I'm not a student anymore.. so why can't i have any money?

raven_temptress

I went to the bank (HSBC - i've been with them for years) today to ask for a loan (i've since read the website n realised i should've shopped around a little more).. but they refused me for a £5000 loan.

I've just spent the last 3 years training to be a nurse, being paid £6000 each year whilst i trained.. and have no student loan but do have a student account (and yes, i'm right at the top of my overdraft.. and even a little bit over).. They tried to change my account to a graduate account at the end of june.. but when i realised they were whacking on great big charges and went n proved that i'm still officially a student 'til the end of September, which also happens to be when i start my new job. I asked if he could change the account back to a graduate account and he said no.

Between now n then, i have to move house n set myself up in London (hence the loan).. but i thought having secured myself a £24,000 a year job.. the loan would be in the bag. He couldn't give me a solid reason why I had been refused.. apparently my behaviour score was below by 2 points? but maybe it was just that i'm still a student.. His only really advice was to ask someone to help me.. but that's not really an option.

I don't wanna apply for another loan straight away online, after looking at the different low rates and stuff.. as the man said after one loan refusal it won't look good for the next.

Any help n advice would be great.. I just don't know what to do now.

Cheers

Rach x

westy85

First things first, have you read this? http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,,

Basically you've been declined because HSBC don't think they'll make enough money off of you in the long run.

My advice is, try a different provider....I'd bet you get your loan accepted somewhere else.

raven_temptress

Cheers.
xxx

vicky_kidder

Raven, you could always get a 0% interest credit card if you think you should be able to pay off in their time frame (noramlly 6-12 months) now that you have a well paid job?

bathgatebuyer

I take it the behavious score is HSBC's assessment of you based on the way you manage existing accounts with them rather than info provided by the 3rd party credit reference agency?

I know that Natwest explained to me that I was quite a highly ranked customer in terms of the way I manage my current account, yet I know my credit 'score' is relatively poor (while I know each lender has their own way of interpreting the info provided by the CRAs)

Kavanne

You have been over your overdraft limit and incurred charges. That will have an effect.

sdooley

As you are not actually in the new job yet your best bet is probably to go to someone on the high street - taking your original signed contract / job offer letter from your employer, proof of address, ID, etc. There you'll get a chance to speak to someone face-to-face and you can ask them before they put the application through if they think what you're asking for is realistic.

Also look at the area you are moving to and if you aren't in NHS accomodation you may find you are eligible for a council run tenancy bond scheme which would mean you don't have to stump up a deposit (though you'll still need to find your first month's rent).

tealady

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