Need to open a student acc w/ bad credit

PatrickStar
PatrickStar Posts: 45 Forumite
edited 28 December 2013 at 7:23PM in Budgeting & bank accounts
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!!
Goals
Credit Card - £500/ £1500
[STRIKE]
Overdraft - £600 / £600
[/STRIKE]
[STRIKE]
Other Debt - £335 / £335
[/STRIKE]
«1

Comments

  • Go for a basic building society account instead
    Proud to be a member of the Anti Enforcement Hobbyist Gang.:D:T
  • grumbler
    grumbler Posts: 58,629
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    Go for a basic building society account instead
    I think the only reason for wanting a student account is a free overdfraft
    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.
  • 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.
    Goals
    Credit Card - £500/ £1500
    [STRIKE]
    Overdraft - £600 / £600
    [/STRIKE]
    [STRIKE]
    Other Debt - £335 / £335
    [/STRIKE]
  • chambta
    chambta Posts: 2,770
    First Anniversary Combo Breaker
    Forumite
    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.
  • Oh I understand now! Thanks!

    Any thoughts on whether or not it's a good idea for me to apply or not? :/
    Goals
    Credit Card - £500/ £1500
    [STRIKE]
    Overdraft - £600 / £600
    [/STRIKE]
    [STRIKE]
    Other Debt - £335 / £335
    [/STRIKE]
  • 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.
  • 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 :(
    Goals
    Credit Card - £500/ £1500
    [STRIKE]
    Overdraft - £600 / £600
    [/STRIKE]
    [STRIKE]
    Other Debt - £335 / £335
    [/STRIKE]
  • CLAPTON
    CLAPTON Posts: 41,865
    Combo Breaker First Post
    Forumite
    what exactly do your credit files say?
    missed payments?
    electoral roll?
  • 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.
  • 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.
    Goals
    Credit Card - £500/ £1500
    [STRIKE]
    Overdraft - £600 / £600
    [/STRIKE]
    [STRIKE]
    Other Debt - £335 / £335
    [/STRIKE]
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards