HELP! Can't get student account

joanneloud

I have applied for various student accounts but have been refused as have a poor credit rating.

Please advise as I'm now worrying I will not be able to fund myself through uni!!!

From a very desperate worried mum of two...

Lokolo

Your relying on your student account to get your through uni!!?!?!

What are you thinking!?

If you haven't got enough money - DON'T GO. Save up and go another time.

Calchas

What does, "Racking up the student debt!" actually mean Lokolo? Is it a good thing?

Jonny0000

I agree that you shouldn't rely on an overdraft to get you through uni. It is a great temporary fall back but you don't want to get into a situation where you rely on the facility.

If you can't get a student account then why not apply for a free basic bank account from a reputable bank like HSBC, Barclays or even Lloyds. Many other banks offer a free account option too.

Of course this won't provide the same interest free overdraft as a student account, but will provide a channel for student loans to be paid into.

mrposhman

Are you trying to get the student account for the free overdraft? If so, have you tried your own bank?

If not, you may be unlucky in that you can't get one.

Can you get any other funding to get you through? Ie. Bursaries, student loans, grants etc??

Sol00

I'm in the same boat, but have been offered a student account with my current bank, RBS without the overdraft.

If you're having difficulty you should be entitled to Parents Learning Allowance as well as the Access to Learning fund through your uni.

Lokolo

Calchas wrote: »

What does, "Racking up the student debt!" actually mean Lokolo? Is it a good thing?

Yes. I am saving the money ad earning more off it (my ISAs). I am lucky as my grandparents are loaded and pay accomodation for me and I have jobs and such to keep me alive by food and alcohol.

Chris2685

Don't you qualify for a student loan?

joanneloud

Bless you lokolo in your own world there. Not all of us can wait for a convenient time or rely on rich family members to get us through life!!!

No I am not solely relying on the student overdraft facility at all. I will manage with my loans and grants etc, but as a sensible precaution it makes sense to have extra funds available in an emergency...without these I am feeling unprepared as I'm sure any other parent would understand.

I have recently split from my husband and come out of self employment. I want to build a career and stability for my children so frankly no, there isn't a better time than now!!!

Sorry if my original post was not clear to you all. I am just concerned that I may not have the back up plans in place that I need thats all. I have made various changes/balance transfers etc in the last week which may well assist in my mission to improve my credit score. Thanks for taking the time to reply.

Lokolo

You did not state you were getting loans etc. You said you needed the overdraft etc to get through.

Many of my friend who haven't had their grandparents give them money have survived through unviersity without going into their overdraft.

You can easily get a parttime job which you can save money from.

And no I am not in my own little world. I just have no sympathy for people who are not being clever. If you can't afford to go, don't go, simple as. You have just come out of a job, with any savings or not?

Also if you have been refused because of bad credit rating it shows you are not money savvy, so why not leave it as I suggested, save up, then go back. Its better than going, dropping out in your first year because of money problems, and going back.

joanneloud

We had joint savings which got swallowed up by various different things. Firstly the landlady of the house we were renting sold the house from underneath us so we needed a deposit to move quickly. Secondly, my son went into hospital with asthma and pneumonia twice meaning I couldn't work so had to use savings as income, then the rest got swallowed up in settlements when my marraige broke down. So in answer to your question, yes there were savings thank you but not any more.

Also having a bad credit rating is due to a personal family issue which we had to take out a loan to help with and also only living where I am for 2 years - nothing to do with not being savvy or not being able to borrow from family in a tight spot.

I have two small children - I am not in a position to "save up" for uni. As it happens, I have spoken to Citizens Advice who have advised that now is the best time for me to go to uni while I have access to so much help. Also, I have been accepted for a credit card with 0% balance transfers and my regular bank will let me have a student account so hey, I guess my rating isn't as bad as I originally thought and I'm not that useless after all.