Natwest Overdraft Refused !

Dannydebt

I opened a Current plus account a few weeks ago in Joint names with my wife, well actually she opened it and named me as the 2nd account holder. Now my credit is BAD in fact when I applied for the Current plus account it offered me Step or Cash only, so I was quite surprised when she applied and got it (Although her credit rating is very good).

Anyway PINS arrived yesterday and cards and chequebooks today (Cards were Visa Debit - Without cheque Guarantee) although I thought she would have got a cheque card as she as a £250 one with Lloyds, again I don't know if because it is a Joint account I pull her down on that.

She applied for a overdraft on the Natwest account (Just for £100 for emergences) and it was declined, this was a surprise as it seemed to go one screen further than what limit to do you want to household income and employment then declined.

Would this be due to me and my credit score impacting on hers or the fact that here occupation was Housewife ?.

She was considering applying for a NatWest Credit Card (She already has the LTSB Duo) but even applying in her name might get declined because of me ?.

What do you think ?.

stclair

Now that an account has been opened in joint names, you will have now become financially associated.

So your poor credit history will now impact on your wifes.

Personally I think youve made a big mistake getting a joint account :eek:

Premier_2

Dannydebt wrote: »

...Anyway PINS arrived yesterday and cards and chequebooks today (Cards were Visa Debit - Without cheque Guarantee) although I thought she would have got a cheque card as she as a £250 one with Lloyds, again I don't know if because it is a Joint account I pull her down on that.....

The cheque guarantee scheme is ending on 30 June 2011
http://www.ukpayments.org.uk/files/press_release_files/guaranteed_cheques_consumers_fact_sheet_sept_09.pdf

To achieve that, some banks are not now offering cheque guarantee cards (or removing them on renewal)

I once had a £250 cheque guarantee card from HSBC, but on recent renewal, they reduced the guarateed limit to £100 which I was told was also part of this wind down to closure of the scheme in June 2011.
http://news.bbc.co.uk/1/hi/business/8273489.stm

I suspect it is this future closure that is the reason for no cheque guarantee cards being issued to you. If you were that bad a credit risk, you probably wouldn't have got Visa Debit cards which could cause as much if not more damage than a cheque guarantee card.

Dannydebt

stclair wrote: »

Now that an account has been opened in joint names, you will have now become financially associated.

So your poor credit history will now impact on your wifes.

Personally I think youve made a big mistake getting a joint account :eek:

Both our LTSB and A&L Accounts are Joint, and we have been Financially linked since 2002 (According to Experian) so I did not think it would make much difference or was I wrong ?, and would this have been why the OD was refused ?.

izools

The OD could have been refused for many reasons. Affordability, risk, credit scoring, overcommitment, associate information, etc.

Most likely reason is that it is a brand new account. Once she's had it for six months, assuming she doesn't go overdrawn or incur any charges, they should be much happier to further credit.

As it stands they don't know how she'll run the account yet

stclair

Oh if you are already linked then fair enough. I was under the impression you was newly linked.

If the account is new they will want to see how your conduct is before they offer you an overdraft so id give it a few months before you apply again.

However Izools has made some excellent points you may want to bare in mind.

chris_wales

I opened a natwest account about 2 yrs ago(after lloyds refused me a debit card!) got an advantage gold account and debit card, and was turned down for a credit card at the time!, 3 months later they gave me one with £2k limit, now i have a gold one as well, £1500 overdraft and offer of more. They just want a few months to see how you run the account i guess based on my experience with them