Santander Bank

moneyinvestor

Santander Bank 3% current account with no penalties for withdrawals provided you pay in 500 every month and pay out at least 2 direct debits: I applied recently meeting all the criteria but was turned down for the first time ever by any bank after 35 years of banking..!! They claim I have bad credit rating which I guess is because I haven't needed to borrow money for a long time. Be careful out there people, because this is how the last banking crisis and credit crunch started 5 years ago :-)

ColdIron

You posted a similar message here and received a number of replies
What is your point this time?

2010

You should be checking your credit rating and not moaning on these boards.
For all you know there could be an error that needs correcting.
Do it.

kingrulzuk

moneyinvestor wrote: »

Santander Bank 3% current account with no penalties for withdrawals provided you pay in 500 every month and pay out at least 2 direct debits: I applied recently meeting all the criteria but was turned down for the first time ever by any bank after 35 years of banking..!! They claim I have bad credit rating which I guess is because I haven't needed to borrow money for a long time. Be careful out there people, because this is how the last banking crisis and credit crunch started 5 years ago :-)

How many time you are going to post the same:
https://forums.moneysavingexpert.com/discussion/4924246=

Onawingandaprayer

moneyinvestor wrote: »

Be careful out there people, because this is how the last banking crisis and credit crunch started 5 years ago :-)

Oh it was you, was it, being turned down for a current account? They hushed that up.

barak

moneyinvestor wrote: »

.....They claim I have bad credit rating which I guess is because I haven't needed to borrow money for a long time.....

That may indeed be your problem! Do you use a credit card? If not, then you should start using one for as much of your expenditure as possible [at no cost] and set up a Direct Debit to pay it back in full every month. That should improve your credit rating, which at present may effectively be "unknown".

JIL

I'm not really sure why this has been posted. It would seem a tactic to discourage people applying for the 123 account. But why would anyone do this?
The duplicate post the ops second does not give any details except he/she has had a bank account for 35 years.

bigadaj

JIL wrote: »

I'm not really sure why this has been posted. It would seem a tactic to discourage people applying for the 123 account. But why would anyone do this?
The duplicate post the ops second does not give any details except he/she has had a bank account for 35 years.

It's been posted because the OP has taken the rejection personally, and is outraged and wants to vent some spleen.

The reality is likely to be that the OP doesn't understand the credit scoring system and has few or no credit accounts, resulting in a thin file and a rejection. They may consider credit cards to be inherently wrong and so won't learn from the experience.

It could of course be that the bank simply consider them unprofitable in terms of cross selling opportunities but they don't make any money out of me and I've bit two 123 accounts.

eskbanker

moneyinvestor wrote: »

Be careful out there people, because this is how the last banking crisis and credit crunch started 5 years ago :-)

You've managed to get that exactly the wrong way round, it's generally accepted that the crisis and crunch came because of insufficient credit checking, not too much!