M&S turned me down!

graspthenettle

As my Nationwide savings interest was hitting the floor, I decided to give the M&S account a try - 6% interest on savings for a year.

I went online to open a current account and was told it would take 48hours, I then received another automated email to say it would now take another 70+ hours for them to make a decision. Today I received a letter from them 'declining my application'.

Apparently, I have a 'low credit score' and 'someone with whom you have a financial link' was unfavourable.

I'm quite gobsmacked, not to mention furious. They are, of course, entitled to turn away whoever they choose but my Husband and I are NOT bad credit risks.

We pay everything on time, we don't have any overdrafts, we have savings, our mortgage is paid up, we've never gone overdrawn, but the most important things is, M&S, WE ARE TRYING TO GIVE YOU MONEY if we don't have the money to put in your account then WE are the only people missing out.

I take it this now means that everytime I apply for anything now, I have to tick the 'have you ever been refused' box? That is just wrong.

All that we have done is live within our means..how terrible is that? We should be ashamed of ourselves, should we? :cool:

jonnyb

you can only get the 6% regular saver if you have a current account, so you were actually applying for a current account with overdraft facilities.

sounds like you fall into the bracket of people who have no credit history on which to base a decision, but just to be sure I would recommend you and your husband both apply for your credit files from all 3 credit ref agencies.

Earn a great interest rate
Your money earns an impressive 6% AER/gross (fixed), which will produce approximately £96* in interest in just one year if you save the maximum £250 a month.
You can open a Monthly Saver as part of your application for one of the M&S current accounts

MARTYM8`

There is often no logic.

First Direct - supposed to be choosy - accepted me for a current account. Santander around the same time turned me down. Its like being told you are too downmarket for Primark - but are good enough for John Lewis!

Don't let it reflect badly on you - maybe they are just running out of capacity to pay out all those £100 e gift vouchers to switchers.

graspthenettle

jonnyb wrote: »

you can only get the 6% regular saver if you have a current account, so you were actually applying for a current account with overdraft facilities.

sounds like you fall into the bracket of people who have no credit history on which to base a decision, but just to be sure I would recommend you and your husband both apply for your credit files from all 3 credit ref agencies.

Earn a great interest rate
Your money earns an impressive 6% AER/gross (fixed), which will produce approximately £96* in interest in just one year if you save the maximum £250 a month.
You can open a Monthly Saver as part of your application for one of the M&S current accounts

Thanks for answering. Yes, I was opening a current account with the savings account on the side but don't see why that means an overdraft facility.

I recently opened a Lloyds current account - moving my Natwest account - this is my paypal account. They didn't have a problem with me. Neither did the Halifax or Tesco, the Nationwide or the Abbey National before them.

I have a credit card in my name which is paid up in full. Call me naive but surely not owing money and paying things off in time makes me a GOOD credit risk.

We have been invited to check our credit ratings with the 3 agencies they use, me and 'my financial link' for a small fee. I don't know how much that is yet but I'm thinking 6 x small fees is maybe not so small. Besides I already know what I am going to find, the only thing I can possibly find. That I was rejected by M&S in March 2015.......

Archi_Bald

graspthenettle wrote: »

They are, of course, entitled to turn away whoever they choose but my Husband and I are NOT bad credit risks.

M&S have concluded that you are, from information held on your credit files.

Have you checked what your, and also your husband's, credit files say? There is always the possibility that something is wrong on those files.
You can both check for free on https://www.noddle.co.uk/

graspthenettle wrote: »

M&S, WE ARE TRYING TO GIVE YOU MONEY

you can shout as loud as you want but no bank actually has a big need for depositor's money whilst we still have Funding For Lending going on.

graspthenettle wrote: »

I take it this now means that everytime I apply for anything now, I have to tick the 'have you ever been refused' box? That is just wrong.

Calm down. Nobody will ever ask you whether you have ever been turned down for a current account, and apart from M&S, nobody will know that you have been turned down.

You can also appeal but you should only do this if you can go about it without emotion, and only after you have checked both, your own and your husband's credit files.

Archi_Bald

graspthenettle wrote: »

Besides I already know what I am going to find, the only thing I can possibly find. That I was rejected by M&S in March 2015.......

You will not find that you were rejected by M&S in March 2015 because the result of a current account applicartion is never recorded. All that you will find is that M&S did a search.

graspthenettle

Thanks all, yes, I was a bit annoyed and I have already told M&S I'm afraid, lol.

I'm sure that I've seen have you ever been turned down boxes before but there you go, if you say not then I defer to your superior knowledge, thank you.

I will try that free check, thanks, and although M&S don't need my money, the point I was trying to make was that the money was incoming, therefore no risk to them at all.

I'm afraid it is hard not to take it personally, it is me they rejected...declined, whatever they call it. A rose by any other name...

I do appreciate all the replies I have had, thanks for taking the time to soothe my battered ego

jonnyb

the fee for Experian, and I think for Equifax, is £2 which is required to be paid by law, for you to get your file.
THE noddle service is free for a basic overview
it is definitely worth checking, in case there are any mistakes.

the link to experian is https://www.experian.co.uk/wiseconsumer

regarding the "have you been refused" tick box, I have only seen that in relation to insurance, not credit products.

graspthenettle

My personal credit rating 5/5 according to Noodle

badger09

graspthenettle wrote: »

My personal credit rating 5/5 according to Noodle

'Credit rating' is irrelevant. Each institution will have its own method for assessing whether they want you as a customer or not

If you've never checked your credit files with the three Credit Reference Agencies Call Credit, Equifax and Experian, I strongly advise you and your husband to do so.

As a previous poster says, the cost is £2 per report. It could be £12 very well spent, if you find any factual errors (or that someone has been applying for financial products in your name

ChesterDog

Don't expect M&S to do anything but your smile at your "We are trying to give you money..." notion.

Banks don't want your money to look after. They want customers to whom they can sell things and whose credit history shows them to be good prospects for paying for it.