Can't get Halifax Reward Current Account :(

LemonTree_3

Hi,
I've applied online for a Halifax Reward Current Account last Sunday (9 Feb) - my application haven't gone through and is displayed as "Application decision".
I've just given it another try - this time on the phone. Unfortunately my application was not successful and I'm wondering why?!

I'm holding various accounts with Halifax:
- High Interest Current Account (with £10K overdraft facility)
- Easycash (just because of the Visa Electron Card to avoid fees with Ryanair)
- Student Current Account (with £1K overdraft facility)
- 4 year fixed ISA
- Regular Saver
- and various other saving accounts

Currently I have £39K in savings with Halifax (including Bank of Scotland)
and another £10K savings with Birmingham Midshires.
My Halifax Student Current Account is overdrawn with £999.99 (this is just because I'm taking advantage of the 0% interest rate).
So I don't really understand why my credit score is so low that I'm not qualified
for the Reward Current Account?!

Could it be that my application was unsuccessful because of:
My A&L current account is overdrawn with £10K (also a *free* overdraft facility).

I've looked into my CreditExpert Report last week and everything seemed to look
okay "Credit account information shows details of your credit agreements with lenders:
Payments made and up to date".

Do you have any thoughts why my application was unsuccessful?

Thanks!

YorkshireBoy

LemonTree wrote: »

Could it be that my application was unsuccessful because of:
My A&L current account is overdrawn with £10K (also a *free* overdraft facility).

Can't answer your question, but I'd love to know the answer too...reason being I'm (also?) stoozing a £10K A&L overdraft (in addition to well over £40K of credit card debt).

Fancy ringing their underwriters to ask them?

maxsquared

This only a theory:

Which one is your main account? Student or High interest? I think if your main account doesn't have enough funds (min 100 pound) in credit, you will be automatically go through to the manual decision, and as so many people are applying so they will take on the new customers first.

the182guy

I would have to guess it's because of the 10k debt with A&L. However the £5/month is peanuts to the bank so it's still a bit strange...

They could also be thinking you will pay in the £1,000 minimum and then move it straight out of the account, which would mean the £5/month would be equal to a monster interest rate if you did that.

withnell

the182guy wrote: »

the £5/month is peanuts to the bank so it's still a bit strange...

Compared to the ~12p interest paid by many other current accounts, this will cost Halifax 6.25 * 12 = £75 per account per year.

There's no way that's sustainable, and I would expect them to close down quite quickly any accounts seen to be just "abusing" the bonus - for this same reason a manual application where it's obvious that you're using the accounts for the benefits is going to result in a no, because you won't be the profitable customer they're wanting!

the182guy

withnell wrote: »

There's no way that's sustainable, and I would expect them to close down quite quickly any accounts seen to be just "abusing" the bonus - for this same reason a manual application where it's obvious that you're using the accounts for the benefits is going to result in a no, because you won't be the profitable customer they're wanting!

Yes - That seems to be the most obvious reason for decline.

opinions4u

LemonTree wrote: »

Hi,
I've applied online for a Halifax Reward Current Account last Sunday (9 Feb) - my application haven't gone through and is displayed as "Application decision".
I've just given it another try - this time on the phone. Unfortunately my application was not successful and I'm wondering why?!

I tihnk your second application has been declined because the first one is still outstanding.

Ask them to process the original application properly, instead of processing a new one to earn themselves a bonus!

supersavor

appeal to the underwriters include your daytime tele number why you think the decisions unfair details of any bank account and savings you hold there and elsewere and 3 months bank statements
HBOS plc
Underwriting Leeds/ LP/6/3
Appeals
Trinity Road
Halifax
HX1 2RG

the182guy

supersavor wrote: »

appeal to the underwriters include your daytime tele number why you think the decisions unfair details of any bank account and savings you hold there and elsewere and 3 months bank statements
HBOS plc
Underwriting Leeds/ LP/6/3
Appeals
Trinity Road
Halifax
HX1 2RG

Is it worth the trouble? Even if it gets accepted they may just close the account if the bonus is blatantly being abused.

supersavor

its worth a try a have had feedback and heard of customers successfully appealing :j :j

LemonTree_3

opinions4u wrote: »

I tihnk your second application has been declined because the first one is still outstanding.

Ask them to process the original application properly, instead of processing a new one to earn themselves a bonus!

Thanks for your answer. Unfortunately I've just found out that my first application also got declined:

Thank you for your recent application for a Reward Current Account. We have considered your application and are unable to offer you an account. You will receive a letter from us within the next few days giving further details. Thank you.
Please click 'Finish' to return to 'My accounts'.