First Direct Switch - Declined

the-mrs

Hello, sorry to dredge up a much repeated topic.

I spent the majority of my spare time yesterday reading old threads on here of various members who had applied for a FD account and been knocked back when they had seemingly good credit reports and scores.

I applied to switch from Natwest to FD on monday and was straight up declined at the end of the application. I spoke at length to friends in another group one of whom worked for Lloyds, the other a FD customer. Both were of the opinion that it was FD that take the very best of the applicants and cast everyone else aside. The threads on here seem to agree on the whole.
After reading the FD threads at length, I picked up on a couple of things where I may not have filled the form in 'to my advantage'
I didn't put my work phone number on, or my landline. Bad habit...I just included my mobile despite adding all my employment and salary details, sounds like this was probably a bit of a daft thing to do as they phone workplaces?
I also said i'd heard about them on the tv (and probably sounded as though I was after the £100 switch reward. I was actually after the 6% saver.)

I signed up to noddle just out of curiosity - I know, I know. It's not an ideal reflection of what's going on.

The only other thing it could be is all my open credit cards and accounts with zero balances being classed as potential lending?

Can anyone advise? Am I best closing all the unused accounts down and reapplying? The noddle report didn't even show a search by FD.

Many thanks if you're still with me!

eskbanker

There's nothing to stop you trying again after closing unused accounts but equally there's no guarantee this would make any difference either! As you recognise from your conversations with friends and reading threads on here, their application process (as with all banks) doesn't just involve credit checks but other unpublished criteria as to whether they deem you a suitable customer, so it's never going to be practical to second guess what you'd have to do to be accepted and it may well be that there's nothing you can do.

Best thing would be to move on, forget about FD and open an account with another bank....

MARTYM8`

I wouldn’t worry OP – there is no real logic to any of this.

As I have observed I was rejected by Santander and accepted by First Direct in the space of a week or so – if it was all about First Direct being very very choosy then why didn’t I get accepted by Santander?

Just accept it and move on – yes they are a nice bank and have a good regular saver but its not the end of the world. As I found when applying for M&S its actually quite nice to have a bank with branches – even if the staff on the phone at FD are very nice (while you are paying for the 0345 telephone cost).

colsten

Try M&S if you want the 6% RS. Only £250 with them but they are probably less choosey than FD.

You could also try HSBC Advance, which again gives you access to a 6% RS.

Both applications would test your patience, each for their own reason....

MARTYM8`

If applying to M&S and are worried about possible issues I would recommend visiting one of their branches to do the application as they may be able to iron out issues for you – there aren’t many and are usually in the bigger stores but they are spread across the country. You would only get a £100 gift card – compared to £125 if you apply on line via this site or Sharon’s Osborne’s favourite money advice centre – but in my experience its easier.

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

the-mrs

colsten wrote: »

Try M&S if you want the 6% RS. Only £250 with them but they are probably less choosey than FD.

You could also try HSBC Advance, which again gives you access to a 6% RS.

Both applications would test your patience, each for their own reason....

Thank you, I had no idea that either of those two were offering those sorts of rates. Definitely going to look into that.

TheEffect

I was declined by First Direct about 6 months ago, most likely due to having quite a few credit searches on my report. They do seem pickier than other banks.

the-mrs

Did you get accepted eventually Effect?

the-mrs

Update: I received the letter stating the reason I was not approved.
'Credit score not high enough'
Hmm...ok then.

TheEffect

the-mrs wrote: »

Did you get accepted eventually Effect?

No, I went with HSBC in the end and was accepted.

I wasn't that bothered about first direct TBH. HSBC Advance is basically the same as first direct, same mobile app, same contact centre, however HSBC have a much better internet banking. First Direct saves a few minutes when you have to call.

the-mrs

That's really helpful. I'll look into HSBC.