First Direct - Turned Down?!!

bobwilson

Hi everyone, I've been reading the site for years and now its time to make my first post =D

I was wondering if anyone else had any experience with first direct..

After reading about first direct on here, I decided to register with them as I've heard so many good things.

I applied for an account with them and just called them up to check the status of my application. They said my application had been refused because I "don't meet the criteria", I asked what criteria and they said they didn't have access to that information as it's all done automatically by the system.

She said they don't use the standard credit score, they go by their own information, there is no appeals process, and I'm not allowed to apply again for 6 months.

I'm business owner, earn around £70k a year, have over £100k in instant access cash savings, never go in debt, my average current account balance is £7k, and I have a high credit rating. It's taken me a lifetime to reach this point and I'm trying to find the best place to bank with. What I can't understand is why First Direct don't want someone like me.. it was almost insulting.

I'm also starting to worry if there's something wrong that I don't know about.

The lady insisted that I didn't meet their criteria and that she couldn't tell me why.

lisyloo

Two things spring to mind.

Have you checked your credit reports recently?
If not get the statutory reports from Equifax, Experian and Call Credit.
I recommend the £2 reports rather than signing up for free trials which get complicated if they aren't cancelled on time.
There could simply be an error.

You could also try appealling.

bobwilson

Thanks, I asked to appeal but she said there was no option.

She said they don't take into account my credit score and that they use their own system for scoring.

I checked my credit rating recently and was told it was very high, but apparently First Direct don't take this into account? Hmm...

Thanks for the suggestion, I'm trying checking it with Experian now, but its giving this message:
"If you choose to stay as a member after your free 30 day trial your card will be charged a monthly membership fee of £14.99. "

I've looked everywhere, it looks like Experian don't offer the statutory £2 reports any more.

I'll try with Equifax.. edit: hmm... just tried, it looks like their online order form is down.

I'll try Call Credit...

Baldur

bobwilson wrote: »

Is there no option to just pay the one off £2 fee for a credit report any more? I've checked all over the website and can't find it..

See http://www.experian.co.uk/consumer/statutory-report.html

bobwilson

Here is the reply from my Call Credit Stat. credit report:

"Please Note: Unfortunately we have been unable to retrieve the product(s) you have requested based on the information you have supplied. Please verify the information you have entered below and, if appropriate, resubmit your application."

I checked all my info and it's all correct. Do I not exist?! Is this why I'm getting turned down?

Not having much luck today...

Baldur

bobwilson wrote: »

Here is the reply from my Call Credit Stat. credit report:

"Please Note: Unfortunately we have been unable to retrieve the product(s) you have requested based on the information you have supplied. Please verify the information you have entered below and, if appropriate, resubmit your application."

I checked all my info and it's all correct. Do I not exist?! Is this why I'm getting turned down?

Not having much luck today...

Have you tried the Experian link that I posted above?

lisyloo

it looks like Experian don't offer the statutory £2 reports any more.

Ha,Ha
Statutory means you are legally entitled to it. They HAVE to offer it.
Of course they can do their best to hide it on their website and highlight their more expensive services.

Yes it could be an issue if First Direct are unable to verify your identity.
Usually they ask for paperwork (driving licence, passport etc.) rather than turn you down flat.

AirlieBird

bobwilson wrote: »

I'm business owner, earn around £70k a year, have over £100k in instant access cash savings, never go in debt, my average current account balance is £7k, and I have a high credit rating. It's taken me a lifetime to reach this point and I'm trying to find the best place to bank with. What I can't understand is why First Direct don't want someone like me..

With all due respect but why would any bank want you? It doesn't sound like your very profitable to a bank.

You'll have a high credit rating with some financial insititutions and a low one with others. You don't have a single credit rating. Every financial institution has their own way of scoring you. If you don't meet their customer profile criteria you won't have a high credit rating.

bobwilson

Ok, this is infuriating.. I got the same error from Call Credit again:

"Please Note: Unfortunately we have been unable to retrieve the product(s) you have requested based on the information you have supplied. Please verify the information you have entered below and, if appropriate, resubmit your application. "

Lisyloo, I think you're right, they do try their best to hide it lol cheeky buggars.

Baldur, thanks for the direct link! I'll try the experian instant online report now, thanks.. good find!

Grr... I just paid for the Experian instant online credit report option and it returned this message:
"We are processing your application and your card has been debited. Subject to certain checks, your report will be posted within seven working days."

Trying to order an equifax.co.uk one again, it's giving this message:
"Due to a temporary error the request could not be serviced: Server Busy."

I'll keep trying the Call Credit one in the meantime.. is it me or do I seem to not be having much luck today? lol

I don't know, the fact I don't seem to exist anymore is a bit worrying!

bobwilson

AirlieBird wrote: »

With all due respect but why would any bank want you? It doesn't sound like your very profitable to a bank.

Interesting, I thought banks like people with lots of savings.. I thought they invest and that's how they make money.

Are you saying they prefer people who are in debt?

Svenena

I couldn't get the callcredit online form to work to get my stat. report. In the end, I printed off the paper one and sent it by post. Received the report within about a week.