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

jen245

You can't change/upgrade a Basic account to a student account. You would have had to apply for a brand new account, and the fact that you have a Basic account, means no lending, at all. So no overdrafts, etc.
There are plenty of other banks out there you can try

notts_phil

I would as previously advised get all 3 copies of your credit file and then have a meeting with the same women and ask her to point out your debts she claims you have.....

WhiteHorse

missmitchmorgan wrote: »

... she said I need to check online and get some of these supposed debts payed off.

So these entries are bogus?

You need to hit them with a SAR (Subject Access Request) under the Data Protection Act 1998 to see what they hold on you. In the meantime, get a statutory credit report on yourself from Experian and/or the other agencies. These cost £2.

Derivative

callum9999 wrote: »

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.

I suspect that what you mean here is that you 'use' the overdraft rather than 'needing' it though. I dip into my overdraft now and again, but that's only because I use it as a substitute for a cash buffer (as it's 0%).

My view is that if you don't have enough available in readily accessible savings to cover basics like rent, you are in a precarious position. If the overdraft gets called in, congratulations, you're paying £££ in interest and fees.

And yes, that includes "paying rent on the 1st, getting paid on the 7th". There are very very few people that couldn't save £1000 for these sorts of situations. Just takes a bit of discipline.

callum9999

Derivative wrote: »

I suspect that what you mean here is that you 'use' the overdraft rather than 'needing' it though. I dip into my overdraft now and again, but that's only because I use it as a substitute for a cash buffer (as it's 0%).

My view is that if you don't have enough available in readily accessible savings to cover basics like rent, you are in a precarious position. If the overdraft gets called in, congratulations, you're paying £££ in interest and fees.

And yes, that includes "paying rent on the 1st, getting paid on the 7th". There are very very few people that couldn't save £1000 for these sorts of situations. Just takes a bit of discipline.

No, I need it (I willingly put myself in that situation as I know it's there, but it's still a "need" none-the-less).

Of course I could save £1000 if I want to, but I don't. It has nothing to do with "discipline" but practicality. I could save £10,000 if I wanted to "just in case" but I see no need to.

The overdraft won't get called in - of course they reserve the right to, but it's verging on paranoia if you're expecting them to do so at short notice.

Derivative

callum9999 wrote: »

The overdraft won't get called in - of course they reserve the right to, but it's verging on paranoia if you're expecting them to do so at short notice.

It can and does, just have a browse over these forums.

No, I need it (I willingly put myself in that situation as I know it's there, but it's still a "need" none-the-less).

Of course I could save £1000 if I want to, but I don't. It has nothing to do with "discipline" but practicality. I could save £10,000 if I wanted to "just in case" but I see no need to.

So you keep negative cash reserves?
I suspect you don't have many outgoings then.

I don't see how it is practical to put yourself in a situation which means that you have to loan money whenever unexpected expenses come up.

callum9999

Derivative wrote: »

It can and does, just have a browse over these forums.

So you keep negative cash reserves?
I suspect you don't have many outgoings then.

I don't see how it is practical to put yourself in a situation which means that you have to loan money whenever unexpected expenses come up.

There is really no point in arguing with you as I have a far greater knowledge on my finances and how they'd cope with "unexpected expenses" than you do. I'll just leave it at my original point - relying on the use of your student overdraft(s) can be a perfectly valid strategy.

Derivative

callum9999 wrote: »

There is really no point in arguing with you as I have a far greater knowledge on my finances and how they'd cope with "unexpected expenses" than you do. I'll just leave it at my original point - relying on the use of your student overdraft(s) can be a perfectly valid strategy.

Fine, but the point remains that you've modified your way of living to utilize the student overdraft.

That means you don't need it as OP stated.

It's not something that is impossible to work around.

notts_phil

I dont understand why students think they are even entitled to one!

they seem to be under the impression that its a right!

Derivative

notts_phil wrote: »

I dont understand why students think they are even entitled to one!

they seem to be under the impression that its a right!

Excellent marketing scheme by the banks really.
I see a lot of fellow students that seem to think because they're taking out loans anyway, that they 'might as well' take on commercial debt.

Or that when their grant payment comes in at the beginning of term, it's time to booze it up.

When the interest free period ends I'm sure the banks make a killing from loyalty.