Should I apply for First Direct again?

TheEffect

I'm 18, got declined by First Direct 6 months ago. I can reapply for a current account after the 6th August. Is it worst trying again now and risk another wasted search and another 6 months of waiting, or should I wait a few more months without any searches?

When applying, I had only a few active accounts and green 0's and quite a few searches. I've still got quite a few searches (15 in the last 3 months), but have 8 active accounts (only 5 credit) with 6 months more of green 0's then last time I applied.

I did get turned down for an overdraft by HSBC (Main bank) last month, even though I've been with them for 8 months and have a high internal behavior score.

Apply or wait?

jambosans

At 18, why the desperation for another bank account? 15 searches in the past 3 months is a staggering amount, especially for your age.

What are HSBC not offering that First Direct are? Also worth baring in mind that First Direct are owned by HSBC, so being an account holder with one may effect your application with the other.

I would say your relatively short credit history coupled with the number of searches performed will not bode well.

TheEffect

jambosans wrote: »

At 18, why the desperation for another bank account? 15 searches in the past 3 months is a staggering amount, especially for your age.

What are HSBC not offering that First Direct are? Also worth baring in mind that First Direct are owned by HSBC, so being an account holder with one may effect your application with the other.

I would say your relatively short credit history coupled with the number of searches performed will not bode well.

For the same reasons people over 18 switch to First Direct... great Customer Service, Phone Banking (HSBC - Talk to a computer for a while first) and Free Mobile Banking (HSBC Charge). My family also bank with First Direct.

The searches are a big problem I know. I've closed 3 credit accounts, so waiting for that to be updated on Experian and I need to wait 12 months for all the searches to drop off.

Maybe it's pointless applying...

LeeSouthEast

15 searches in 3 months is obscene. I suspect they'd reject on this alone to be honest. Don't apply for anything else, and wait until they've dropped off before trying again.

mrmajika

LeeSouthEast wrote: »

15 searches in 3 months is obscene. I suspect they'd reject on this alone to be honest. Don't apply for anything else, and wait until they've dropped off before trying again.

Agreed.

Their credit scoring is harsh and I think any 18 year old would struggle to gain an account. IMHO you'd need a few years of unblemished history before they'd consider you.

On another note.... Calm down with the credit searches !!

sweetstudent

mrmajika wrote: »

Agreed.

Their credit scoring is harsh and I think any 18 year old would struggle to gain an account. IMHO you'd need a few years of unblemished history before they'd consider you.

On another note.... Calm down with the credit searches !!

I had a FD a/c and and HSBC when i was 18 and i was only working p/t whilst i was at college. But back then the FD a/c was called a cheque a/c i believe!!

Innocent_Guy

sweetstudent wrote: »

I had a FD a/c and and HSBC when i was 18 and i was only working p/t whilst i was at college. But back then the FD a/c was called a cheque a/c i believe!!

When do your searches drop off Effect?

TheEffect

Innocent_Guy wrote: »

When do your searches drop off Effect?

12 months from July.

Innocent_Guy

TheEffect wrote: »

12 months from July.

Ok, well really the answer is no you shouldn't apply however if you really want the account it may be worth a search? The worst thing they can do is decline it....... I remember you applying last time, did you not get accepted but then declined afterwards as you had had a previous decline within 6 months?
If that is the reason I would apply, appeal and use that as supporting evidence and advise them that you were unaware of the impact of searches etc.

You have no adverse what is a good thing.

Let us know.

Cheers

Innocent

TheEffect

I applied. Early hours this morning. They haven't done a search yet. Just got the ''We'll conduct final checks and be in touch soon!''. I got an email a day or so after I applied when I was apparently accepted last time saying ''We're happy to open you an account, subject to final checks once you've completed the forms that we are posting to you''. It was once I phoned and asked them if I had definitely been accepted and mentioned about applying before 6 months before, that they canceled the application.

I'll keep you updated!

PROLIANT

I got the email about we are sending forms out etc, is it then once forms have been returned is the credit search conducted or is it conducted during the application?