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Any ideas why I have been declined a Natwest overdraft? (Now accepted!)
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notmyrealusername wrote: »Thanks for your input. To answer a few Q's...
I've been with Natwest for 6 years, have never gone a penny overdrawn and never had a returned DD or refused transaction. My wages have always been paid into this account since day one I have a Natwest e-savings account but it only ever has a few hundred pounds in as I save elsewhere. I do normally run the account down to nearly empty each month as I normally transfer £500 to my non-Natwest savings.
I've checked my credit report since being declined and Natwest haven't checked my credit file so can only summise they have past knowledge of the IVA or they didn't like the info on their monthly credit feeds.
Move banks would be the best bet as natwest would of took all your info in on the application to start with and it seems they are not willing anytime soon to remove restrictions to your account.
You could deposit £3k a week for the next year but it wouldn't mean they will give you an OD.0 -
notmyrealusername wrote: »I do normally run the account down to nearly empty each month as I normally transfer £500 to my non-Natwest savings.
This could be the main problem as it looks like you are spending literally everything you earn each month so would have no ability to repay, even though money is going into savings.
I have the same problem, and I work for them! But I would rather have my savings earning some interest than a small buffer overdraft.0 -
This could be the main problem as it looks like you are spending literally everything you earn each month so would have no ability to repay, even though money is going into savings.
I have the same problem, and I work for them! But I would rather have my savings earning some interest than a small buffer overdraft.
That would be a much more palatable reason for my rejection!
Like you though I'd rather get decent interest elsewhere than be eligible for a buffer overdraft! 
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notmyrealusername wrote: »That would be a much more palatable reason for my rejection! Like you though I'd rather get decent interest elsewhere than be eligible for a buffer overdraft!
When the bank done your application they would of give you an overdraft limit credit restricted or not based on your info and how they scored you.
Even if you are only paying in £500 you'll still receive the overdraft limit they assigned you at the start so it isint anything to do with the money your putting through its to do with OD credit restricted marker.0 -
Just a little update to this, after being declined for the overdraft I applied for Nationwide and a Lloyds credit card as a 'soft search' indicated I would be approved - instant decline on both! As I now had two wasted searches and no real 'need' for the credit I decided to apply for a John Lewis CC as they search Equifax and at least the searches would all drop off at the same time. Was accepted instantly for the John Lewis (HSBC) card.
Anyway, I recall at the time of applying for the Natwest Overdraft posts on here saying that there is a sort of 'pre-approved' figure on the overdraft application - as in this post (screenshot) .http://forums.moneysavingexpert.com/showpost.php?p=31895217&postcount=3
When I applied and was declined without even being credit checked there was no figure there. I just started the application process again out of curiosity to see if there would be a figure there and blow me down it's now £2700 (think it was something random like £2690 but was so shocked I didn't take a screen print!).
Anyway, I exited out of the application before going too far as didn't want to waste a search if they do an external check too. Am now oohming and aahing as to whether to go for it, I now have three searches in the last 6 weeks which means that if they do search it may be a decline based on that alone. In the same breath at least if I applied and got declined all the searches would be close together and therefore drop off at roughly the same time of year.
What to do?!0 -
notmyrealusername wrote: »Just a little update to this, after being declined for the overdraft I applied for Nationwide and a Lloyds credit card as a 'soft search' indicated I would be approved - instant decline on both! As I now had two wasted searches and no real 'need' for the credit I decided to apply for a John Lewis CC as they search Equifax and at least the searches would all drop off at the same time. Was accepted instantly for the John Lewis (HSBC) card.
Anyway, I recall at the time of applying for the Natwest Overdraft posts on here saying that there is a sort of 'pre-approved' figure on the overdraft application - as in this post (screenshot) .http://forums.moneysavingexpert.com/showpost.php?p=31895217&postcount=3
When I applied and was declined without even being credit checked there was no figure there. I just started the application process again out of curiosity to see if there would be a figure there and blow me down it's now £2700 (think it was something random like £2690 but was so shocked I didn't take a screen print!).
Anyway, I exited out of the application before going too far as didn't want to waste a search if they do an external check too. Am now oohming and aahing as to whether to go for it, I now have three searches in the last 6 weeks which means that if they do search it may be a decline based on that alone. In the same breath at least if I applied and got declined all the searches would be close together and therefore drop off at roughly the same time of year.
What to do?!
Just go for it you know you wanna lol
Can you do a pre-application check with lloyds for a credit card?Im an ex employee RBS GroupHowever Any Opinion Given On MSE Is Strictly My Own0 -
Just go for it you know you wanna lol
HaHa - I've become a bit obsessed with being credit worthy! If I did decide to give it a whirl is it best to apply during office hours or is it all totally automated?Can you do a pre-application check with lloyds for a credit card?
I think it was via moneysupermarket, it gave a list of cards it said I was likely to be accpted for and Loyds was at the top with an '8/10' likelihood of being accepted. The Nationwide was the soft search on it's own site.0 -
Update:
My heart was pounding but I clicked apply and got instant acceptance! Looks like post #2 was spot on and that I had applied too soon as although the default had dropped off my credit report it would still be showing in the feed (that I didn't know about when I first applied).
My 'suggested' amount was £2790 but I opted for the same amount I originally applied for, £500. Thanks to all those who offered thoughts and advice, mainstream here I come! :j0 -
Well done... I love a happy ending on MSE ;-)Im an ex employee RBS GroupHowever Any Opinion Given On MSE Is Strictly My Own0
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