Savings account with poor credit rating

innovate

This does sound to me like an ID problem. Did you actually check your credit files, are they ok? Just a small difference in e.g. your address can throw an exception and rejection.

danthemoneysavingman

Indeed, opening a savings account only requires anti-money-laundering checks (which is done at the credit bureaux). So will be ID related.

Dragonista

My partner has also been turned down for savings due to poor credit. Sad and strange but true. It is not an ID problem. OP, I can't help you, but I wish you luck!

innovate

Dragonista wrote: »

My partner has also been turned down for savings due to poor credit.

Which bank/BS? What account? What do you mean by "poor credit"? How do you know what the reason for the rejection is - - banks/BSs do not tell people the exact reason for rejection?

It just makes no sense that there should be a full credit check for a savings account. Discrepancies between data used in the application and date on the credit file and/or the ER, yes. A CIFAS marker, possibly yes. But not because their history of managing credit, no.

LotsaLuck

The rejection letters I had from the Co-op and from the second company both stated that I was being rejected based on the information held about me at a credit reference agency (both stated Experian). Over the last few months, I have checked, on a regular basis, the information held with the 3 major credit reference agencies and with Noddle - I'm fully aware of all the info held on me and it's all correct, I'm on the electoral role, doing my best to improve the situation (ie. I am confident that there are no 'small' mistakes). I can't see any other reason other than my poor credit score based on my previous poor performance! Just letting you know, as it seems a common expectation that there is no credit check for a savings account, but there seems to be lots of cases where it seems that there is no other reason to be declined..

markwilkinson

I have to say I'm very surprised and a bit bemused by this. Sainsburys are notoriously strict when it comes to lending/credit checking and yet they have accepted when two other institutions, including your own bank, have rejected you. Doesn't make much sense.

Still, at least your set up with a savings account now!