Co-operative bank student account 2010/2011: We want your feedback

atypical

Uzume wrote: »

What do they really base their decisions on? It is obviously completely untrue that it is based on Experian credit scores in this case!

They base it on credit scores calculated themselves from data provided by Experian i.e. what they tell you they base it on. They don't have much else.

As Co-op will have calculated it themselves, there might be something peculiar about how they calculate the score that means you aren't the type of customer they want. But it may just be a mistake. I'd seek more information from Co-op.

amiehall

I've just got my overdraft approved for this account which I'm quite surprised about to be honest. I'm going to uni as a mature student having managed to get myself into a bit of a financial mess after leaving school a few years ago. I've paid down my substantial debts over the last 2 years and finished paying them totally off about 2 months ago so to say I'm surprised about being approved is an understatement. I mainly wanted the overdraft as a security blanket but it's a big help!

BarryW

I have a smile accounts, it works well, so we had our soon-to-be student twins open one each as well for easy transfer of funds.

The advertised £2K overdraft turns out to be £1K "for the 1st year". Also you won't get your debit card until you have deposited at least £300 in the account.

This makes it a bit tricky. They already have normal bank accounts with funds in but they won't be able to get to that money if they transfer to Smile until the card turns up. The maintenance loan doesn't arrive until the end of the month (Mind you this is Student Finance we are talking about so who knows) by which time they will have been there at least week. So once again the bank of Mum and Dad steps in.

Elle7

Cant they set up online banking, transfer the £300 to activate the account and then transfer it back until the cards come through?

That's my plan. I applied and was accepted, and was getting ready to take my documents into branch. Then I got a letter thanking me for sending my documents and enclosing my cheque book...I'm just waiting to see what happens now!