Rejected from BoS Classic with Vantage

youtellme90

So - looking to aid in the art of money saving -

I opened a Nationwide FlexDirect 3 weeks ago, Lloyds Vantage 2 weeks ago. Filled in the application for TSB about 20 minutes ago - then when I filled in the Bank of Scotland form about 10 minutes ago, it rejected me?

Anything I should be worried about? Or being part of the same 'group' are they just being funny I've opened them in such quick succession?

Or is it the fact I said the account would be used for savings - therefore they're not making any money off me?

My free Noddle report isn't out for another 8 days so I can't see what's going on just yet.

moshoodo1

Opening multiple accounts in a short period is not good for your credit file as they are going to perform full search this may be the reason for rejection.

youtellme90

How long would you recommend I leave between applications?

YorkshireBoy

youtellme90 wrote: »

How long would you recommend I leave between applications?

How long is a piece of string?

I opened 3 BoS Vantage accounts and a Tesco credit card in February this year...in the space of a week.

I then opened 3 FlexDirect accounts 2 months later...again over just 5 days.

In your position I'd appeal the BoS rejection, and in doing so try to get an indication of why you were rejected. Maybe tell them that you possibly ticked the savings box by mistake, and that you intend using it to receive income and pay bills.

youtellme90

YorkshireBoy wrote: »

Maybe tell them that you possibly ticked the savings box by mistake, and that you intend using it to receive income and pay bills.

Even though I wouldn't be?

YorkshireBoy wrote: »

I opened 3 BoS Vantage accounts and a Tesco credit card in February this year...in the space of a week.

I then opened 3 FlexDirect accounts 2 months later...again over just 5 days.

Is days better than minutes though? Or shouldn't it matter? I suppose there's no harm in appealing?

Hominu

YorkshireBoy wrote: »

HMaybe tell them that you possibly ticked the savings box by mistake, and that you intend using it to receive income and pay bills.

I'd advise against committing fraud.

YorkshireBoy

Hominu wrote: »

I'd advise against committing fraud.

I wasn't suggesting OP commits fraud!

Since he'll have to pay in £1K per month (to receive the 3% AER interest) he will satisfy the first point. And a couple of bill payments (ie to shift out the £1K if/when he reaches £5K) or SOs will satisfy the second.

Where's the fraud?

pmduk

youtellme90 wrote: »

Is days better than minutes though? Or shouldn't it matter? I suppose there's no harm in appealing?

Usually the longer the better, so days rather than minutes. People opening multiple account will usually only use one account as main. Account cost money to maintain so banks may frown on unused accounts. I suspect months are even better than days

youtellme90

pmduk wrote: »

Usually the longer the better, so days rather than minutes. People opening multiple account will usually only use one account as main. Account cost money to maintain so banks may frown on unused accounts. I suspect months are even better than days

My main worry is it looking bad on my credit report - I can survive on 1.5% interest elsewhere if I have no other choice, but in about 12 months I fear I'll be applying for a mortgage and it'll go against me.

pmduk

Generally too many searches can be seen as someone anxious for credit. However whether bank account applications would affect a mortgage is beyond me. Hopefully someone with more knowledge than me will be along to advise.

Hominu

youtellme90 wrote: »

My main worry is it looking bad on my credit report - I can survive on 1.5% interest elsewhere if I have no other choice, but in about 12 months I fear I'll be applying for a mortgage and it'll go against me.

I don't know whats possible, but personally I make sure I don't apply for any more than 3 accounts within 3 months.