Student Bank Account on Credit File?

OliverS

Hi,

Last year I took the advise from here to get a student account with a 0% intrest overdraft. I thought everything would be fine and it wouldn't affect me. However I am constantly being declined for things due to my credit score. So I have signed up to experian and looked through my files. I have noticed that the student bank account is showing on there and is the reason for the bad score.
My question is, should this be on there? As it is for students and is 0%.

Guifre

Hi OP. Bank accounts are something that appear on everyone's credit file. When you are assessed for credit, the main things taken into account are instances of borrowing (and whether you made the repayments on time), and attempts to gain credit.

Too many attempts to gain credit, and missed repayments on loans tend to be the biggest impact on your ability to get credit. Having little or no credit history can also be an issue as there's no 'good' history to go on either.

The student bank account entry is likely to be irrelevant. HOWEVER your status as a student could be the problem - I recently was refused credit in spite of an unblemished credit record. Only after the second refusal did someone admit to me that I was wasting my time as the credit company I was dealing with rejected students automatically.

Some credit companies might have rules on not lending to students, or not lending to people working fewer than (say) 16h per week.

Perhaps if you can offer a little more information, another member could give you some more detailed advice.

OliverS

Thanks for all the information.

My recent decline was for a phone contract which I have had one before.
I work as well as being a student.

I was wondering if I should contact experian and equifax to get them to remove it? As that is what is making me fail.

Helix

OliverS wrote: »

Thanks for all the information.

My recent decline was for a phone contract which I have had one before.
I work as well as being a student.

I was wondering if I should contact experian and equifax to get them to remove it? As that is what is making me fail.

You can't get them to remove it if the information isn't incorrect. Otherwise everyone would be taking out credit cards not paying them back and asking Experian to remove it because it was causing them to fail credit checks.

atypical

The student bank account shouldn't have any negative effect on your credit score. If anything, if the account is managed well it would likely increase the score versus if you had no history of credit without it.

OliverS

Helix wrote: »

You can't get them to remove it if the information isn't incorrect. Otherwise everyone would be taking out credit cards not paying them back and asking Experian to remove it because it was causing them to fail credit checks.

Yea I know they wouldn't be able to just remove stuff as people would do what you said!!
What I'm really asking is should it even be showing on there. Seeing as its a O% overdraft ad for students. I took advice from this site and thought it wouldn't effect my score as it said nothing about it on the guide. If I would have known it would have shown up I would have never opened the account so in short should it show up as I am using a lot of credit or not?