Marker on bank account

salocius_2

I've recently applied to open an extra current account, Natwest have only offered a step account. Got my credit report spoke to both experian and equifax nothing on there to that would cause a problem.

I over heard them saying that i have a Z marker on my account.

Does anyone know what this means and how I go about getting this sorted as up until i now i have never had a problem.

spike2012

I have no idea apart from it making them cautious it must have been negative?

have you ever had credit before? If you have never borrowed, banks are very cautious!

piglet39

When my son opened his student account with Natwest he was initially refused the facilities - Natwest advised that he had a Z marker and manually changed the status so he could have his student o/d applied. He was advised that this 'z' marker meant he had no cra data (i.e. because he had never borrowed anything he had no credit history). So - not necessarily a negative - just an 'absence' of anything.

HTH

Piglet

Old_Wrinkly

piglet39 wrote: »

... he was initially refused ...
... He was advised that this 'z' marker meant he had no cra data (i.e. because he had never borrowed anything he had no credit history). So - not necessarily a negative - just an 'absence' of anything.

It was certainly a negative for the OP, and could have been a negative for piglet's son (if the Natwest staff member hadn't shown some common-sense.) No doubt it has been discussed before, but I find it crazy that someone who has managed their finances in such a way that they have never had to borrow (or has some ethical/religious reasons for not doing so) is seen as a 'bad risk'. And this is not just for when they might want to have credit facilities, it can be for something as straightforward as a normal current account.

piglet39

Apologies - I wasn't dismissing the op's problem. Salocius - have you asked if you were refused because thre was no cra data? I can advise that Natwest report the step a/c to the credit Ref Agencies - it shows as 'current a/c' on Experian. I guess it may be a time thing - Natwest will report the step a/c data to the cra's each month and you will have a credit history which will in turn, providing you run it well, improve your credit file and internal rating with the bank.

Piglet

salocius_2

I've have had credit before have mortgage etc, never defaulted on any of them. We took out a hire purchase for Sofas last year no problems and had no problem getting our car loan either. I thought it might have had something to do with being ex member of staff but they have said that took the staff marker off. I already have 2 current accounts with them but wanted to open an seperate one so that the child maintenance can be paid in their so if my dd wants anything is there etc.

When i spoke to Equifax & Experian even they couldn't susses it out why Natwest are being like this. Even the member of staff i spoke to at Natwest didn't know what the marker meant

74jax

if you already have two current accounts, do you have a cheque book for each of these and an overdraft?

cifpower

"z" in effect means dormant or "sleeping". It is neither good nor bad

salocius_2

Have chq books & overdrafts for both but never use the overdraft, Have servicecards for both the main one is the gold one