NatWest Credit Card application - additional checks

greenorange

Has anyone had any experience of applying for a credit card with NatWest? I have a graduate account with them that is £1500 overdrawn (the £1500 is in a savings account). The C/A is rarely used.

I thought I'd apply for their cashback credit card. I was told I'd get an instant decision. I had to manually change the information from 'student' to 'employed', and a credit limit was displayed as £2050, and I was asked to sign the form online.

The following screen was then displayed.



What are 'additional checks'? Have I been accepted/declined? I've checked Experian and they ran a credit search during the application.

Lioness_Twinkletoes

Sounds like you've been referred. No one can say whether you've been accepted or declined at this stage.

MrSilk

If your graduate account is overdrawn it could be declined, how do they know you have £1500 in savings? is your savings account with them?.

As you say the account is rarely used I think you'll have a high chance of them declining.. The balance of £1500, don't you incur daily charges on the overdrawn balance?

greenorange

Lioness_Twinkletoes wrote: »

Sounds like you've been referred. No one can say whether you've been accepted or declined at this stage.

Does referred mean a human has to look at the application?

MrSilk wrote: »

If your graduate account is overdrawn it could be declined, how do they know you have £1500 in savings? is your savings account with them?

Savings is in an ISA with a different bank.

Overdraft is interest free, so I leave it in an ISA elsewhere until/if they ask for it back, or they start charging.

solentsusie

MrSilk wrote: »

If your graduate account is overdrawn it could be declined, how do they know you have £1500 in savings? is your savings account with them?.

As you say the account is rarely used I think you'll have a high chance of them declining.. The balance of £1500, don't you incur daily charges on the overdrawn balance?

No bank charges on a graduate account for at least a year.

• In your 1st year with our NatWest Graduate Account, you won't have to pay interest on arranged balances up to £2,000
  
• In your 2nd year the amount of overdraft you can use interest free will reduce so you will start paying interest on any amount borrowed over the 'interest free amount'. The amount you get interest free depends on when you graduated.

MrSilk

solentsusie wrote: »

No bank charges on a graduate account for at least a year.

• In your 1st year with our NatWest Graduate Account, you won't have to pay interest on arranged balances up to £2,000
  
• In your 2nd year the amount of overdraft you can use interest free will reduce so you will start paying interest on any amount borrowed over the 'interest free amount'. The amount you get interest free depends on when you graduated.

How long has it been overdrawn?

greenorange

MrSilk wrote: »

How long has it been overdrawn?

3 years, as a student account, then a graduate account.

MrSilk

greenorange wrote: »

3 years, as a student account, then a graduate account.

Ah... Ok, best to just wait and see what they say

SnowTiger

greenorange wrote: »

Does referred mean a human has to look at the application?

Yes.

My application for a Natwest credit card was referred. I received a letter a few days later asking for more information. They wanted evidence of my income.

Assumingly, the bulk of my income is paid in to my Natwest Bank account. Different departments, I guess...

I simply sent off statements with a covering letter and was accepted.[/QUOTE]

greenorange wrote: »

Savings is in an ISA with a different bank.

Savings don't (usually) make any difference when applying for credit.

What's important is that your (stated) income is more than your (calculated) expenditure and that you have a history of paying things on time.

greenorange

SnowTiger wrote: »

Yes.

My application for a Natwest credit card was referred. I received a letter a few days later asking for more information. They wanted evidence of my income.

Assumingly, the bulk of my income is paid in to my Natwest Bank account. Different departments, I guess...

I simply sent off statements with a covering letter and was accepted.

My salary (£22k) isn't paid into my NatWest C/A, so they may do the same with me and ask for proof of salary.

Did they give you the same credit limit once approved that was shown when you applied?

Oddly enough, at the end of the application, it said something along the lines of "As you've successfully applied for an account with us, you can open one of the following accounts quickly now, and there was options for current accounts, savings and loans".

greenorange

Just an update in case anyone has a similar query - I phoned them today and they said they couldn't see my salary going into the NatWest account details I gave, and as a result have posted me a letter asking for bank statements or pay slips.

My salary is paid into my HSBC account. Hopefully once I return my pay slips the application is accepted.