Credit scored student account?

FOXGLOVE_2

Hi

I want to open a student account as next term I'll be applying for a student loan and want to take advantage of the good rates etc that come with this type of account.

The problem is, my credit score is not great. In the past, I've had problems opening regular current accounts so I'm worried the same will happen when I apply for a student one. I think one of the problems was that I was not on the electoral roll back then. I am now so that may help.

I'm not after a huge overdraft but something small, interest free would really help.

Does anyone know if they are more likely to approve a student overdraft (you have to supply proof of student loan award and course offer) or is it the same criteria as a current account?

I have two current accounts at the moment. One with Lloyds TSB which I don't use but I'm trying to get rid of my overdraft on. The other is with HSBC, whom I've never been in trouble with (both of these were former staff accounts when I used to work with LTSB and HSBC).

Any advice or experience of this?

Also - I'll be 27 when applying so is anyone aware if being a mature student affects this?

Thanks.

book12

I would suggest go to LTSB or HSBC for an upgrade to a student account. Since you have those accounts for a long time, they will know your account performance and might get accepted. Plus, your internal score might be good and your bad credit score might be overlooked.

I assume your staff account has been downgraded to an ordinary account just like all customers have after you quit your jobs at those two banks.

FOXGLOVE_2

Lol, you'd think so, wouldn't you!

The Lloyds one is a package account for which I'm still receiving staff rate, not sure if staff status is still on it or not.

HSBC is still classed as staff, I left in January so that may change. I'm sure when I approach them saying I'm a student, they'll realise and bump me down to 'normal punter' status!

FOXGLOVE_2

Just contacted HSBC to send out info on Student account.

Probably be better off staying with them cos LTSB are not really my best friends!

Only problem is I live in Edinburgh and there are only about 6 HSBC branches in Scotland. The student account is branch based so I'd have to hope I never need to visit them if I'm away from the city centre!

PARIS_5000

I am a mature student and I had no problem opening a student account with HSBC. I was already a customer and apply online and my account was open within 48 hours with a overdraft and credit card.

ShelfStacker_3

FOXGLOVE wrote: »

Only problem is I live in Edinburgh and there are only about 6 HSBC branches in Scotland. The student account is branch based so I'd have to hope I never need to visit them if I'm away from the city centre!

Accounts in general aren't really branch based any more - almost everything can be done over the phone, and indeed HSBC would rather prefer you do everything that way. We can't even open student accounts in branch, they have to be done online.

FOXGLOVE_2

Looks like I'll be sticking with HSBC. Had a bit of a fall out with Lloyds this morning!

Good news is that I've got a job interview next week so having a part time job may increase my chances of getting half decent account.