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Rejected student account due to "low score"? Watch

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    I recently attempted to apply for a student account with Santander. However, it was rejected due to "low score" (that's actually how vague it was). I told him I'd only been overdrawn once on my debit card (the only card I own) and that was over a year ago. I've been with HSBC for almost 10 years now, just with a debit card. I have little understanding of how credit actually works and the logistics of it.

    I tried to check my credit on a free website clearscore, but it couldn't find anything about me nor any sort of credit score. What should I do from here? Is one overdraft enough to prevent one from applying for a student account?

    Thanks! All help appreciated!
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    You probably don't have a high score because you don't have much of a credit history. For in-depth information about how to boost your rating, have a look here:

    http://www.moneysavingexpert.com/loa...g-credit-score

    However, the things that will go against you as a student are lack of income, frequent changes of address and high indebtedness. Right now, you are probably stuck with whatever bank you are with until your income goes up and your life becomes stable. It is probably not worth applying for credit elsewhere as each application marks your score and too many marks count against you. Money Saving Expert does have a soft check that doesn't touch your actual rating. Don't fret too much. I had the indignity of being turned down for credit as a grad by Argos when I wanted to buy a £200 sofa!

    Good luck!
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    (Original post by ByEeek)
    You probably don't have a high score because you don't have much of a credit history. For in-depth information about how to boost your rating, have a look here:

    http://www.moneysavingexpert.com/loa...g-credit-score

    However, the things that will go against you as a student are lack of income, frequent changes of address and high indebtedness. Right now, you are probably stuck with whatever bank you are with until your income goes up and your life becomes stable. It is probably not worth applying for credit elsewhere as each application marks your score and too many marks count against you. Money Saving Expert does have a soft check that doesn't touch your actual rating. Don't fret too much. I had the indignity of being turned down for credit as a grad by Argos when I wanted to buy a £200 sofa!

    Good luck!
    I don't fully understand...

    So a student account is the equivalent of credit essentially? Would it be worth applying for a student account at my current bank?
    I've been looking into all of this for a few hours and it all seems extremely confusing. What kind of credit report site should I use, for example? I had no idea I had even started building any sort of credit history, let alone it being low.
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    (Original post by Forumpy)
    So a student account is the equivalent of credit essentially? Would it be worth applying for a student account at my current bank?
    Absolutely. But I would also work to pay off any overdrafts. Don't worry about this incident. It may well be that you were refused because you had no credit history at all.

    Just to let you know. Credit referencing doesn't mind debt. What it absolutely hates is unauthorised debt or missed payments. You get walloped for those. But the best form of debt is where you save up for something and then buy it when you have enough cash. I appreciate this isn't always viable.

    Good luck!
 
 
 
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