in limbo. closed old student accoutn then denied a new one due to bad credit rating.

wookiedai

Hi folks my name is Dai I'm a 26 year old mature student. I've run into some difficulties firstly with my original bank (barclays) and the opening of a new account (co-op).
barclays would not give me a student overdraft due to my poor credit rating so i shopped around for a better deal. came upon this site and saw that co-operative were offering a good deal with £1400 interest free on student account overdrafts if the account were activated with a minimum of £350. I applied online and once i received paperwork i filled it in with all relevant documents to prove i was a student and my funding for the year and posted them back. with that ball rolling i proceeded to close my old account with barclays and have the money from that account ready to credit into the co-operative account thus hopefully giving me access to the overdraft and me being able to pay me rent this term. sadly i have received a letter back from the co-op saying my credit score is poor, so poor in fact that cannot offer me the account at all. rent is now overdue and i'm sat with the necessary funds to open something but what?

the final twist in the tale is that i've been underpaid my funding this term by student finance wales after confusion with my entitlement last term saw me overpaid by a few hundred pounds. i've kept this money available (for a a rainy day) but it still leaves me well short of my target amount to pay rent.

any help or possible ideas that could help would be most greatly appreciated.

Voyager2002

Open a 'basic' bank account such as the NatWest STEP account. You won't get an overdraft, but at least it offers the essential banking functions. And since your record demonstrates that you are not very good at handling credit, you are better off without it for the moment.

For your rent: get in touch, and if necessary arrange to pay in cash or perhaps pay cash into their bank account (they will tell you how).

wookiedai

thanks will try santander just to see what they say if not it'll be on the hunt for the best basic account. i could pay one months rent with what i'm holding now so will contact them about it.

rozmister

Santander are an absolutely horrific bank to bank with and I wouldn't wish a student account with them on my worst enemy. Have been with them for a year and a half and have unresolved problems now that begun the day I opened the account! They're incompetent, lose your paperwork and mess stuff up all the time. It's so bad they have GIVEN ME MONEY (now totally over £100) numerous times as an apology but never sorted the problem.