How to be black-listed!

notso_2

dave_phoenix wrote: »

Notso, is your son currently a student? or is he awaiting his results?
If he is awaiting his results, just wait until he has his uni place confirmed and then he should be able to open one with no problems.
I presume martin will produce a list of best student accounts nearer the time too which will help...

He's on a gap year with a confirmed place at a uni to start in September. He has the Student Finance loans in place, a confirmed term time address on campus and is basically waiting to start.

I realised straight away that if you don't have a good credit record by never being in debt can actually work against you but never thought it would affect my son in this way.

But hey-ho, life goes on. He's not overly fazed and is just getting all his bits and pieces together for the start date.

bestpud

He is going to check his credit files, isn't he?

It's possible he is a victim of identity theft or they simply have incorrect information listed.

For the sake of £4, I think it is well worth checking that out tbh!

bestpud

dmg24 wrote: »

All banks have their own criteria - all because you were turned down at Nationwide, it does not mean they are the most difficult bank, but rather that you did not meet their criteria.

I agree but have to say nationwide are extremely tight when it comes to debit cards!

I've been with them for savings since a young child and had a current account since I was 16 but they've refused me twice.

They expect you to build up good current account history with them but it's difficult to run your main account without a debit card these days so I just use it as a cashcard account now - their loss!

Saying that, dd and I received letters saying they were giving a solo card to every current account customer a while ago. At least that gives people a chance to show they are sensible.

atypical

bestpud wrote: »

For the sake of £4, I think it is well worth checking that out tbh!

It's £2, so even more well worth checking! You can even view it online now which makes them easier to understand I think I heard.

digitalphase

The term 'blacklisted' is a very strong one, was this the exact word that was used by the advisor?

I'd get your son to check his credit reports to make sure there are no nasties on there.

Also, getting a credit history isn't really about 'getting into debt'. You can build up a history with a good current account, a mobile phone contract, or applying for a credit card and using it for small purchases a month then paying it off in full so never paying interest.

The problem he seems to have is he is an 'unknown quantity', he may have no bad credit history, but he has no good either. Lenders have no idea how he is going to manage his accounts, and they won't just take a parent's word for it

bestpud

atypical wrote: »

It's £2, so even more well worth checking! You can even view it online now which makes them easier to understand I think I heard.

Isn't it £2 for each credit reference agency?

I'd check at least Equifax and Experian.

Perhaps I'm wrong - is it £2 to check the lot?

atypical

bestpud wrote: »

Isn't it £2 for each credit reference agency?

I'd check at least Equifax and Experian.

Perhaps I'm wrong - is it £2 to check the lot?

I misunderstood you. It's £2 each.

olly300

notso wrote: »

So he goes into the Halifax today to get it sorted out and apparently he is now completely blacklist by all banks because not only was he turned down on the internet because his score is still bad he got turned down today.

He's not blacklisted with all banks he just can't open an account with any bank that is in the same banking group as the Halifax like Halifax, Bank of Scotland and Lloyds.

What banks and financial institutions tend to do now is credit check you with one of their subsidiaries and use that information in the rest of the banking group.

Once he has checked out his credit reports he can try opening a student account with one of these:
1. RBS or Natwest - who are in the same banking group.
2. Santander i.e. A&L and Santander
3. Co-op
4. HBSC
5. Barclays

Personally he should wait until he is at university so the branch he uses is the university branch.

He should also keep his Nationwide account open and use it for say a direct debit and a cash withdrawal every month as if in 3 years time he has problems with his student account he still has a current account he can use.