Top Student Accounts 2008/09 Article Discussion

Wraggy

deceptacon_18 wrote: »

i am starting university in september and after reading martin's top student accounts, i applied to halifax and after them doing a credit check on me, i was told i didnt have a high enough score, which really annoyed me because i have only ever spent within my own means. i am a 19 yr old who works full-time and have never took out an overdraft/got a credit card/mobile contract, i have only spent what i had.

could anyone give me advice on getting my credit score high before september? would be very thankful as i would like to do for halifax since they give the highest overdraft facility,

That is very strange. I was in the same position, no credit history, also I changed banks so halifax didn't have any record of my account history etc. But I was accepted straight away. Are you banking with halifax at the moment? If so it could be due to what you do with your existing account. If not, you might want to check your credit report on the internet for free to see why you may have been rejected. There will be a link on the main site somewhere to when you can check it out. One thing to note was that I went into halifax with a few hundred pounds to open the account with. Not sure if that would sway your chances....

Lokolo

deceptacon_18 wrote: »

i am starting university in september and after reading martin's top student accounts, i applied to halifax and after them doing a credit check on me, i was told i didnt have a high enough score, which really annoyed me because i have only ever spent within my own means. i am a 19 yr old who works full-time and have never took out an overdraft/got a credit card/mobile contract, i have only spent what i had.

could anyone give me advice on getting my credit score high before september? would be very thankful as i would like to do for halifax since they give the highest overdraft facility,

Thats the whole point. If you've never been given credit and been good with it, how would they know you would be?

Get a phone contract, pay it off every month, and your rating will get better.

Also I wouldn't bother getting a student account for a couple of months, a lot of students haven't even finished this year yet.

If you keep applying now it will go down as a bad mark on your credit rating.

Why don't you get a current account with a credit card, use that for a couple of months, then upgrade it to a student account nearer the time?

deceptacon_18

my mum worked in lloyds tsb for 20 years and was bank manager for 5 and she educated me in only spending what i had.
she's told me that banks basically just want people who are the opposite of me, who will always be in debt so they can keep charging them, its the complete opposite of what people think.
i wouldnt get a mobile contract because i cant afford it and hardly use a phone anyway. are there any other ways apart from actually getting credit? as stupid a question as that is.

deceptacon_18

Lokolo wrote: »

Thats the whole point. If you've never been given credit and been good with it, how would they know you would be?

Get a phone contract, pay it off every month, and your rating will get better.

Also I wouldn't bother getting a student account for a couple of months, a lot of students haven't even finished this year yet.

If you keep applying now it will go down as a bad mark on your credit rating.

Why don't you get a current account with a credit card, use that for a couple of months, then upgrade it to a student account nearer the time?

but thank you yes i may get a credit card and use it for a couple of months. thanks for ur help

Absinthe_Fairy

Anyone know when the 2009/10 guide will be out?

Or how it works for postgraduates? I had a student bank account for 3 years, then it changed to a graduate account, but I'm going back to uni full-time in September to do a one-year Masters course.

auburnmama

hi, I dont know if anyone can help me. I am due to start uni as a mature student (rocking 30, gulp!) and applied for a student bank account. I'll be doing an NHS course so was hoping to use the overdraft for childcare costs until my bursary comes in. I got turned down flat.
I was bankrupt (now discharged) and wondered if this was the reason why? would I be eligible for any student account at all? do I have to wait the full 5 years (i think) before I will be able to get anything like this?
Thanks!

MrsManda

auburnmama wrote: »

hi, I dont know if anyone can help me. I am due to start uni as a mature student (rocking 30, gulp!) and applied for a student bank account. I'll be doing an NHS course so was hoping to use the overdraft for childcare costs until my bursary comes in. I got turned down flat.
I was bankrupt (now discharged) and wondered if this was the reason why? would I be eligible for any student account at all? do I have to wait the full 5 years (i think) before I will be able to get anything like this?
Thanks!

The bankruptcy is likely to be the reason for you being turned down but it doesn't necessarily mean you won't be able to get one anywhere. Do you already have a current account with anyone? If so, it may be worth talking to your bank and asking them if they'll give you a student account.
It is usually easier to wait until August to sort out a student account, as that's when the A-level results come out and people get their firm places so banks are more geared up to giving student accounts.
I don't know how the NHS Bursary scheme works but student loans go into your account in the week you start so could you not use these for childcare?

auburnmama

MrsManda wrote: »

The bankruptcy is likely to be the reason for you being turned down but it doesn't necessarily mean you won't be able to get one anywhere. Do you already have a current account with anyone? If so, it may be worth talking to your bank and asking them if they'll give you a student account.
It is usually easier to wait until August to sort out a student account, as that's when the A-level results come out and people get their firm places so banks are more geared up to giving student accounts.
I don't know how the NHS Bursary scheme works but student loans go into your account in the week you start so could you not use these for childcare?

thanks, I'll give it another go in August. I only have a basic bank account. I got it when I was bankrupt and the bank (coop) said i'd have to wait 5 years for a current account. I closed my current account down in anticipation for the bankruptcy as I didnt think I'd be allowed to keep it.
The student loan is covering living costs. Childcare is £200 a week, so it would only cover 5 weeks anyway, and I'm lead to believe from this year's cohort that bursary dont pay up til about November. think i'll have to talk to my childminder, see if she can wait for payment?!

thakns for the advice!
A

MrsManda

auburnmama wrote: »

The student loan is covering living costs. Childcare is £200 a week, so it would only cover 5 weeks anyway, and I'm lead to believe from this year's cohort that bursary dont pay up til about November. think i'll have to talk to my childminder, see if she can wait for payment?!
thakns for the advice!
A

Have you applied for childcare grants and parent learning grants? If not it may be worth you seeing if you are eligible for them.

auburnmama

MrsManda wrote: »

Have you applied for childcare grants and parent learning grants? If not it may be worth you seeing if you are eligible for them.

yeah, i can apply for these via nhs bursaries, which get paid at the same time as the bursary. i cant get the ones from the LA as I get the bursary. I know I will get the money, the problem is when, hence the need for possible a short-term overdraft. although I know with my credit history no bank would touch me with a barge pole! might have to ask the bank of mum and dad.... at 30! terrible isnt it.