Need to open a student acc w/ bad credit

PatrickStar

Hello everyone

I'm halfway through my third year of a four year uni course, and I've never got round to opening a student account. Don't ask me why I was stupid enough to do this, as I have no idea, but it had only started to become an issue this year.

I am in a fair amount of credit card debt because I messed up some calculations while budgeting, and I am now struggling to pay it off.

I thought maybe the best thing to do would be to transfer it to a 0% card and pay off the minimum each month, but when I used Martin's checker it said I had a 0% chance of being accepted by them, and only a 50% chance of being accepted by the ones specifically for people with bad credit. I also tried to open a store card last week to get the 10% off (I would have paid it back immediately) but I got rejected.

I just checked on Experian and my rating is 'fair'. Could this be why I'm having problems??

TL;DR: Finally, to get to my point, if I try to open a student account now will I get rejected? I don't want another rejection on my credit file!

Thank you!!

kirkbyinfurnesslad_2

Go for a basic building society account instead

grumbler

kirkbyinfurnesslad wrote: »

Go for a basic building society account instead

I think the only reason for wanting a student account is a free overdfraft

PatrickStar wrote: »

I also tried to open a store card last week to get the 10% off (I would have paid it back immediately) but I got rejected.

A bad sign as store cards are usually the easiest to get.

I just checked on Experian and my rating is 'fair'. Could this be why I'm having problems??

This 'fair' is pretty much meaningless.

I don't want another rejection on my credit file!

Only the related credit search is recorded - without any result of the application.

PatrickStar

grumbler wrote: »

This 'fair' is pretty much meaningless.
Only the related credit search is recorded - without any result of the application.

Thanks for your help. My credit rating is 827 - does this mean anything?

I am a bit confused about the last bit you wrote. If I am denied by the bank, will this not lower my credit score further? So if I keep applying for accounts it will get continuously lower? I'm not sure if I should risk making my rating lower?

I'm not clear on how the whole thing works.

chambta

PatrickStar wrote: »

Thanks for your help. My credit rating is 827 - does this mean anything?

I am a bit confused about the last bit you wrote. If I am denied by the bank, will this not lower my credit score further? So if I keep applying for accounts it will get continuously lower? I'm not sure if I should risk making my rating lower?

I'm not clear on how the whole thing works.

The number is pretty much meaningless. They have a service to sell but do not lend money to anyone.

You have no 'credit score' - any application you made is assessed against that company's own scorecard on that day and a result of 'accept' or 'decline' generated.

As the number of previous credit checks done over a set period is generally one of the criteria considered multiple credit applications can be looked upon negatively as it suggests desperation and/or declines elsewhere.

PatrickStar

Oh I understand now! Thanks!

Any thoughts on whether or not it's a good idea for me to apply or not?

BonkersBonkers

What does your existing bank say about letting you have a student account?
If they refuse you will probably not get one as they probably won't believe that you don't already hold one somewhere.

PatrickStar

BonkersBonkers wrote: »

What does your existing bank say about letting you have a student account?
If they refuse you will probably not get one as they probably won't believe that you don't already hold one somewhere.

I'm with Nationwide who do not offer student accounts

CLAPTON

what exactly do your credit files say?
missed payments?
electoral roll?

BonkersBonkers

PatrickStar wrote: »

I'm with Nationwide who do not offer student accounts

Unless you pass the credit checks and can confirm your course by having your UCAS paperwork, then it will be a non starter.

PatrickStar

CLAPTON wrote: »

what exactly do your credit files say?
missed payments?
electoral roll?

I have 5 late credit card payments in the past 24 months (I am a moron). I am on the electoral roll. I also have several searches on there - mostly insurance which apparently don't count, but the store card has just shown up today and dragged my score down even further.