I don't get it? Bank turned me down (Santandar at that!)

BoBoDobie

I applied for a business bank account with them and today they've turned me down. They are sending a letter but the chap on the phone advised me to check my credit report. I've just registered with Experian and looked and I don't get it -everything is 'green' there are no outstanding payments or even late payments. What exactly am I looking for on the report as to why I've been turned down?

Thank you

AnonymousForObviousReason

congratulations, narrow escape. Your luck is in you should buy a lottery ticket.

Loughton_Monkey

This happened to me with Lloyds. It was not because of my 'impeccable' credit rating. It was because I had opened rather too many accounts recently for their liking.

They 'thought' that I might be opeing an account simply to 'launder' £1,000 through it every month to earn 4% on £7,000 deposit. They had, I think, noticed concurrent applications for Santander and Halifax - which also require £1,000 washed through the accounts.

I corrected it by going down to see the manager of Lloyds and he got the account opened while I was there.

Now my 'laundry' is operating perfectly!

pmduk

I assume the refusal is part of Santander's efforts to improve their customer service. Closing an account at this stage doesn't give them the chance to muck it up. Just be grateful at your narrow escape.

slopemaster

pmduk wrote: »

Just be grateful at your narrow escape.

I agree.
I wish they had turned me down for an account, instead of opening it and then blocking it so that I can't get my money out.

staffie1

What I'd do is ring up Experian and tell them you've been turned down. They can go through your report with you and advise you what you need to do to improve your score. Experian are very good in my opinion.

And from what I've read in this forum I have to agree with the others about Santander!

thriftytracey

We had an email from Santandar rejecting our on line business account application citing credit check. We could not understand this as we had never been turned down in 27 years. Obtained our Experian report - perfect. We called into our local branch on Saturday - they could not understand it and set up the account there and then, we deposited £1600 and obtained all the documentation. Just waiting for our debit cards. Yesterday received a letter from Santandar turning down our application based on credit score!! I also have an ISA with them! What a joke. They've got our money and the account has been set up .........

DrSyn

May be you should be counting your blessings and buy this weeks lotto & euro tickets. As the advert said.

It might be you!

Experian_company_representative

Wait for the refusal letter. This should give you a bit more guidance on the reasons behind their decision. If it doesn't, get back in touch as ask them. Industry guidelines mean they have to tell you the principle reason and also give you details of any credit reference agency/ies they've consulted and, importantly, tell you whether that information was instrumental in the decision.

You can be refused credit with a brilliant credit history. This is because lenders consider other data too (the personal details on your application form, any information they already have about you if you've used them before etc).

Do whatever you can to find out why you were refused before applying elsewhere. An issue might surface that you can do something about.

James Jones

thriftytracey

Thank you James. I since discovered that they have rejected me, not my partner. The account has now been set up in his name. I have now received a formal letter declining the application. It is very vague to the effect that the decision was based on credit score and application details. I called them to find out more information and was advised to write to them. I have done this and enclosed my credit report and credit score which was 999. I just wonder whether I made a mistake in the application but there wasn't a lot to complete. I have lived in the same house for 15+ years, on the electoral register etc. The only thing I am wondering about I did make late payments on a loan 30 years ago when I was young and foolish but that is not on my credit record! I hope that their response is specific and not some general vague reply. However, from what you say it has to be specific. Cheers.