Is a credit check required for Santander 123 account?

ralphy

Hi

I've been with Halifax for nearly 20 years and am interested in trying the Santander 123 current account but wanted to know if i will be credit checked when applying for this account?

I don't have the best credit rating and I know if i applied and they did a credit search i'd be rejected, so if this is the case i'm not going to bother applying for the Santander 123 account.

Any advice would be great, thanks.

Cornucopia

It's a current account, so basically, yes.

If you have other accounts with Santander already, then maybe not.

TBH, it's not an account to "try". To get the benefits there are 3 main qualifying criteria, which all need to be in place:-

- Minimum £1000 balance
- Minimum £500 monthly credit
- 2 Direct debits

_Andy_

ralphy wrote: »

Hi

I've been with Halifax for nearly 20 years and am interested in trying the Santander 123 current account but wanted to know if i will be credit checked when applying for this account?

I don't have the best credit rating and I know if i applied and they did a credit search i'd be rejected, so if this is the case i'm not going to bother applying for the Santander 123 account.

Any advice would be great, thanks.

Have you rung them and asked?

ralphy

_Andy_ wrote: »

Have you rung them and asked?

No haven't called them, i suppose i should.

I qualify for the criteria for the account so thats not a problem its just the credit check i'm concerned about.

BugsyBrowne

ralphy wrote: »

No haven't called them, i suppose i should.

I qualify for the criteria for the account so thats not a problem its just the credit check i'm concerned about.

Most people qualify for the criteria,its whats on your credit report the most important thing.

Anthorn

Yes they perform a search on Experian and Equifax.

For "guaranteed acceptance" offers for existing customers when logging into online banking or in the offers section, read "almost guaranteed acceptantance". Typically they will make an offer based on how the account has been operated but will credit search at the last minute before final approval.

innovate

Cornucopia wrote: »

To get the benefits there are 3 main qualifying criteria, which all need to be in place:-

- Minimum £1000 balance
- Minimum £500 monthly credit
- 2 Direct debits

The only thing that happens if your balance is below £1K (and not below £0) is that you do not get paid interest. You still get the DD cashback. Therefore, moving all qualifying cashbacks should be a priority.

dr_adidas01

Simple answer is yes you will get credit checked, just like you would for opening most other type of Bank accounts.

dalesrider

ralphy wrote: »

No haven't called them, i suppose i should.

I qualify for the criteria for the account so thats not a problem its just the credit check i'm concerned about.

Just go for it.

If it rejects what have you got to worry about.

212

As others have said, unfortunately yes.

I keep getting rejected for that and the cashback card. Strangely, I've been accepted (the day after my 123 rejection) for a bog standard current account - so I think it's quite obvious it's to do with profit rather than risk... shock!

I've applied for the card again anyway and it got referred - if they decline I might write in and moan. Only got the normal c/a to make another active account on my credit file though (at least 18 months til I apply for a mortgage, probably longer, so thought it couldn't hurt to open up a few more now), so may keep quiet or they may revoke that from me!

Anthorn

212 wrote: »

As others have said, unfortunately yes.

I keep getting rejected for that and the cashback card. Strangely, I've been accepted (the day after my 123 rejection) for a bog standard current account - so I think it's quite obvious it's to do with profit rather than risk... shock!

I've applied for the card again anyway and it got referred - if they decline I might write in and moan. Only got the normal c/a to make another active account on my credit file though (at least 18 months til I apply for a mortgage, probably longer, so thought it couldn't hurt to open up a few more now), so may keep quiet or they may revoke that from me!

Par for the course with Santander who have inherited the same processes from Alliance & Leicester who inherited them from Girobank PLC. Personally, I think there is a strong possibility that their decisions are based on one's inside leg measurement!