student accounts for bad credit history

burrlieve

i have been like many uneducated people in there teens and completely ruined my credit rating. ive turned 25 and got my educational life back.. im heading to university and now ready to sort out my financial mess with student accounts etc... ( its not really a mess)

however im unsure wether to just keep my current account or try to get a student account... i have never been able to obtain credit and im not going to ask wether the acc is credit checked as that is clearly obvious.

would i still be able to obtaina overdraft facility.

needless to say i regret making stupid mistakes when i was younger however you live learn and pay the price for it.

is there any other students out there who have made the same mistakes and what did you do ? many thanks


matt

rozmister

burrlieve wrote: »

i have been like many uneducated people in there teens and completely ruined my credit rating. ive turned 25 and got my educational life back.. im heading to university and now ready to sort out my financial mess with student accounts etc... ( its not really a mess)

however im unsure wether to just keep my current account or try to get a student account... i have never been able to obtain credit and im not going to ask wether the acc is credit checked as that is clearly obvious.

would i still be able to obtaina overdraft facility.

needless to say i regret making stupid mistakes when i was younger however you live learn and pay the price for it.

is there any other students out there who have made the same mistakes and what did you do ? many thanks


matt

Some banks credit check, some clearly don't because they let people take out multiple student overdrafts despite the fact that if they did an indepth credit check they would see that that person has an overdraft facility with another bank already.

Halifax definitely credit check, they always have. I am unsure about other banks these days because I haven't applied for years. Whatever you do do not take a student account with Santander - if your credit rating is bad already you can guarantee that they will finish it off through their incompetence and failure to manage the accounts people hold with them.

burrlieve

rozmister wrote: »

Halifax definitely credit check, they always have. I am unsure about other banks these days because I haven't applied for years. Whatever you do do not take a student account with Santander - if your credit rating is bad already you can guarantee that they will finish it off through their incompetence and failure to manage the accounts people hold with them.

so pretty much ... santander is to be avoided and they would give me what i require... despite my history im very good at managing my monies and dont intend to ever make the same mistakes.... given my circumstances im willing and needing to take calculated risks... halifax does sound like the better option as id rather the customer satisfaction and needs must....

thank u .. and apologies if i have misinterpreted your reply

TheEffect

Student Accounts are a credit product and therefore are usually always credit checked. All the major banks will credit check you when opening a new student account.

While the criteria for a student account and overdraft is usually lower than a standard current account/overdraft (due to many students not having a credit history), it's still a credit product and will therefore decline you if you have a bad credit history.

Best thing to do is go to your bank you currently use and enquire. While they're more than likely credit check you to switch your account to a student account, they'll have an internal score for you and it may be beneficial.

rozmister

burrlieve wrote: »

so pretty much ... santander is to be avoided and they would give me what i require... despite my history im very good at managing my monies and dont intend to ever make the same mistakes.... given my circumstances im willing and needing to take calculated risks... halifax does sound like the better option as id rather the customer satisfaction and needs must....

thank u .. and apologies if i have misinterpreted your reply

All banks except Halifax will probably give you a student overdraft. I didn't mismanage my money to have problems with Santander, it wasn't overdraft charges or anything like that. They lost a series of documents I submitted to them (with all my personal details on), they changed my account to a graduate account before I graduated and told the Financial Ombudsman they'd converted it back to a student account close my case with them when they hadn't, they promised £100 to take an account with them and didn't give me it, etc etc. I had to call the Ombudsman about them twice, they lost all my documents and only when the Ombudsman were a few days away from taking over the case did they miraculously find the required document where it had been all along...at their Head Office for 3 years despite them telling me it wasn't and making me resubmit a new copy of the document (each time having to request my university generated a new one as they wouldn't take a copy of the last) three times for them to lose it each time. They're a shambles of a bank that couldn't organise a !!!! up in a brewery! So if you're happy to have your data lost, be lied to numerous times, have to deal with the Financial Ombudsman repeatedly because they won't sort things out and fancy spending about 40+ hours calling them up on an 0845 number then choose them as your bank.

If I was you however I'd pick Lloyds TSB who to my knowledge also have lax credit checks but aren't utter tosspots.