Bank refusing to give me student account due to supposed bad credit rating?!

missmitchmorgan

Please help someone!

I am a student at Reading University and applied for a basic account with Natwest in October, this got opened and when I asked them to change it to a student account I went into branch and she said it was all set up and working. Over the last months since then I have been fine money wise living from my savings and student grants now I need to use what I thought was my student overdraft facility to pay a deposit on a house very soon. I checked my accounts online to see that my account is NOT a student one, so went to my bank with the neccessary documents and asked them to see what was wrong with it and why it wasn't a student account. After a long an ardueous meeting they are telling me I am REFUSED a student account and overdraft due to my APPARENT BAD CREDIT RATING that she said I need to check online and get some of these supposed debts payed off. I would like to state I have never, ever had any store cards, loans, credit cards etc. ever before I checked online using Noddle and I have NO debts against my name whatsoever, and I am on the electrol roll, PLEASE HELP Me, NO IDEA WHAT TO DO NEXT I NEED MY OVERDRAFT FACILITY!

steve1980

Well, the best thing to do is to check your credit HISTORY.

Remember, the rating or score is just 3 random numbers.

opinions4u

Look at the Experian and Equifax web sites. Pay £2 to each for a copy of your credit report.

As for missed payments ... mobile phone contracts have a habit of creating confusion on a credit file.

money_grows

It might be worth while trying another bank?

What sort of overdraft limit are you looking for?

jonesMUFCforever

Why did you apply for a basic account at Nat West in October?
Surely that would have been the time to get a student account?

Have you got any other bank accounts and have you had any problems with any previous finance - mobile phone contracts spring to mind?

opinions4u

Some banks have been known to require a higher credit score to open a student account outside the Freshers period.

Derivative

I NEED MY OVERDRAFT FACILITY!

If you find that you need an overdraft to pay an entirely predictable home deposit then there are deeper problems than just credit rating.

I suggest you calm down, get the credit reports as stated, and see where to go from there. It may be that you don't have a 'bad' rating as such, you could have no credit history. I only had a mobile phone contract upon beginning University.

callum9999

Derivative wrote: »

If you find that you need an overdraft to pay an entirely predictable home deposit then there are deeper problems than just credit rating.

I suggest you calm down, get the credit reports as stated, and see where to go from there. It may be that you don't have a 'bad' rating as such, you could have no credit history. I only had a mobile phone contract upon beginning University.

I think that's a bit judgemental. I regularly "need" to use my overdraft to pay rent etc. - but I'm always aware of what money I'll be getting in the future and what money I need to pay out. As such, I've never been stuck or in risk of default etc.

Especially as this is a deposit. I.e. they will get the money back while they are still a student or shortly after, so will still have the 0% overdraft (if they ever get it!) and theoretically there should be no issue with it getting paid back.

chanz4

Problem is once you have a basic account with nattiest your have a do not lend type of flag, I had this issue when I had a basic one for bills and myn a current plus nattiest wouldn't give me anything. Opened rbs account get what ever I want 16.9% credit card, o/d loans etc

notts_phil

You (the OP) seem to think you have some kind of right to this overdraft facility?

Ad derative said you may not have any credit history, But the fact you a student does not mean you are any more likely to get an overdraft as to someone of your age who works.....

missile

Try another bank.