new current account advice needed

lkoky · 7 July 2005 at 9:43PM

Hi there,

I recently moved to Cambridge to start a job. Since my current bank doesnt have a single branch outside Ireland, I am in the process of looking for a current account in England.

Essentially I need the current account for my salary to go in, direct debit for rental, credit card, mobile phone etc. On top of this, I will also do some fund transfer to my foreign bank account once every year. I used to transfer money to my foreign account using TT which costs me 25 pounds for each transaction.

So far I have tried A&L Premier Plus Current Account but got turned down, even though they did open an Online SAver account for me. After I got turned down in A&L, I tried HSBC two weeks ago, only to be told today my application of a current account being rejected because they couldnt made contact with my employer to confirm my full-time employment

.

I have a full-time employement with annual income >20k, and never have debt problem (or more precisely never taken a loan). I have a visa credit card for 6 year with my current bank and alway pay in full at every bill.

Afer two straight turned down now, I am not sure whether I should go out again tomorrow (or next week) to try again at different bank. As I read somewhere being repeated turned/rejected by bank might hurt my credit score. Any advice on this?

Also, what bank you might suggest to suit my need? From Martin article it seems like the next in line after A&L is Lloyd TSB, are they alright?

thanks.

MSE_Martin · 7 July 2005 at 9:53PM

OK I actually think this is less a 'current account' issue and more a 'credit file issue'. My assumption is you've just moved from the Republic of Ireland.

That leaves us three big problems

1. A house move
2. You're not on the electoral roll
3. You've got no credit files in the UK

I suggest before applying anywhere else (which will only further deteriorate your credit score) you do two things (we can't change the first bit)

1. Get yourself on the electoral roll
2. Write a notice of explanation on your credit reference files

Something like "I would ask you to take into account that I have limited credit data having just moved to the UK from the Republic Ireland of Ireland for a new full time role. I have never had any credit defaults in Ireland (and am happy to send proof of this) and would ask that this is taken into account on any application."

Once that's done you could go back to the original banks and start again (have a read of my 'your credit score' article)

Martin

lkoky · 7 July 2005 at 9:57PM

Thanks a million Martin.

BTW I am not quite sure what kind of proof I can provide to prove I have never had credit defaults. Could you elaborate a bit more?

I moved from Belfast, Northern Ireland to Cambridge this April, still my current bank doesnt have branch in England & Scotland.

thanks again.

MSE_Martin wrote:

I have never had any credit defaults in Ireland (and am happy to send proof of this) and would ask that this is taken into account on any application."
Martin

grumbler · 7 July 2005 at 11:07PM

Just a story:

My friend moved to UK a few years ago. He was not registered on the electoral roll. He went to a local Barclays branch next day with his friend (Barclays customer) who introduced him. He also had the following documents:
- letter from the employer stating his salary and term of contract;
- proof of address;
- passport.

Result: he had got a full current account with cheque quarantee card.
Conclusion: good friend and good letter from the employer can be very helpful ...

You are in better position, because you can register on the electoral roll. However, be aware that it can take a few months before this information reaches CRAs.

Can't you visit HSBC branch again - this time with some friend (colleque) and good letter from your employer?

MSE_Martin · 8 July 2005 at 1:13AM

OK actually this isn't as i thoguht. Moving from Belfast is much better (as its still UK so its part of the same system)

In that case what you need to do is get yourself on the electoral roll asap. Then try talking to A&L again (before getting another search on your system)

lkoky · 8 July 2005 at 7:33AM

Thanks guys.

I downloaded the vote registration form, and will get it sent out today.
Previously I never bother with this because I am not a EU citizen, only to find out today that I am eligible to get registrate to vote because I am from commonwealth country.

In fact, during that time A&L process my application they did ring me to check whether I have on the electoral roll before.

Thanks again.

p.s.
never in mind that to get a a bank to take my money will be that difficult...

AussieLass · 9 July 2005 at 2:06AM

I am toying with the idea of using
Kickstart London Package - (£35/AU$75 from First Contact). By the looks of it, it will be really hard to open up a bank account without the necessary forms. I would prefer to open one ourselves as you don't get any choice of bank by the sounds of it. Also, we have to attend a seminar in London which will be a bit of a pain as our destination is Scotland. You do get some free phone cards etc but it's the bank account that interests me. Do you think it's worth it? Any suggestions would be most grateful.

AussieLass · 10 July 2005 at 11:15PM

Hello.... :hello: is anybody out there

OK....I'll put it in the too hard basket for the time being. I will interrogate you all down the track. Still 6 months to go so plenty of time. :dance:

new current account advice needed

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