Being refused an overdraft - Natwest

Robbie64

I'm not sure if this is the correct place to post this - mods please move this to a more appropriate forum if needed. Thanks.

I've just applied online for a small overdraft with Natwest and have been refused. I have a decentish balance in my account (down to £500 at the moment and wages 3 weeks away). I have never been overdrawn and have no CCJ's against me. I've had my account for 16 months. The only problem I have is an unsecured Northern Rock loan that I am paying at a reduced rate due to circumstances (£40 per month rather than £168 per month with a balance of £900 still owing), it was a loan I got for my ex partner and I had to extend it as she wouldn't pay me when we split.

I applied for a £100 overdraft, this was refused on a credit score. With no other balances (including credit cards) owing does anyone know if my NR account is counting against me? Would I stand a better chance of getting an overdraft if I was to go into the branch or would that not matter?

Thanks

Rob

preable

First off check your credit rating online there you can see what our credit score is like If it is good maybe try in branch or a differant bank.

Robbie64

I did a 30 days trial with Experian last December and it showed my NR account as being flagged due to having a payment arrangement. I think this may be the problem as it is classed as being in default due to the payment arrangement.

stclair

Robbie64 wrote: »

I did a 30 days trial with Experian last December and it showed my NR account as being flagged due to having a payment arrangement. I think this may be the problem as it is classed as being in default due to the payment arrangement.

Thatll be the reason :-)

Kavanne

If you've been refused online there's no point in trying branch/telephone, they use the same system as the one you used online and they will get the same answer. the bank manager cannot override this for you.

If you are paying off NR at a reduced rate, Natwest may have seen this and view you as being in financial difficulty which means they won't give you any extra borrowing and this is likely to be the case AT LEAST until you've paid NR off.

Brian1966

Robbie64 wrote: »

I'm not sure if this is the correct place to post this - mods please move this to a more appropriate forum if needed. Thanks.

I've just applied online for a small overdraft with Natwest and have been refused. I have a decentish balance in my account (down to £500 at the moment and wages 3 weeks away). I have never been overdrawn and have no CCJ's against me. I've had my account for 16 months. The only problem I have is an unsecured Northern Rock loan that I am paying at a reduced rate due to circumstances (£40 per month rather than £168 per month with a balance of £900 still owing), it was a loan I got for my ex partner and I had to extend it as she wouldn't pay me when we split.

I applied for a £100 overdraft, this was refused on a credit score. With no other balances (including credit cards) owing does anyone know if my NR account is counting against me? Would I stand a better chance of getting an overdraft if I was to go into the branch or would that not matter?

Thanks

Rob

Have you got access to your Equifax file, Nat west use this for the initial credit application search when applying online for an overdraft.
Could be the Northern Rock loan going against you, particularly if marked as arrangement to pay.
That said for a small overdraft 16 months of good account conduct should work in your favour so may be worth speaking to lending, ring Actionline tomorrow.
I got rejected first time that I applied for an overdraft, didn't even need it but thought that it would look good to have one.
Got approved in branch for my credit card though despite 2 old defaults.
Ring them, it's worth a call

Robbie64

Thanks for the answers. I guess it is the NR loan that counted against me.

Robbie64

Brian1966 wrote: »

Have you got access to your Equifax file, Nat west use this for the initial credit application search when applying online for an overdraft.
Could be the Northern Rock loan going against you, particularly if marked as arrangement to pay.
That said for a small overdraft 16 months of good account conduct should work in your favour so may be worth speaking to lending, ring Actionline tomorrow.
I got rejected first time that I applied for an overdraft, didn't even need it but thought that it would look good to have one.
Got approved in branch for my credit card though despite 2 old defaults.
Ring them, it's worth a call

What's Actionline? I could give them a call in the morning...

stclair

Robbie64 wrote: »

What's Actionline? I could give them a call in the morning...

Telephone banking, personally i doubt youll get one whilst youve got an arrangement to pay in place.

Robbie64

stclair wrote: »

Telephone banking, personally i doubt youll get one whilst youve got an arrangement to pay in place.

Thanks stclair. I'll give them a call in the morning but I don't think I'll get far...

Kavanne

Robbie64 wrote: »

Thanks stclair. I'll give them a call in the morning but I don't think I'll get far...

No, like I said, they use the same computer system as the online one to make a decision so unless you think you made some massive mistake on your online app there's no point in calling.