Being refused student account by HSBC

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※kira※
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#1
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i have provided everything they need, the ucas letter and uk address, but at the end they just told me the application is refused, they didn't know the reason.
they gave me a website Experian to check what went wrong, i tried to sign up but it needs my credit card information. But i never had any bank account or credit card before, so i just put down my mum's credit information, and then it says it's invalid and don't let me go to next step....
So what should i do now?????
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Comeback
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Maybe try another bank? I'm not entirely sure, but regardless I don't think HSBC has the biggest (it might have the joint biggest) overdraft - and that's all your looking for with a student account (biggest interest free overdraft) unless the freebies are really amazing (railcard if your uni is in London, for example).

So are you on a gap year and do you have an unconditional place?

If you've not got a credit history (or a bad credit history) I don't really understand the issue.

Will you be studying full-time?

Not really sure, good luck in finding out.
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※kira※
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(Original post by Comeback)
Maybe try another bank? I'm not entirely sure, but regardless I don't think HSBC has the biggest (it might have the joint biggest) overdraft - and that's all your looking for with a student account (biggest interest free overdraft) unless the freebies are really amazing (railcard if your uni is in London, for example).

So are you on a gap year and do you have an unconditional place?

If you've not got a credit history (or a bad credit history) I don't really understand the issue.

Will you be studying full-time?

Not really sure, good luck in finding out.
thank you for your reply
my mum she just wants to move the money from her account into my account, and it only use to pay the uni tuition fees. the amount of money is enough for paying the fees, so i don't think there will be any overdraft problems
I told my mum to try other banks, but she is quite keen on HSBC cuz she think HSBC is a big company and it's safe
i got unconditional offer and currently studying first year in the uni, and yes i am a full time student
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A5ko
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You've never had a bank account or credit card, and you wonder why you got rejected?

Having NO credit history is the same as having a BAD credit history.

It's all about calculating risk, if there is nothing to compare it's very high risk.
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Tiger Rag
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Yup, sounds like it's because you have no credit history.
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Comeback
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(Original post by A5ko)
You've never had a bank account or credit card, and you wonder why you got rejected?

Having NO credit history is the same as having a BAD credit history.

It's all about calculating risk, if there is nothing to compare it's very high risk.
How long do you need a credit history for? Would they look at savings accounts and information from other/all banks?

I have a savings account that I've had for a few years, and will probably open a current account next month. Is that ok, do I/should I open it with the bank I want a student account with?
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A5ko
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(Original post by Comeback)
How long do you need a credit history for? Would they look at savings accounts and information from other/all banks?

I have a savings account that I've had for a few years, and will probably open a current account next month. Is that ok, do I/should I open it with the bank I want a student account with?
Your best bet is to discuss it with your potential bank.

Rules change all the time, they are in the best position to tell you what's what.
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※kira※
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(Original post by A5ko)
You've never had a bank account or credit card, and you wonder why you got rejected?

Having NO credit history is the same as having a BAD credit history.

It's all about calculating risk, if there is nothing to compare it's very high risk.
(Original post by OU Student)
Yup, sounds like it's because you have no credit history.
thank you for reply
but i am a bit confused, cuz everyone are start will no credit so how they not get refused? or it's because i am 18 and never had any credit so it sounds wired?
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Tiger Rag
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(Original post by ※kira※)
thank you for reply
but i am a bit confused, cuz everyone are start will no credit so how they not get refused? or it's because i am 18 and never had any credit so it sounds wired?
When I was 15, (or maybe 16) my parents opened an under 19s bank account for me and small amounts of money were put into the account. My EMA was then paid into the account when I was in 6th form. This built up my credit history. When I started uni, (at 20) I opened a student account with the same bank and got a phone contract.

Over the last 9 years, I've built up a decent credit history. But I've never got into any form of (apart from student loans) or actually borrowed any credit. I've got 4 standing orders that go out each month and I never got into any unplanned overdraft.

I do understand where you're coming from though.
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※kira※
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(Original post by OU Student)
When I was 15, (or maybe 16) my parents opened an under 19s bank account for me and small amounts of money were put into the account. My EMA was then paid into the account when I was in 6th form. This built up my credit history. When I started uni, (at 20) I opened a student account with the same bank and got a phone contract.

Over the last 9 years, I've built up a decent credit history. But I've never got into any form of (apart from student loans) or actually borrowed any credit. I've got 4 standing orders that go out each month and I never got into any unplanned overdraft.

I do understand where you're coming from though.
thank you so do you think it's worth to try again with HSBC, or trying other banks is the only way i can do?
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daryZ
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(Original post by ※kira※)
thank you for your reply
my mum she just wants to move the money from her account into my account, and it only use to pay the uni tuition fees. the amount of money is enough for paying the fees, so i don't think there will be any overdraft problems
I told my mum to try other banks, but she is quite keen on HSBC cuz she think HSBC is a big company and it's safe
i got unconditional offer and currently studying first year in the uni, and yes i am a full time student
If you don't need an overdraft, why do you need student account then? Just open a basic current account, you shouldn't have any problems to do that.
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BankerRunner
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Probably down to your lack of credit history. Might be worth trying with the bank who you save with (providing they offer a student account) - providing you've kept a nice healthy balance with them over the years you've probably built up quite a nice internal credit score as you've proved to them that you're a good customer.

Make sure you're on the electoral roll too as often banks will decline you if they can't verify you through this.

If HSBC have said no then it's not worth applying there again. Only because if you make lots of applications in a short space of time it has a negative impact on your credit rating which will make ti even harder to get an account anywhere
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※kira※
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(Original post by daryZ)
If you don't need an overdraft, why do you need student account then? Just open a basic current account, you shouldn't have any problems to do that.
OMG i don't know basic back account wouldn't have that problems, the reason i am doing student account is only because the person in bank suggested me to do that
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※kira※
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(Original post by BankerRunner)
Probably down to your lack of credit history. Might be worth trying with the bank who you save with (providing they offer a student account) - providing you've kept a nice healthy balance with them over the years you've probably built up quite a nice internal credit score as you've proved to them that you're a good customer.

Make sure you're on the electoral roll too as often banks will decline you if they can't verify you through this.

If HSBC have said no then it's not worth applying there again. Only because if you make lots of applications in a short space of time it has a negative impact on your credit rating which will make ti even harder to get an account anywhere
By looking at what daryZ said, do you think its worth to try again HSBC if i apply to the basic bank account? will that still create negative impact?
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Nathjay
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I had the same issue, only ive had an account with them for over 2 years and 'excellent' credit history. They didnt know why it rejected me and after a few phone calls they said it was due to my account not being very active. Its silly because they are just gonna gain less customers, im switching to Barclays who didnt have an issue with anything
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