Help with 2nd year student bank account

dashingcookie

I currently have a hsbc student bank account that I got in my first year and have had since last March. Basically hsbc also gave me a £1000 overdraft, but this runs out in June this year.
I have tried to extend the overdraft but it seems to be declined 'on my credit history' which sucks.
I wondered, co-op offer a guaranteed £1400 overdraft. Could i transfer the account to them? is this possible?

amiehall

Yeah you can move banks. If there is a problem with your credit history, the Co-op may reject you. If you are accepted for the account, you are guaranteed the full overdraft though. Do you have credit issues?

Fire_Fox

Have you checked your credit files with the three credit reference agencies and is everything in order/ no glaring errors? Are you on the electoral register at your current address, all payments on mobile contracts up to date, all bank accounts have correct addresses on, using the student account as your main or only current account? Switching banks every two minutes does not do your credit rating much good, banks prefer stability.

dashingcookie

As far as im aware my credit history is okay. I've tried signing up for the free trials for my credit file but it doesnt seem to go through..am guessing because every year of my course i've changed address perhaps..

Fire_Fox

dashingcookie wrote: »

As far as im aware my credit history is okay. I've tried signing up for the free trials for my credit file but it doesnt seem to go through..am guessing because every year of my course i've changed address perhaps..

As far as I am aware is no use, check and resolve any issues! You can pay a few quid to each credit reference agency, not quite as MSE as a free trial but still worth doing if you've been turned down for credit. For all you know someone has stolen your identity and run up a debt in your name.
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

vaytructuyen

The key feature of a student bank account – far outweighing any gimmicky freebies – will be the size of interest-free overdraft on offer.

This year, the most generous are from Halifax and HSBC, both of which are offering up to £3,000 interest-free and fee-free borrowing from year one compared with £1,000 at NatWest and Santander and £1,500 at Lloyds TSB, for example. Barclays is offering £2,000 interest free from year one. For those who feel such a high first-year limit might be too tempting for youngsters who have yet to learn to budget, other banks offer the alternative of a tiered system, with the level of interest-free borrowing increasing in later years.

NatWest, for example, has an interest-free limit of £1,000 in year one, with up to £500 in the first four months, rising to £750 in months five to eight, then up to £1,000 for the last three months. In year two, this rises to £1,250, to £1,500 in year three, £1,750 in year four and £2,000 in year five.

In comparison, Clydesdale and Yorkshire banks do not offer any interest-free overdraft facilities to students.