Natwest refused overdraft Watch

jig2
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#1
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Have been with Natwest since I was about 9 and changed my account to a student account in 2012 when I began uni. Never had an overdraft as haven't needed one. However need an extra £200 until the next student loan so decided to apply for the overdraft. However I was declined.

I have no bad credit history, account has always had money in it and always paid my phone bill on time. Only thing I can think of is that I lived abroad for 4 months this year and didn't use my account during that time (apart from when my phone bill was taken out).

Could it be because I am a third year student?

Honestly cannot think of why I have been declined.
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vdoto
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(Original post by jig2)
Have been with Natwest since I was about 9 and changed my account to a student account in 2012 when I began uni. Never had an overdraft as haven't needed one. However need an extra £200 until the next student loan so decided to apply for the overdraft. However I was declined.

I have no bad credit history, account has always had money in it and always paid my phone bill on time. Only thing I can think of is that I lived abroad for 4 months this year and didn't use my account during that time (apart from when my phone bill was taken out).

Could it be because I am a third year student?

Honestly cannot think of why I have been declined.
That's weird. Are you on the overdraft where they give you a set amount every term? The arranged one
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jig2
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(Original post by vdoto)
That's weird. Are you on the overdraft where they give you a set amount every term? The arranged one
No I am currently not on any overdraft, this is the first time I have ever applied for it!
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vdoto
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(Original post by jig2)
No I am currently not on any overdraft, this is the first time I have ever applied for it!
Oh ok, I don't know how that works then. When I got my student account with natwest I got an arranged one so I would automatically get a small overdraft each term and if I didn't need it I wouldn't use it but it was always there. Did they give you a reason?
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jig2
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(Original post by vdoto)
Oh ok, I don't know how that works then. When I got my student account with natwest I got an arranged one so I would automatically get a small overdraft each term and if I didn't need it I wouldn't use it but it was always there. Did they give you a reason?
I'm not sure why I never automatically got one, a lot of my friends have them even though they don't use them.

No the lady on the online chat said she didn't have access to that information but it will have been fully researched and plausible as to why I wasn't allowed one.
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vdoto
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(Original post by jig2)
I'm not sure why I never automatically got one, a lot of my friends have them even though they don't use them.

No the lady on the online chat said she didn't have access to that information but it will have been fully researched and plausible as to why I wasn't allowed one.
Ok that's really weird. When you set up the student account they should have asked if you wanted an arranged overdraft for each term. If you run out of overdraft which is like £500 you can still extend it to £1000. Even though you're not on the arranged one you should still be able to get an overdraft easily by just calling and asking because you're on a student account. Call the student account contact number or go to the bank and get to the bottom of this.
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jig2
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(Original post by vdoto)
Ok that's really weird. When you set up the student account they should have asked if you wanted an arranged overdraft for each term. If you run out of overdraft which is like £500 you can still extend it to £1000. Even though you're not on the arranged one you should still be able to get an overdraft easily by just calling and asking because you're on a student account. Call the student account contact number or go to the bank and get to the bottom of this.
Yeah I will have to go in on Monday. It has just really annoyed me because I can't think of a valid reason!
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A5ko
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Having a low credit rating doesn't always mean you are no good with your money.

Having a non-existent credit history, or a small number of credit can often work against you, just as much as having too much.

You need to have a 'footprint' to follow, otherwise the credit scoring systems have to guess, or take at face value, everything you tell them.

The fact you have a phone contract which you pay on time, will work in your favour. The best thing for you to do, is to sign up to any of the big credit rating companies and trial their systems, to see where you score is at.
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jig2
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Turned out the bank didn't have my study dates, so needed confirmation of that and I can now get an overdraft
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