New account, when is the credit check?

Svenena

I've just applied for a new bank account online, and I was wondering whether they would have done the credit check after I submitted the application, or whether they don't do this until they have sent out paperwork to me and had it back, signed?

stclair

Which bank are you referring too?

Natwest/RBS will credit score you whilst the application is being completed online.

ironlady2022

The application will have gone through a credit check already as when you complete the online form, they would have warned you prior to submission.

Svenena

It's First Direct.

I moved house 4 months ago and I'm not on the electoral roll yet (sent off the registration form to get on it 10 days ago), so I am concerned this could be an issue. I had an email from them a couple of hours after submitting saying they were sending out the completed application for me to sign and return and that "subject to our final checks we will be happy to open your account as soon as we received the signed application form". I'm just wondering what these final checks will be. If one will be the electoral roll and not being on it could jeopardise my application, I may wait to send the form back until I'm on it (although this won't be until 1st March!!). I was on it at my previous address for 9 years, which is showing on my credit reports.

Any ideas what the final checks could be? Is it likely I'd have been instantly rejected online if I'd failed the credit check? Although the electoral roll is my main worry, my credit history isn't perfect (no problems in the past 3 years though, and not too serious before that).

[Deleted User]

and likewise co-op will credit check during the application process also
online may do a check immediately sometimes

i opened acc with hsbc (first direct) and they done a credit check during it also and not instant

ironlady2022

Further checks are fraud checks etc this os pretty normal!

izools

stclair wrote: »

Which bank are you referring too?

Natwest/RBS will credit score you whilst the application is being completed online.

Actually RBS Group do both.

They do a Equifax search part way through the application, if that fails they divert the application to a Step account application and don't offer a chequebook.

They subsequently perform an Experian search once they have received the signed paperwork and any requisite documents they may have asked for as a final check; and can still decline even if you pass the Equifax check they do initially. It depends on how similar the applicants data is on EQ and EX.

stclair

izools wrote: »

Actually RBS Group do both.

They do a Equifax search part way through the application, if that fails they divert the application to a Step account application and don't offer a chequebook.

They subsequently perform an Experian search once they have received the signed paperwork and any requisite documents they may have asked for as a final check; and can still decline even if you pass the Equifax check they do initially. It depends on how similar the applicants data is on EQ and EX.

Really are you joking? your winding me up aint you? please tell me you are !!

Svenena

Thanks for all your input. Anyone got any specific insight on applying to First Direct? If it's only fraud checks to come, that's not a problem. I heard that First Direct were a bit picky about who they take, so I thought the electoral roll thing could be a problem. Should I wait until I'm on there, to be on the safe side? Although would not sending back the form for over a month be a problem?

ironlady2022

Check with them sometimes they have a 30 day expiry

izools

stclair wrote: »

Really are you joking? your winding me up aint you? please tell me you are !!

Don't really know how to reply to that other than "no".

Sorry, always been my experience.

Same with Tesco Loans in fact.

They give you an APR and offer of loan (or not) based on your Equifax file and then perform an Experian search upon receipt of the signed agreement and any documents they request.

It was subsequent to an Experian search (after returning documents) that Tesco Loans declined me last year.

Glad they did, means I got 12.9% from Zopa as opposed to the 17.9% Tesco were offering.