely to repay that money, then they're not going to offer you that account.

By contrast, the regular current account probably comes with little (or no) overdraft facility, and it probably would charge interest if you did have one. So there's less risk there for the bank, and additionally they would make some money off of you in interest charges if you did go overdrawn.

Reply 14

tonyblair

Original post by TraineeLynsey

mhm 17/18 shouldnt really have a history at all lol

Reply 15

balotelli12

Original post by tonyblair

what are you here for?

wait that helps? i am though..

the weird thing is why offer student account if the student needs to have a better rating to get that account than to get a normal one?

because they offered me a standard current account but denied a student one which i find stupid.

anyways ill be sure to check experian and see where that gets me- thx guys.