Why's opening a current account such a big deal?

Jarlawuk

Beate wrote:

Apparently, it can depend on what mood the bank manager is in that day whether you get an account or not!

Credit decisions are made based on the details inputted to head office and not by the bank manager.

Beate

So why do some people get an account from one bank branch while they have been rejected by the same bank but different branch on the same day? Trust me, it does happen.

oldwiring

Surely it depends on whether manager has some discretion. Discretion works both ways.

jswaminathanuk

Beate wrote:

So why do some people get an account from one bank branch while they have been rejected by the same bank but different branch on the same day? Trust me, it does happen.

For any credit banks refer to credit search agency
they send the credit score(which you will never find in your credit report pay another 16£ just to get the score)
and then based on you score they make the decision
for exapmle
if you score
7+ out of 10 go ahead
less than out of 10 decline
in between is refer to underwriters.
now this is just an example.
now with underwriters they get certain guidlines
what is the target (it could depend on branch / age group / proffession etc)
and sometime as it happens they are human they just decide on your file.
if you are onm margin and the person is in good mood your application can be passed.
the accept / refer / decline score is set differently for differenet vendor and perhaps change regularly as per their business need.
Most of the applicayion goes to refer.
Hope this help
I just tried to give you answer from very top level those who works on finance line can give better idea on how it works
Cheers
Swami

khurammm

poochel wrote:

Auslaender I'm sorry to hear of your troubles. All I can say is don't go to Nationwide. My boyfriend is Australian and when he first came over here he signed up with them as that's who I was with. He has been here over a year now and they still won't give him a debit card, only a cash card. Whenever he calls up their customer services they tell him he is eligible for one but that he has to go into the bank. So he goes into the bank and they tell him he is not eligible. a real case of 'computer says naaaaah'. Apparently they have 2 different but concurrent systems running. So he calls up demanding to know why he can't get a debit card and they tell him it's because of the relationship he has with the bank (or some nonsense), he asks them to confirm how much money he has in his current account, they answer er, £30k, he goes what more of a relationship do you need. They tell him that's not the point and maybe the only way to get a debit card from them is to open up another current account as 'that might get round the system'. Wonderful.

And yet I had an electron card when I was 16 and not even working! Really makes you wonder doesn't it.

Yes nationwide is really strict regarding its debit card. But one good thing with them is that they report to the credit reference agencies on monthly basis about your account conduct. So if you want to improve your credit rating its good to get a Flex account with cash card as a secondary account and put some money in it monthly.

PC-plonk

try nat west, they rarely turn anyone down.
i have a terrible credit history and obtained a debit card with ease,
however barclays can go suck donkeys love muscle.