Question re: banks and credit checks

MrMatteh · 22 Mar 2006 at 22:56

I went in to halifax (my bank for the last 9 years) to get a student account - need the overdraft occasionally.

Got a letter through the other day, saying i was unseccessful, and that I had failed the credit check.

Was just wondering if I can go in to halifax tomorrow and ask for the exact reason i was declined (i'm only 19, i want to know what could be bad on my credit!). is this a request they can do 'while i wait' or another one of those 2-4 week efforts?

tzang · 22 Mar 2006 at 22:57

It won't be something they can do instantly, especially Halifax. They can give you a brief reason though if it is to do with your credit rating overall, the best way to check your credit rating and report would be via Equifax for a small fee.

spike's · 22 Mar 2006 at 22:59

the halifax wouldnt be able to tell you directly. you would have to use equifax or experian.

MrMatteh · 22 Mar 2006 at 23:04

so the reason wouldnt be on file or anything?

dont really want to have to pay to see whats on my credit history :/

Glaucus · 22 Mar 2006 at 23:06

well you could ask for everything they have on you, on you'r redord. (data freedom act) but you would have to pay a admin fee. It also probably wouldn't tell you your credit rating just that you had a bad credit rating. You really need to pay the few quid for the credit rating report.

MrMatteh · 22 Mar 2006 at 23:09

damn, ok thanks

really racking my brain to think what it could possibly be. i've never had any moolah problems. and its nothing major, just an account

and ive been with them for 9 years ffs!

Glaucus · 22 Mar 2006 at 23:12

MrMatteh said:
damn, ok thanks

really racking my brain to think what it could possibly be. i've never had any moolah problems. and its nothing major, just an account and ive been with them for 9 years ffs!

If you can't think what it is try going to another bank. see if they accept you. If they don't then def check your credit rating.

MrMatteh · 22 Mar 2006 at 23:14

AcidHell2 said:
If you can't think what it is try going to another bank. see if they accept you. If they don't then def check your credit rating.

ive been told that if you do get rejected twice within 6 months, then that *will* go on your credit rating. not sure if i want to take that risk.

looks like i've got to fork out £12.50. and another £93.50 for my road tax tomorrow. not going to be a fun day

A2Z · 22 Mar 2006 at 23:17

i had never had a bank account in my life, then last september signed up for natwest student account no probs, im not even on electoral role, or have an EU passport..lol...as long as you got proof you are a student, and a proof of your identity i think they will say yes.. could give them a try.

LeperousDust · 22 Mar 2006 at 23:46

Usefull!

HTH

MrMatteh · 22 Mar 2006 at 23:59

oh, something that might have effected it: im registered to vote in exeter (uni did it automatically

) but everything else is billed to my home in hertfordshire.

is this a likely cause, non-matching addresses?

jhmaeng · 23 Mar 2006 at 03:26

They will almost always try to find you on the electoral register for anything that involves lending, so that would be the prime reason why they declined. (Automatic overdraft for a student account)

If you need to keep the address as the home address, open your account first with where you are registered in the electoral register (Exeter at the moment), then change the address.

(The lack of presence on the electoral register is also why overseas students / foreigners in general find it harder to get credit in the UK. It's one of the first things they check, in fact)

Another commonly checked record is whether you have the BT line that you specify in the application under your family name.

me227 · 23 Mar 2006 at 03:41

MrMatteh said:
oh, something that might have effected it: im registered to vote in exeter (uni did it automatically ) but everything else is billed to my home in hertfordshire.

is this a likely cause, non-matching addresses?

This is what it is, I have to EID people in work for lending and if it's a non matching address then the bank will decline it on that basis.

If you went into the Halifax and if it's similar to my bank they should have some form of memos left on the application process that they can let you know about. If it's not the non matching address then getting your info from Experian won't really help at all. Would only really help if they turned down your application on the basis of the credit report past history.

MrMatteh · 23 Mar 2006 at 11:10

ah excellent

i rang up the council, but it will take a month-ish to 'move' me back home

damn university taking liberties

[DOD]Asprilla · 23 Mar 2006 at 11:17

MrMatteh said:
ive been told that if you do get rejected twice within 6 months, then that *will* go on your credit rating. not sure if i want to take that risk.

Being rejected doesn't affect your credit rating.

However, everytime a credit check is performed it does deminish your rating slightly.

This is to stop people applying for loads of loans at once, for instance, and then skipping the country.