Student who can't get a student account!

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
19 replies 1.5K views
LouisCrossLouisCross Forumite
13 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Ok!

So recently I've been wanting a credit card from Abbey or Nationwide (as they don't charge to go abroad and for my studies I've got to go to Belgium), and both declined me because I have NO credit. So I think: Sign up to a student account to get an overdraft to get credit and try again in 6months; yea well they won't even let me have a student account DESPITE being a student.

What the hell am I meant to do? I'm a student who has no loans, credit card, or overdraft; therefore no credit. I've checked my Experian Report and it basically says I have 0 of anything. SO it becomes a viscious circle. I cna't get an overdraft/cc without having credit...I can't get credit without having an overdraft/cc.

Anyone got suggestions? Nationwide wont even give me a FLEX account with a debit card DESPITE the fact I'm with HSBC and got a debit card when I was 16...
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Replies

  • LokoloLokolo Forumite
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    You don't need a credit card to get a decent credit rating.

    Overdrafts don't give you a better credit rating.

    Bills - phone, gas elec, telephone/broadband etc. all give you better credit rating.

    No-one will give you a credit card if you don't have any income (well, very very unlikely)
  • CLAPTONCLAPTON Forumite
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    LouisCross wrote: »
    Ok!

    So recently I've been wanting a credit card from Abbey or Nationwide (as they don't charge to go abroad and for my studies I've got to go to Belgium), and both declined me because I have NO credit. So I think: Sign up to a student account to get an overdraft to get credit and try again in 6months; yea well they won't even let me have a student account DESPITE being a student.

    What the hell am I meant to do? I'm a student who has no loans, credit card, or overdraft; therefore no credit. I've checked my Experian Report and it basically says I have 0 of anything. SO it becomes a viscious circle. I cna't get an overdraft/cc without having credit...I can't get credit without having an overdraft/cc.

    Anyone got suggestions? Nationwide wont even give me a FLEX account with a debit card DESPITE the fact I'm with HSBC and got a debit card when I was 16...


    have you asked HSBC for a CC?
    and have you asked them to convert your a/c to a student one?
  • Ive yet to ask them to convert because ABBEY are appealing for me. I shall if the appeal fails. I don't really want a CC with HSBC, I chose Abbey and Nationwide because they're free to use abroad which is one of the main reasons I want one. But hm; perhaps I shall ask them if the Abbey appeals fall through :)
  • CLAPTONCLAPTON Forumite
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    LouisCross wrote: »
    Ive yet to ask them to convert because ABBEY are appealing for me. I shall if the appeal fails. I don't really want a CC with HSBC, I chose Abbey and Nationwide because they're free to use abroad which is one of the main reasons I want one. But hm; perhaps I shall ask them if the Abbey appeals fall through :)

    You need to learn how the world works.

    Basically N/W and Abbey won't give you a CC because you haven't got one... think about it for a while.

    So you take anything you can get 50% APR ..great take it and
    HSBC because you already have an account with them so they are the most likely to give you one.

    Interest rates don't matter because being smart you will set up a DD for the full amount each month so you never forget to pay and never get charged interest.
    Use the card regularly only for things you normally buy anyway. Doing this and paying on time will establish a credit record and improve your credit rating.

    Now the clever bit...
    as you now have a CC and a decent credit rating, you're much more likely to be accepted by N/W etc. (no certainty as you aren't earning but much better than before)
  • Yea this will be my train of thought...hike down to HSBC, say I've been a customer for 9years, ask them for a student account + credit card...I was gonna do the DD thing anyways, and then closer to going to my time abroad...try switching to ABBEY/N-WIDE.

    You are very wise and helpful :D Thank you

    I still find it disgraceful though that STUDENTS cant get STUDENT ACCOUNTS
  • CLAPTONCLAPTON Forumite
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    I wasn't aware that N/W do student a/cs.

    But N/W are flooded with people opening a/cs because they are perceived as being very very safe in these troubled times so they can be very picky.
  • It's worth mentioning that Nationwide have a credit policy which appears to be based on drawing names out of a hat. People who don't pose any risk in the slightest get rejected, people who clearly do or might get accepted. They're weird.
  • rb10rb10 Forumite
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    Lokolo wrote: »
    No-one will give you a credit card if you don't have any income (well, very very unlikely)

    No, with a good history you can. I am a student with no income, but I got a Halifax credit card (the 'adult' one with 0% on purchases for about a year) as a guaranteed offer despite not having any income. The reason was that I had savings and a well-managed current account with them.

    So, as others have said, your existing bank is probably the best bet, and then try for Nationwide or Abbey nearer the time.
  • Are you on the electoral roll? This will help as well...
    Live on £4000 a Year Challenge member
    Target: £3000 for academic year 2009/10
    Spent: £845.61; Remaining: 2154.39 :rolleyes:
  • Go into abbey as they will give u an account.My mum had the same problem no credit as she hadnt banked before.
    :A :A :A :A :A :A :A
    Over 1000 pound in debt.
    To many red letters.
    Welfare Rights helped me out.
    Now I pay a little amount each month to clear debt.
    So much eaiser the pressure has been taken off me. :A :A :A :A :A :A :A
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