Refused First Direct based on Credit Check?

onlypaddy

motoko wrote: »

I think First Direct are particularly strict. I was also refused and I've never been refused a current account before, I always thought you only got refused if you weren't on the electoral register.

Yes, FD are strict. They give accounts to people who have a good track record and are on the electoral roll. You can be refused for a number of other reasons too though - missed payments, defaults, CCJ's etc.

motoko wrote: »

I think they are just trying to restrict the account to people who they think will have a high throughput and/or keep a lot of money in there, as it makes them more money, and they use the "we're a responsible lender" line as an excuse to weed out customers they don't want.

They already do this by charging a £10 per month fee for people who put in less than £1500 a month. They use the same 'excuse' as any other bank or lending institustion if they don't want you as a customer.

motoko wrote: »

I thought £200 to open an account then close it 6 months later must be too good to be true.

It's not too good to be true. It happens, when people are genuinely unhappy with the service.

motoko wrote: »

The incentive they offer is the only advantage of this account anyway

No it isn't. The customer service is streets ahead of all other banks. The reason they offer an extra £100 if you want to leave is that they're so confident of this.

motoko wrote: »

BTW having a low credit score doesn't necessarily mean you've had credit problems in the past. It can also be due to moving house, changing jobs or even switching your main current account, or just because you haven't used credit much in the past. I've moved house & job twice in the last three years, and it makes a huge difference when applying for credit (or even current accounts apparently).

Yes, banks and lenders like stability. And contrary to your beliefs, a current account is a credit product, because of the ability to take an overdraft.

heloid

One way in to FD is to open an HSBC account and run it well. They share data and their scoring systems so it's a chance to prove yourself.

BadgerFace_2

HSBC and FD do not share information on how their customers run their accounts, I have both and have also had this discussion with FD.

Snakeeyes21

BadgerFace wrote: »

HSBC and FD do not share information on how their customers run their accounts, I have both and have also had this discussion with FD.

Like they are going to tell some random person what they use to credit score you :rotfl:

knightfox

Snakeeyes21 wrote: »

Like they are going to tell some random person what they use to credit score you :rotfl:

I think they were thinking that because FD & HSBC are part of HSBC then they 'talk' to each other. Where the people who use FD & HSBC know that they dont have access to other information.

Some banks do have another brand when they talk to each other and share information.

However what FD want are the premier customers and not the run of the mill high street people. They are sent to HSBC as there products are more suited to lower credit rated people.

tellmeitsfriday

What do you mean when you say "premier customers"? Income/Credit score/Money making potential? I consider myself to be average in things financial...

I opened an FD account about a month ago, and to be honest the c/service is exceptional - perhaps it feels even better after the debacle suffered at the hands of A&L/Santander

Maybe FD just think they have potential to make money out of me in the future...

Oooo I am premier. How lovely for a girl's ego!

Fiddlestick

karatedragon wrote: »

Is FD really that necessary to you. Is it really that good?

Oh yes

There might not be any traditional incentives like high street banks offer, but the customer service from FD is simply exceptional.

I've been with them for a few months now and I don't think I'd want to bank anywhere else

knightfox

tellmeitsfriday wrote: »

What do you mean when you say "premier customers"? Income/Credit score/Money making potential? I consider myself to be average in things financial...

I opened an FD account about a month ago, and to be honest the c/service is exceptional - perhaps it feels even better after the debacle suffered at the hands of A&L/Santander

Maybe FD just think they have potential to make money out of me in the future...

Oooo I am premier. How lovely for a girl's ego!

I have to agree that their service is exceptional.

They work hard to keep you happy. Please bear in mind that they also have a high sales target. Although I dont know if that has changed since they made a deposit of £1500 or charged a fee. Thats why they are always happy to help sell you something when you call them.

The income bit. They want regular money into the account or they charge. If you are regulary paying your bills okay then your credit rating will show this. So thats okay as well. Banks always want to make money, thats why they are there. Or how they are there, as wel have seen when things go wrong people get upset.

Santander well you have gone from the banking world of a Ford Fiesta to a BMW.

onlypaddy

knightfox wrote: »

...Santander well you have gone from the banking world of a Ford Fiesta to a BMW.

:shocked:

I drive a ford fiesta and bank with FD! :rotfl:

So i can say for definite, thats an unfair comparison!

It's more like going from a rusted out moped with one wheel and no engine, to a ferrari

knightfox

onlypaddy wrote: »

:shocked:

I drive a ford fiesta and bank with FD! :rotfl:

So i can say for definite, thats an unfair comparison!

It's more like going from a rusted out moped with one wheel and no engine, to a ferrari

Well okay I was being polite. Although I think Santander are getting better.

However can we say Bentley or Range Rover. As Santander are a very big sponsor of Ferrari.