Rejected for a nationwide flexdirect account

chisypasta

Afternoon all.
Myself and my fianc! just applied for a flexdirect account to take advantage of thr 5% interest rate. We used the online 10 minute application form which asks forboth applicants address (3 years in one address for one and 2 addresses over 3 years for the other) and employers (both the same). It also asked yearly wage (£ 18000 each). It asked if I had a nationwide current account (no) and how long id held my current current account (6 years).

After a 5 second delay were informed that we couldn't be offered the account. We have just completed on our house move so we did apply for a mortgage this year abut that is the credit either of us have applied for in over a year and other than that we only have 3 credit cards between us with less than £100 actually spent.

As the credit check was so quick it makes me think that this information wasn't even checked and we were declined based on some of the information we provided directly.

Could somebody please speculate as to why we have been rejected. Our next step is going to be to view our experian credit reports and then apply elsewhere in a month or so. Just a bit frustrating as 5% apr is a great rate!

cifpower

no one knows but nationwide - ask them

chisypasta

Will nationwide know? I thought it was all top secret!?

Archi_Bald

They will know, though they might not tell you.

Checking your credit files will be a good idea. You can get a free check at https://www.noddle.co.uk/

Are you guys on the electoral roll at your current address?

You could try taking 2 forms of ID into a Nationwide Branch and apply for a FlexAccount, and internet access to it. Once you got the FlexAccount you can upgrade it to the FlexDirect. They'll obviously want you to switch all your banking to them - - you don't have to do that but be prepared to get asked lots of questions if you go for a face 2 face.

rb10

chisypasta wrote: »

As the credit check was so quick it makes me think that this information wasn't even checked and we were declined based on some of the information we provided directly.

It only takes them seconds to check your credit history - it's all automated.

It would be worthwhile for you to ensure that everything on it is correct.

Archi_Bald wrote: »

You could try taking 2 forms of ID into a Nationwide Branch and apply for a FlexAccount, and internet access to it. Once you got the FlexAccount you can upgrade it to the FlexDirect. They'll obviously want you to switch all your banking to them - - you don't have to do that but be prepared to get asked lots of questions if you go for a face 2 face.

I would be very surprised if the credit scoring requirements were lower for the FlexAccount than FlexDirect - so I doubt this'll work.

If everything's ok on your credit report, I'd suggest trying again in 6 months.

Archi_Bald

rb10 wrote: »

I would be very surprised if the credit scoring requirements were lower for the FlexAccount than FlexDirect - so I doubt this'll work.

I wasn't mean to suggest they are - - just that it might be easier in this case to apply in person than online. Since you can't open the FlexDirect in Branch, I suggested applying for a FlexAccount.

LeeSouthEast

Archi_Bald wrote: »

Are you guys on the electoral roll at your current address?

^^^^^ This.

chisypasta

Yes we both on the electrol roll at our current address. Have been for as long as we've lived here. We've both used credit cards for a while to increase our credit score and we were accepted for a great mortgage rate 4/5 months ago. I expect it's probably the mortgage that's holding us back.

We'll give the credit reports a check. I can't see the sense in banks rejecting people, especially those with a decent income but each to there own. If we're still interested in 6 months then we'll apply again. For now we'll have to look for a basic account with a good interest rate... any suggestions?

rb10

Archi_Bald wrote: »

I wasn't mean to suggest they are - - just that it might be easier in this case to apply in person than online. Since you can't open the FlexDirect in Branch, I suggested applying for a FlexAccount.

No, you can open the FlexDirect in branch.

But I doubt the credit scoring requirements are lower in branch than online, so I'm still not sure what this would achieve.

typistretired

The Nationwide only guarantees to pay interest up to £2,500 on one account. Some of us are receiving interest on all our accounts but it could stop at anytime. Have you looked at Lloyds Classic Vantage, Bank of Scotland Classic Vantage or TSB Classic Enhance which all pay 3% gross interest on up to £5,000 and you can have 3 of each.

Why don't you try to apply for the Nationwide Flexdirect as a sole account in the name of the person who has the longest residency, current account record?