New student bank account

ljrc

I graduated from University last summer with a £1500 overdraft (not maxed) with HSBC. Within a 4 week period I then reduced this to £1000 as my finances improved. However, I then attempted to put my overdraft back to its original limit of £1500 as I was going to undertake an un-paid internship. This was declined by HSBC

I am now about £1200 into my overdraft (200 over the limit) and have been charged for un-authorised overdrafts. I am currently doing an un-paid internship and will be doing a Masters this October for one year - which means I can still use student banking.

I have tried switching student accounts (to Barclays, Halifax and Natwest) to take advantage of their overdraft limits (which are greater than £1200 and would allow me to pay off my HSBC overdraft whilst remaining within a new overdraft limit in my new student account).

I have been completely honest when applying and havn't attempted to hide my situation with HSBC. However, I have been rejected by each bank.

Does anyone know of a bank who will let me switch student accounts to them from HSBC - and using their overdraft to pay off my one with HSBC????

Plus, im now thinking of not mentioning my account with HSBC and just opening another student account with another bank? again though, is this legal? and is this advisable?

stator

It's only illegal if they ask you about your other accounts and you lie. If they don't ask you, then you don't have to declare it. They will do a credit search on you though, so it depends whether HSBC submit their information to Experian etc. When I had an HSBC account over 5 years ago, they didn't. I'm not sure why but it just didn't show up on my credit file.

Lokolo

My HSBC account shows on Experian.

However, HSBC do say you aren't allowed another student account if you are with them, but the most they would do is close your account and demand immediate repayment.

Also, I imagine your credit rating is bad now because of the number of applications and the overdraft.

And finally, applying again but not mentioning HSBC won't do you any favours as you've already applied and been rejected so you most probably will still be on their system.

Unfortunately it's a lot of bad luck, and if you aren't careful HSBC will take away the £1k overdraft and demand immediate repayment. They expect you to repay the debt once you graduate and not get a unpaid job!