Refused a Santander bank Rewards account

tonynz

Hi guys,



For the life of me, I can not understand why my new bank account application (Santander Current Account Reward) to Santander has been rejected. I applied for their current account, not a loan, not a credit card and not a mortage. Just an account that I can put money into!

I do not hold any debts at all, no debts on my credit card, paid all my credit card balances in full for the past two years.

Currently income bracket is about top 15% of Londoners.

Experian credit score is at a fair score.

Yet they rejected my account application.


Anyone know why they would do ths?

SaveTheEuro

tonynz wrote: »

Hi guys,



For the life of me, I can not understand why my new bank account application (Santander Current Account Reward) to Santander has been rejected. I applied for their current account, not a loan, not a credit card and not a mortage. Just an account that I can put money into!

I do not hold any debts at all, no debts on my credit card, paid all my credit card balances in full for the past two years.

Currently income bracket is about top 15% of Londoners.

Experian credit score is at a fair score.

Yet they rejected my account application.


Anyone know why they would do ths?

A couple of thoughts.....

"No debts at all" could mean you have left no footprint for them to judge you by.

Does "Fair score" suggest you have had problems in the past? Even if you have a high income they might mark you down if you missed payments.

inmypocketnottheirs

Or alternatively they have worked out that they won't make any money out of you!

tonynz

SaveTheEuro wrote: »

A couple of thoughts.....

"No debts at all" could mean you have left no footprint for them to judge you by.

Does "Fair score" suggest you have had problems in the past? Even if you have a high income they might mark you down if you missed payments.

In all honesty, I don't know why it's only fair. Maybe because I've been in the country since 2007 and that I moved in Feb so my banking/billing address doesn't match where my voting borough is.

That's all I could think of that could have damaged my rating. As I said, I have never been behind in my bills/credit card payments and have a reasonable amount of savings ready to invest.

SaveTheEuro

tonynz wrote: »

In all honesty, I don't know why it's only fair. Maybe because I've been in the country since 2007 and that I moved in Feb so my banking/billing address doesn't match where my voting borough is.

That's all I could think of that could have damaged my rating. As I said, I have never been behind in my bills/credit card payments and have a reasonable amount of savings ready to invest.

If they can't find you on the electoral roll that would count against you. But if you're on the electoral roll at your previous address that is usually good enough.

Since you have savings it might be worth asking if they will look at your circumstances again. Once the savings account is open it might be easier to open a current account.

tonynz

After reading all the things about Santander, not sure if I want to bank with them now!

Might stay with my idiots at Barclays....

AnonymousForObviousReason

tonynz wrote: »

After reading all the things about Santander, not sure if I want to bank with them now!

Might stay with my idiots at Barclays....

Yes, was about to post saying lucky you.

Credit ratings can be a bit weird. A few years ago a very rich uncle (being a rates tart) applied for a number of credit cards and bank accounts with free overdrafts. Then he started to get rejections on basic things, turned out it was because he applied for so many in a short amount of time (think it was only 6). This wasn't related to wealth or income.