Declined for student bank accounts

ssswww

Hi,

I'm starting uni in a couple of weeks, and I'm being declined for all the good student bank accounts based on my credit score.

My credit record doesn't have much on it seen as I've only been 18 for a few months. The only negative mark is from a credit card,which I only took out because I was told I needed to build a credit score, where there's a late payment. This is because of an ongoing dispute between me and bloody Vanquis rather than straight up failure to pay. I've stopped using the card now and will be paying off the balance in full and closing the account, mostly because Vanquis don't know their !!!! from their elbow.

Is there anything I can do that will allow me to open a student account? I understand continually making applications will harm my score further.

melancholly

who have you applied to? some banks are a lot more picky than others in terms of giving out student accounts.

opinions4u

A late payment on credit held for 5 minutes doesn't look particularly good. I think you're going to struggle to get a full facililities bank account.

there's a late payment. This is because of an ongoing dispute between me and bloody Vanquis rather than straight up failure to pay

Did you choose not to pay because of a dispute (bad move) or is there something more to this?

A bit more information may help.

The only negative mark is from a credit card,which I only took out because I was told I needed to build a credit score

Does that mean that the Pay Day Loan you were 28 days late with doesn't show?

What happened with your bank charges and Santander?

Your posts on MSE don't really paint a picture of financial common sense.

ssswww

opinions4u wrote: »

A late payment on credit held for 5 minutes doesn't look particularly good. I think you're going to struggle to get a full facililities bank account.

Did you choose not to pay because of a dispute (bad move) or is there something more to this?

A bit more information may help.

Does that mean that the Pay Day Loan you were 28 days late with doesn't show?

What happened with your bank charges and Santander?

Your posts on MSE don't really paint a picture of financial common sense.

The payday loan doesn't show. The only payday loan showing on my credit report is Wonga and that was settled on time. Also the Santander thing doesn't impact my credit report, there's no negative marks showing against me from them.

The only negative thing on my credit report is the late payment, and I suppose maybe outstanding balance, from a credit card.

izools

Look at it this way:

If you've got a late payment on a card you've had for two months - you're late 50% of the time. If I miss a payment, I'm late probably less than 1% of the time because I've held so many cards over so many years - the less history you have the more being late will impact you.

You need to pay off your overdue amount and keep the account open - but paid up to date each time to show other creditors you're worh your salt

KingElvis

Also that Wonga loan will make you look like you're poor at budgeting and have to resort to desperate measures.

I think you've not been accepted for those accounts as the banks have taken one look at your record and run away screaming......

You have all the hallmarks of a financial meance...payday loans, bank charges, missed payments.