Any ideas why I have been declined a Natwest overdraft? (Now accepted!)

jen245

Because all banks get them. Its not a search, so wouldnt show up as a search. Its a possibility that they let you keep your account due to the way you managed it.

chambta

If Natwest are aware of the IVA regardless of your credit file then the overdraft may never materialise.

notmyrealusername

chambta wrote: »

If Natwest are aware of the IVA regardless of your credit file then the overdraft may never materialise.

Thanks, as I said before I do fully appreciate that Natwest have every right to choose who they do and don't lend to but I would have thought that six years of running my current account impeccably with a 30k a year salary would have been taken into account when assessing my application, especially considering the IVA isn't even on my credit file anymore and was completed three years ago.

I'm wondering whether to think about switching current accounts to another bank so that I can build up a financial history with them in readiness for a mortgage application in around 3 years time. I know I have to disclose the past IVA on a mortgage application but if I had a financial history, including credit facilities (eg small overdraft and small credit card), with another bank I guess that can only help?

I don't anticipate opening a new current account elsewhere would be a problem as my credit file is now squeaky clean and a new bank wouldn't have access to my past 'credit feeds'.

chambta

I don't think these things are scientific. I've had customers with previous IVAs and even bankruptcy that I've done loans and mortgages for down the line. On other occasions accounts get 'flagged' and that's pretty much it as far as lending internally is concerned.

notmyrealusername

chambta wrote: »

I don't think these things are scientific. I've had customers with previous IVAs and even bankruptcy that I've done loans and mortgages for down the line. On other occasions accounts get 'flagged' and that's pretty much it as far as lending internally is concerned.

Thanks, i'm presuming you work for Natwest - if I was to ring up and ask would the customer services be able to tell me if the account was 'flagged' or is it a secret internal only grading?

stclair

notmyrealusername wrote: »

Thanks, i'm presuming you work for Natwest - if I was to ring up and ask would the customer services be able to tell me if the account was 'flagged' or is it a secret internal only grading?

The account sounds like it has a z marker aka a flag on it.

You could call lending tomorrow on 023 8022 6443 press option 2 then 2.

notmyrealusername

stclair wrote: »

The account sounds like it has a z marker aka a flag on it.

Hence me telling you to appeal via your branch and the details will get passed onto lending.

Thanks, can a Z marker be removed on the basis of a customer appeal? I don't even necessarily want the overdraft I would just like the flag or z marker removed if there is one!

The reason I wasn't considering appealing is a) I don't need an overdraft so no great incentive and b) I didn't want to start alerting Natwest to my IVA if they don't already know (although it seems unlikely now due to what people are saying about these credit feeds).


Would I have to make an appointment in branch, is it just a regular advisor I would need to speak to?

notmyrealusername

Rang today and the lady confirmed no Z marker on the account which I'm pleased about. Not fussed if Natwest think I can't afford to service a £500 overdraft, the main thing for me is that there's no marker so they probably aren't aware of the previous IVA.

dakkan

notmyrealusername wrote: »

Rang today and the lady confirmed no Z marker on the account which I'm pleased about. Not fussed if Natwest think I can't afford to service a £500 overdraft, the main thing for me is that there's no marker so they probably aren't aware of the previous IVA.

I think people here are misleading you about Z marker and other comments.
Although you have been earning £30K and have clear credit record after IVA, its necessary that you run your bank account (Natwest) well to get credit based facilities.
Have you had any returned DD's , standing orders etc recently with Natwest? Have you been paying your wages into the same bank ? Have you got any savings with natwest? Do you maintain good balance with them?

If you can answer yes to above questions, then you have great chance of getting overdraft.

From my experience, checking credit report/score will only waste you time and money.

Good luck

notmyrealusername

dakkan wrote: »

I think people here are misleading you about Z marker and other comments.
Although you have been earning £30K and have clear credit record after IVA, its necessary that you run your bank account (Natwest) well to get credit based facilities.
Have you had any returned DD's , standing orders etc recently with Natwest? Have you been paying your wages into the same bank ? Have you got any savings with natwest? Do you maintain good balance with them?

If you can answer yes to above questions, then you have great chance of getting overdraft.

From my experience, checking credit report/score will only waste you time and money.

Good luck

Thanks for your input. To answer a few Q's...

I've been with Natwest for 6 years, have never gone a penny overdrawn and never had a returned DD or refused transaction. My wages have always been paid into this account since day one I have a Natwest e-savings account but it only ever has a few hundred pounds in as I save elsewhere. I do normally run the account down to nearly empty each month as I normally transfer £500 to my non-Natwest savings.

I've checked my credit report since being declined and Natwest haven't checked my credit file so can only summise they have past knowledge of the IVA or they didn't like the info on their monthly credit feeds.