Implications of being turned down for a current account

smallgingerone

My partner has just been turned down for an M&S account. I am not sure of the exact reasons at the minute, they will write to tell us in due course. But what effect could this have on opening up further current accounts (working our way through the switch incentives at the minute)?

Will it put a mark against his name? Can we reapply to M&S should circumstances change in future (I wondered if it may have had something to do with income as he is a stay at home parent)?

thanks for any help and advice

grumbler

smallgingerone wrote: »

My partner has just been turned down for an M&S account. I am not sure of the exact reasons at the minute, they will write to tell us in due course.

Don't hold your breath. They will never tell you the real reason.

But what effect could this have on opening up further current accounts (working our way through the switch incentives at the minute)?

Generally, it's just one extra credit search. However, it's worth checking the files and try finding the reason.

Will it put a mark against his name?

No

Can we reapply to M&S should circumstances change in future

Yes

smallgingerone

Thanks for that quick reply. I can't understand why it would have been declined - a fair few applications have gone through well, and none in the last month (slow paying co-op to blame there!).

I will bump it to the bottom of the list and get on with the rest.

grumbler

One month is far too short term to start ignoring the recent credit searches.

pmduk

It could just be the number of new accounts going against him.

MARTYM8`

I think its just a lottery – some banks will reject you and others won’t on the same evidence.

I got turned down by Santander and accepted shortly after by First Direct – or as I joked not upmarket enough for Primark but acceptable to John Lewis!

Personally I would recommend applying to M&S via their branches if you are near one – it seems to go a lot smoother than doing it by post as there is someone opposite you making the case to their Head Office why things are OK/confirming/checking your ID. You get confirmation immediately along with your account number. Their new Marble Arch branch is the plushest bank branch I have been to – and in the 30 minutes I was there I only saw 3 other customers!

M&S for some reason had great difficulty in verifying my identity – even though I have HSBC (for 20 years!) and First Direct Accounts and an M&S Energy account (different I know) – and possibly without the helpful branch assistant I might have been rejected.

Either way it just shows as a search – not a rejection.

anoncol

MARTYM8` wrote: »

M&S for some reason had great difficulty in verifying my identity – even though I have HSBC (for 20 years!) and First Direct Accounts and an M&S Energy account (different I know) – and possibly without the helpful branch assistant I might have been rejected.

Either way it just shows as a search – not a rejection.

HSBC wouldn't have been on your search history for M&S, but FD have access to it?

MARTYM8`

anoncol wrote: »

HSBC wouldn't have been on your search history for M&S, but FD have access to it?

I initially got an ID request letter from M&S (hence my decision to go to a branch to sort it out rather than messing about doing it via the post) – it said you could provide a current account statement as proof of address but M&S would not accept a bank statement from HSBC or First Direct or M&S!

I found that very odd – surely the best form of ID/proof of address is a document their banking group has supplied!

smallgingerone

MARTYM8` wrote: »

ITheir new Marble Arch branch is the plushest bank branch I have been to – and in the 30 minutes I was there I only saw 3 other customers!

Lovely as it sounds, considering we are in the Scottish Borders a trip there might negate the £125 incentive :rotfl:

I will try one more of the list and if that gets rejected too I will give it a rest for a bit.

MARTYM8`

smallgingerone wrote: »

Lovely as it sounds, considering we are in the Scottish Borders a trip there might negate the £125 incentive :rotfl:

I will try one more of the list and if that gets rejected too I will give it a rest for a bit.

Their branches are here - maybe a day trip to Glasgow or Edinburgh?

http://bank.marksandspencer.com/explore/about-us/branches/

smallgingerone

MARTYM8` wrote: »

I think its just a lottery.

Totally agree with this now, just applied for Halifax using exactly the same info and got accepted :beer:

Thanks for the help everyone