Can we have a sticky about why the Experian/Equifax scores dont guarantee acceptance?

Alfies

It's all very well that our credit score stands between being granted credit or not granted credit which we apply for but for it to also be the stand between being accepted for a bank account without any overdraft facility and just a debit card so we are able to pay via Direct Debit for household bills or use instead of carrying cash in shops or to make a purchase online. Both of which require us to have the money in our bank account before being ableto spend it and which without the money being in our bank account we would not be able to do...absolutely no hint of credit whatsoever. Why do banks turn down applications for simple current bank accounts due to information held in our credit file when no application for credit has been requested but a request to open a bank account which we want to be able to pay household bills and have a debit card so that we can only spend what is held by our bank & if we have nothing in the account we can't spend anything untill we pay into the bank?. I realise that many people will say that it's my own fault for being turned down by banks but I can honestly say that I am not to blame due to my defaulting previous credit repayments but a series of unfortunate events such as being widowed & having no idea how to deal with the financial mess left for me to deal with as well as children to care for & no money at all as the life insurance my husband said he had...he hadn't.I'm not asking for special treatment just to be given a chance as everyone has...without a bank account I don't stand a chance in hell of ever managing to manage. Anyway that's my rant over with regarding unfair refusals I get to my requests to open a basic account, thank you for the info given in the posts above...for richer for poorer in sickness & in health I said I do Aarrghhhh

Alfies

I'd like to see a sticky here about why our credit score should be the thing standing between being accepted...for opening a simple, basic bank account with payments by Direct Debit & a debit card only...no sign of the credit word untill the bank refuses my application due to what is held on my credit file & I am told I should view my credit file, banks tell me to view my credit file yet most helpers offering support on this forum advise me to not bother as I'd be wasting time & money asking Experian, Equifax or Noodle to show me my credit file. At least now I know I wont be going nowhere any time soon, after all I'm already there. As for groundhog day being like posts by members on this topic I can say with hand on heart that groundhog day is like me applying for a basic account & this doesn't even come close!

matttye

Alfies wrote: »

It's all very well that our credit score stands between being granted credit or not granted credit which we apply for but for it to also be the stand between being accepted for a bank account without any overdraft facility and just a debit card so we are able to pay via Direct Debit for household bills or use instead of carrying cash in shops or to make a purchase online. Both of which require us to have the money in our bank account before being ableto spend it and which without the money being in our bank account we would not be able to do...absolutely no hint of credit whatsoever. Why do banks turn down applications for simple current bank accounts due to information held in our credit file when no application for credit has been requested but a request to open a bank account which we want to be able to pay household bills and have a debit card so that we can only spend what is held by our bank & if we have nothing in the account we can't spend anything untill we pay into the bank?. I realise that many people will say that it's my own fault for being turned down by banks but I can honestly say that I am not to blame due to my defaulting previous credit repayments but a series of unfortunate events such as being widowed & having no idea how to deal with the financial mess left for me to deal with as well as children to care for & no money at all as the life insurance my husband said he had...he hadn't.I'm not asking for special treatment just to be given a chance as everyone has...without a bank account I don't stand a chance in hell of ever managing to manage. Anyway that's my rant over with regarding unfair refusals I get to my requests to open a basic account, thank you for the info given in the posts above...for richer for poorer in sickness & in health I said I do Aarrghhhh

I haven't read your whole post (it's hard to read when you don't use paragraphs), but to answer your question about the current account.. Even if you don't have an arranged overdraft you can still go into an in unarranged one if you manage your money badly.

There is therefore still some risk to the bank.

BBColin

Alfies wrote: »

I'd like to see a sticky here about why our credit score should be the thing standing between being accepted...for opening a simple, basic bank account with payments by Direct Debit & a debit card only...no sign of the credit word untill the bank refuses my application due to what is held on my credit file & I am told I should view my credit file, banks tell me to view my credit file yet most helpers offering support on this forum advise me to not bother as I'd be wasting time & money asking Experian, Equifax or Noodle to show me my credit file. At least now I know I wont be going nowhere any time soon, after all I'm already there. As for groundhog day being like posts by members on this topic I can say with hand on heart that groundhog day is like me applying for a basic account & this doesn't even come close!

Hi,
As I understand that's NOT what's being said here.
What people are saying is spend £2 per agency (Equifax and Experian) on your statutory credit report, plus sign up for Noddle/Call Credit's free service and check your report yourself for problems.
They're saying that the "value added" expensive services actually aren't really worth it - because the score they give you only has meaning to the agency and doesn't go outside.
I realise this doesn't help you open a bank account. But being turned down for even a basic account suggests some fairly substantial issues on your credit report. Once you have them you can start another thread and lots of people here will highlight what the key issues may be.

BBColin

GingerFurball wrote: »

'Credit Bureau Data' is a decline reason. It means that there's some sort of information on one or more of your credit files which means that Halifax won't lend to you.

I just wish they'd be specific!
I certainly can't find anything wrong, and can't really pinpoint what the issue might be.
Call Credit/Noddle's suggestions of what it might be seem like terribly small beer to me.
I don't actually NEED the credit - so its not a big deal in that sense - but being turned down makes you worried you've missed something.
Hence wasting (as it turns out) my money on CreditExpert and Noddle.

The_Boss

Bumping this

Thrugelmir

BBColin wrote: »

I just wish they'd be specific!

Could be a combination of factors not one single one.

So simply a question of not matching the lenders requirements. In terms of their target market.