Refused basic current account with RBS despite "Excellent" credit score.

rosevelvet

I have a credit score rating of 996, never been overdrawn, in debt, taken out a loan or credit card. It seems my credit rating is denying me from even applying for a current account.

Bit fed up, I know not having a previous history with credit card companies and the like essentially means that they don't know how I would behave but I have been a good customer for years. Maybe I should take my business elsewhere!

Chuddles

I'm wondering if it's something else thats caused the refusal as a basic current account doesn't include any credit in itself.
Maybe electoral roll or length of time with employer...?

Did you apply on-line? If so I'd suggest going in a branch and discussing why it was knocked back.

pmduk

The credit scores so beloved of credit reference agencies aren't worth the name. The only credit score worth anything is that of the institution you are applying to. They don't publish how they are calculated.

rosevelvet

pmduk wrote: »

The credit scores so beloved of credit reference agencies aren't worth the name. The only credit score worth anything is that of the institution you are applying to. They don't publish how they are calculated.

RBS told me to check my record score online on this site and print of the report. I basically doing as I'm told, but very confused as to why it shows my rating as being excellent in the site they told me to visit however when actually applying my credit rating does not qualify me for the basic current account.

As much as I love RBS for their convienence and great online banking, all this fuss over transfering from one current account to another is making me want to try my luck at other banks. Its almost like I have done something wrong, but I now my credit score is valid.

jen245

How do you know your credit score is valid, when you've never had any credit? This is your problem, total lack of credit history. It might be an idea to apply for one of the credit building credit cards such as Capital One or Barclaycard Initial, spend a little on each month, pay off in full, then try again in 6 months

pmduk

Perhaps there is something in their records they don't like.

rosevelvet

jen245 wrote: »

How do you know your credit score is valid, when you've never had any credit? This is your problem, total lack of credit history. It might be an idea to apply for one of the credit building credit cards such as Capital One or Barclaycard Initial, spend a little on each month, pay off in full, then try again in 6 months

I don't see why I should start applying for credit cards when financially they are not needed. The idea of being penalised for never having had a loan or credit card is wrong. Well that's my opinion.

jen245

rosevelvet wrote: »

I don't see why I should start applying for credit cards when financially they are not needed. The idea of being penalised for never having had a loan or credit card is wrong. Well that's my opinion.

A current account is a credit account, with access to overdraft facilities, etc. If you have never had any credit, how does the bank know that you are capable of managing such an account? You may not like it, but that's the way the bank looks at it. And credit cards, managed properly, are a very effective tool for building credit history, if for example, you ever want to apply for a mortgage you will need to be able to show you can handle credit.
I dont need a credit card but have one, purely for this purpose, I spend on it what I would normally spend on my debit card, and pay in full each month.

Lith

Must be something on 'your file' that there system doesn't like.

it is odd, maybe an old debt your not aware of?

And if this is an RBS branch in england, your wasting ya time, there getting sold to santander by xmas 2011.

jalexa

rosevelvet wrote: »

...As much as I love RBS for their convienence and great online banking, all this fuss over transfering from one current account to another is making me want to try my luck at other banks.

I'm slightly confused. Do you already have a current account with RBS?

If so, is this a 2nd account RBS current account you want, or an account upgrade in which case which particular feature is it that you want which you existing account doesn't provide?

In another post you referred to a "basic current account". Do you mean "basic bank account" (formerly referred to by RBS as "Key account")?
Or something else?

Lots of questions because there has to be an answer somewhere. It could easily be a misunderstanding in the application process, or perhaps something they don't like. For example earnings, which are not part of your credit score, but which might not meet eligibility requirements for the particular account you applied for.

If you feel able to provide more info, I'm sure you will get some suggestions on how to deal with this.

rosevelvet

jalexa wrote: »

I'm slightly confused. Do you already have a current account with RBS?

.

I have a revolve account but was wanting to apply for a select current account. It's the only account ive had.