Getting rejected by bank accounts for student account

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Ibzsyed
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#1
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#1
I have applied to both HSBC and Santander for the student account but have been rejected by both and don't understand the reason. I'm in my first year right now, don't have an account with either of the banks already and my course is 3 years long. I provided my UCAS code to both as well.

I currently have one bank account (not a student one yet) which is always used.

Also, I tried to check my credit score on both Experian and ClearScore but on Experian it says it cannot find anything for me and on ClearScore, it just says "?/700"

I am not sure if it is just me but could someone please help as I'm very confused!!
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PQ
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#2
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You need to ask the banks who rejected you to explain the reasons for rejecting you.
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StriderHort
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#3
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Well if you're checking Experian etc and they can't FIND you, that will cause a problem when other banks & lenders check you, as the credit check is also used to verify identify to an extent. (So In many ways a bad credit score is better than none at all)

Who do you presently bank with and have you had any issues with them?
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Ibzsyed
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#4
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(Original post by PQ)
You need to ask the banks who rejected you to explain the reasons for rejecting you.
I've asked them both and customer services for both told me to go in branch to find out. When they checked they couldn't give me a clear answer. Then they spoke to higher people and said something like "oh it may be because of ur credit score" and stuff. But didn't look sure when they said it
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Ibzsyed
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(Original post by StriderHort)
Well if you're checking Experian etc and they can't FIND you, that will cause a problem when other banks & lenders check you, as the credit check is also used to verify identify to an extent. (So In many ways a bad credit score is better than none at all)

Who do you presently bank with and have you had any issues with them?
Currently I'm with Barclays. Been with them for over 2 years, no overdrafts, account used basically everyday with money flowing in and out at a good rate etc. It's weird though because I've been approved by PayPal for pay monthly options for items I've purchased so there should be something there.

Idk maybe your right and since there's nothing there that probably makes things worse. But I'm just struggling to understand why this is needed for a student account. Surely not every student has a credit score at 18, or is it just me??
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Nobody2u
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Have you lived in the U.K for the last 3 years? Even if you're a British National, if in the last3 years you have been resident elsewhere, even if it's in the EU, then a student account is not possible, you just have to go with a standard current account and limited overdraft facilities.
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PQ
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#7
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#7
(Original post by Ibzsyed)
I've asked them both and customer services for both told me to go in branch to find out. When they checked they couldn't give me a clear answer. Then they spoke to higher people and said something like "oh it may be because of ur credit score" and stuff. But didn't look sure when they said it
It’s worth making a formal complaint and request for a clear reason in writing.

If you were rejected due to automated decision making then under GDPR rules you can request a review (which should mean them to ask for your bank history and credit details from you directly instead of relying on a third party credit checking service).

It’s worth talking to the credit check companies too to ask why you don’t seem to have a record.
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martin7
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#8
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(Original post by Ibzsyed)
I have applied to both HSBC and Santander for the student account but have been rejected by both and don't understand the reason. I'm in my first year right now, don't have an account with either of the banks already and my course is 3 years long. I provided my UCAS code to both as well.

I currently have one bank account (not a student one yet) which is always used.

Also, I tried to check my credit score on both Experian and ClearScore but on Experian it says it cannot find anything for me and on ClearScore, it just says "?/700"

I am not sure if it is just me but could someone please help as I'm very confused!!
Are you on the electoral roll? If not, I strongly advise that you register to vote. The electoral roll is one of the things that financial institutions check as part of the identity checking process.

It would also be worth requesting your Statutory Credit Report from each of the three main Credit Reference Agencies (Equifax, Experian, TransUnion) -- there's no charge for this -- and checking the details on each of the reports. I'd do this for Experian even though they can't find anything through the route you've used already.
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