Applying for a 123 account

themanfromamarillo

Has anyone been turned down for a 123 account and successfully got one at a later date? I applied online and was turned down. Well the same happened with the Clydesdale due to me not being at my address for 6 months (an in person application worked in that case) so I went to the branch to apply. After giving them ID and proof of address I was told I'd been turned down due to me "low credit score". This last point is nonsense, I know my Experian and Noddle scores and they are both very high, I've got no black marks on my reports, no problems with paying off debts/credit cards in the past.

I've got no idea what I could do to be accepted for a 123 account. Is there anyone who has been in this situation and managed to subsequently get an account?

Fruit_and_Nut_Case

themanfromamarillo wrote: »

Has anyone been turned down for a 123 account and successfully got one at a later date? I applied online and was turned down. Well the same happened with the Clydesdale due to me not being at my address for 6 months (an in person application worked in that case) so I went to the branch to apply. After giving them ID and proof of address I was told I'd been turned down due to me "low credit score". This last point is nonsense, I know my Experian and Noddle scores and they are both very high, I've got no black marks on my reports, no problems with paying off debts/credit cards in the past.

I've got no idea what I could do to be accepted for a 123 account. Is there anyone who has been in this situation and managed to subsequently get an account?

You may know your Experian and Noddle scores but Santander doesn't. It wil calculate its own score based on your Credit Report(s).

themanfromamarillo

Fruit_and_Nut_Case wrote: »

You may know your Experian and Noddle scores but Santander doesn't. It wil calculate its own score based on your Credit Report(s).

Thanks, so given there are no known criteria I can meet and everything on my credit report is as in-order as possible I should just give up opening an account for the while.

HereBeDragons_2

Have you appealed their decision? I was shocked when I was turned down for a 123 account last year which I applied for in branch with an advisor; it came back as an instant decline, i.e. "computer says no". The bank advisor said she would appeal, as that meant a human being would have to review it. I asked for the reason for the decline and which agency they ran my credit check with; she said she couldn't give me the reason as she couldn't actually see that information, but she did tell me they check Experian. So when the branch staff told you you were declined due to your low score, they couldn't actually see the rating Santander's computer system had given you - they were just telling you your application has been declined by their computer system following your credit check and their automated assessment of your overall application.

My decline made me worry something was amiss on my credit report so I ordered my statutory reports and discovered my current electoral roll info was missing on Experian - which I thought was the most likely cause. I sent proof I was on the electoral roll and it was quickly corrected. It was a good lesson as to why you should never assume all your reports are accurate and should always check them first before applying for credit.

The potentially good news for you is that the advisor's appeal worked, though I was refused an overdraft (which didn't bother me). I don't think it came down to me updating my electoral roll history as that actually took a couple of weeks to sort out, whilst the appeal decision was made within a few days - I suspect having a Santander staff member appeal it on my behalf had more to do with it. Go into a different branch, find a friendly 'advisor', explain what has happened, be enthusiastic about their 123 accounts, tell them why you'd be a great customer and ask them to appeal the decision.

Be careful not to apply for too many bank accounts too close together - it will have a temporary negative impact on your credit file and make you more likely to be turned down.

themanfromamarillo

Thanks for the reply, the rejection was the result of the appeal (after the advisor in the branch saying it was probably that they needed more proof of address). Your advice seems sensible, Noddle are lacking my electoral roll info so I'll contact them and the other agencies with that. I did apply for 3 accounts (a Cash ISA, stocks ISA, saving account) and a credit card a couple of months ago so perhaps I should wait a few months till that has passed. The advisor in the branch suggested that shouldn't be a problem but you never know.

colsten

themanfromamarillo wrote: »

I did apply for 3 accounts (a Cash ISA, stocks ISA, saving account) and a credit card a couple of months ago so perhaps I should wait a few months till that has passed. The advisor in the branch suggested that shouldn't be a problem but you never know.

The advisor was right. ISAs / savings accounts are not credit products, so no credit check will be made for them. A credit card is, as is a current account, even if you don't apply for an overdraft. But one application a few months ago will make no difference. What will make a difference is things like no electoral register, default markers, and total amount of credit available.

HereBeDragons_2

Yes, applying for savings products won't involve credit checks.

If your heart is set on getting a 123 current account then as well as making sure your electoral roll information has been updated on all of your credit reports, why not open an instant access savings account with Santander - they have a number of them. If you're willing to take the hit on the less than brilliant interest rate you get, put as much money in as you can, and make regular deposits. Wait a few months then apply for the 123 account again, maybe in branch this time.

Having an existing relationship with a bank usually improves your chances of being accepted for one of their other products. I had no problem being accepted for a credit card with Santander after I'd run my 123 account for a while, which I thought was ironic seeing as they think I'm unfit to have an overdraft with them!

themanfromamarillo

I contacted the credit agencies with my electoral roll info, waited for a few months and got approved for an account last week. :T