"Not enough debt" for a Student Account ?!

ksinclair

Hi!

First post so be kind!

I applied for a student account with HBOS (tried both Halifax and RBS on seperate occasions) for their generous £3000 overdraught.

However, when I applied I was unsuccessful... fearing the worst I checked up on my credit history and all was okay. I decided to ring Halifax and was advised to apply via the phone, after describing my previous unsuccessful attempts online.

We went through the application and at the end I was unsuccessul again; when I asked why I was told my credit score is too low and I'm "not in enough debt" I asked if the advisor could check this with their manager as, to my knowledge, most students applying for student accounts will undoubtedly be in a similar or worse position than I am with regards their credit score.

When the advisor returned it was pretty much a case of "tough luck" and I was advised to build up my credit score then apply again.

So firstly I was wondering if somebody could help me make sense of this; low credit score means no student account. Yet most students have little or no credit score.

and secondly; any ideas on what to do next?

Lokolo

halifax reject everyone. go with someone else.

and credit score can be increased using bills, such as mobile phone. Which you can get at 18. a year before you go to university depending on which month you are born, so there is time for it to improve.

mjoyeux

I had the same many moons ago when I was at uni, I was told to get a phone contract and a cheap credit card, spend (and pay it off) for six months. Then try again!

Having a credit history, is better than no credit history...

Hope that helps!

nzseries1

I had the reverse problem two years ago. I couldn't get a mobile phone contract because I had no credit history!

ksinclair

I'm 21!

I have a credit card with Capital One, which I used up to the limit and now pay back each month, :embarasse an account with additions and one with freemans. I had a contract when I was 18, and paid my way out of it after my sim card was cloned and used to make calls worldwide!

If only there was some moneysaving site where there was an updated version of the best student accounts available for 2008/09 :mad:

moneymass

I was given the HBOS student account when I was 18, with no credit history what so ever.

I still have it acting as my 'graduate account' (3k overdraft) since they don't offer a grad account per se but you can keep the student account for another year once you have graduated.

Must just be a sign of the times.

Crinz

OP- are you a new customer to halifax?

if you banked with them in childhood prior to upgrading to current account you stand a better chance as they can see how you manage money without needing credit score.

try get a current account with your childhood bank and pay in/withdraw from it for a couple of months, this will build your credit rating (assuming you dont get charges)