Cant get a current account ???????

aceades

Hi,

I have been with HSBC for years and alwalys found them awkard and annoying to deal with so wanted to swap bank accounts,

I have tried on several occasions to sign up for a new current account but i keep getting declined, can anyone tell me why ?

I feel i am a strong position and much stronger than i was years ago when i had no problem getting credit cards, loans and other accounts.

I earn 20k, live with parents and have no rent or major fixed outgoings, I have no credit at all out in my name.

Why on earth would they turn me down ? the only thing i can think of is that i am actually in my overdraft with them (HSBC) at the moment, would this have an effect.

Does anyone know of a way round this, idealy i would like to open a new account but not take my overdraft with me but leave it with HSBC and gradually pay it off (its just under £1000).

Should i just not mention i have an exitsing bank account and then just transfer my salary and direct debits manually ?

Is there something i am over looking or not doing correctly i am confused

Thanks

AE

Fedz

Hi AE

The banks are in a better position to advise why they refuse as this is based on individual criteria, by enlarge it's the external credit scoring.

It also depends which account status you're applying for.

If you apply for full current accounts, with cheque and guarantee card then they might refuse but, would accept you on a basic current account to start with.

You may also be linked to one or more people that share the same address and their credit history can and does sometimes effect yours.

I would always mention you have the HSBC account and that you've had it for 4 years as this shows 1) your not lieing if they can see it on any credit check and 2) you have account histrory.

Did you get in to trouble years ago with your credit as this can effect your credit score and stays on file for up to 6 years then falls off.

Basic bank accounts with debit cards and branch, phone and internet access are:
RBS/NatWest - Step account - Debit card: Solo (UK) and Maestro/Cirrus (UK/abroad).
The Co-operative bank - Cashminder account - Debit card: Visa (Electron).
Clydsdale/Yorkshire bank - Cashmaster account - Debit card: Maestro.

Other than that you need to see your credit file to have a look to see what the problem is

aceades

Hey, thanks for the reply - well i have been with HSBC over 10 years and i have had credit before but it has always been cleared in full.

how do i check my credit score or find out more about why they declined ?

newlywed

Have you tried an A&L premier account? If you have your wages paid in there I think they are more likely to accept you (you have to pay in at least £500 a month).

I had bad credit and applied online but asked for NO overdraft (didn't want my overdraft matched as I wanted it left where it is to pay off also) and NO Credit Card (due to bad credit didn't think I'd get that anyway). They accepted straight away. Got a cheque book and Visa debit card (not an electron card that not everyone accepts).

They appear to be fairly generous as you have to agree to pay in a minimum amount each month. Applying online is easy too and they email in a few days to say if you are accepted or not. It also comes with a linked savings account.

Only thing is, if you want to open an account in branch - you have to make an appointment - they refuse to let you open any accounts without an appointment :rolleyes:

rabbit_burrow

aceades wrote: »

Hi,

I have been with HSBC for years and alwalys found them awkard and annoying to deal with so wanted to swap bank accounts,

I have tried on several occasions to sign up for a new current account but i keep getting declined, can anyone tell me why ?

I feel i am a strong position and much stronger than i was years ago when i had no problem getting credit cards, loans and other accounts.

I earn 20k, live with parents and have no rent or major fixed outgoings, I have no credit at all out in my name.

Why on earth would they turn me down ? the only thing i can think of is that i am actually in my overdraft with them (HSBC) at the moment, would this have an effect.

Does anyone know of a way round this, idealy i would like to open a new account but not take my overdraft with me but leave it with HSBC and gradually pay it off (its just under £1000).

Should i just not mention i have an exitsing bank account and then just transfer my salary and direct debits manually ?

Is there something i am over looking or not doing correctly i am confused

Thanks

AE

It may not be this, but could be: you live with your parents, have no fixed outgoings and no credit in your name. I know it sounds silly, but all these things can actually go against you, as they can't see how you would manage your finances if things were to change.
It does seem strange that you can't even get a simple account without chequebook/overdraft though. Have you tried applying for a NatWest Step account (solo card, Direct Debits, Standing orders,no overdraft, no chequebook) ?

jla

i agree,try alliance and leicester and you will earn around 70.00 for refferal.

i have had lots of credit problems and got full account.

Fedz

aceades wrote: »

Hey, thanks for the reply - well i have been with HSBC over 10 years and i have had credit before but it has always been cleared in full.

how do i check my credit score or find out more about why they declined ?

Normally when an application is refused the applicant is advised by letter inc. reason(s).

The 2 biggest Credit Reference Agencies (CRA) are:
Equifax and Experian.

Both have free trials for access, to avoid been charged after the free trial, remember to cancel by the time the free trial ends

Hope this helps.

mleonard79

Hi Aceades,

I would also firstly suggest you have a look at your credit files just to check there isn't an error there.

Outside of that I do think that the fact you have had so little credit, live with parents etc is going against you. In saying that though my brother is in almost exactly the same position as you - he earns a good wage, lives with parents and has no credit to his name (and never has had) yet he got accepted without any problem by A&L for the Premier Direct Account. His problem has been trying to get a decent credit card. So I would also suggest you try A&L - but make sure you check the credit files first just in case as if there is a problem the last thing you need is another rejection to add to it.

Regards

Michelle

aceades

Hey All,

Thanks for all thge great comments, though infact it was the A&L account that i was rurned down for thgough i did ask for overdraft and a switch card (as thats what i have always used) so i dont know if i can change my options and get one.

As regards the cash account i really do need the debit card facility so that wont work

tbh, i have lived away form my parents for a about 5 years and come back and i have had a fair bit of credit in the past sereval credit cards loans etc but as i say all have been cleared in full.

I think i will try and check credit agencies, but have 1 more go at appyling first without the OD.

newlywed

If you have recently moved back, have you updated the Council so that you are on the electoral role? I know that can make a difference.

mleonard79

Hi Aceades,

If you have had so much credit in the past and no defaults of any kind then it is very puzzling that you've been turned down by A&L. I would check your credit files and, as Newlywed suggests, make sure you are on the electoral role at the correct address asap as you really shouldn't be getting turned down.

Regards

Michelle