Can't get a Student Account!

redjam

Hi,

I'm starting university this September and I really need to get a student account. The problem is, Lloyds and Halifax both rejected me because I had a poor credit rating, so I got a copy of my credit report and the only thing wrong with it is that I owe Natwest £250 in bank charges. I don't have the money to pay that debt off right now, but I do need an account. Do you think there's any way I could get an account with a bank if I just explain my financial situation? Failing another bank taking me on, do you think Natwest might give me a student account and allow me to pay off the £250 at a later date or in stages? I have a current account with them (although it's frozen).

I'm not sure what my best choice is, Halifax offer a better deal, but I don't know if there's anyway to persuade them. Apart from that one debt which is entirely made up of bank charges, my credit report is spotless.

CLAPTON

I'm sure your credit file doesn't say that you only owe natwest 250 in bank charges...does it?

What does it say.. is the debt shown at a default or simply late or what.. these distinctions matter.

Why dont you reclain your bank charges.

Depending upon what your credit faile actually says then it may only be possible for you to get a basic bank account which doesn't require a credit check. But it wont give you any student benefits or overdraft but will allow DD and standing orders.

Clive_Woody

redjam wrote: »

Hi,

I'm starting university this September and I really need to get a student account. The problem is, Lloyds and Halifax both rejected me because I had a poor credit rating, so I got a copy of my credit report and the only thing wrong with it is that I owe Natwest £250 in bank charges. I don't have the money to pay that debt off right now, but I do need an account. Do you think there's any way I could get an account with a bank if I just explain my financial situation? Failing another bank taking me on, do you think Natwest might give me a student account and allow me to pay off the £250 at a later date or in stages? I have a current account with them (although it's frozen).

I'm not sure what my best choice is, Halifax offer a better deal, but I don't know if there's anyway to persuade them. Apart from that one debt which is entirely made up of bank charges, my credit report is spotless.

No offence mate, but if Natwest have frozen your account and you owe them £250 of bank charges I am not that suprised other banks don't want to take you on as a customer. Other banks will take on look at that and say no thanks, I am not sure that there would be much point booking an appointment with a bank and trying to explain your situation. If these are the only things that appear on your credit history (i.e. no positive records of paying off debts on time, or holding a credit card, or behaving in a financially responsible way) then you may struggle to get a student account.

If Natwest have added your unpaid charge to your credit file then I guess they have been outstanding for a while?

You could try talking to Natwest and arranging a repayment plan on the basis they remove the black mark from your credit file, then see if they will unfreeze your current account or give you a student account.

redjam

Thanks for the replies. The charges are a long story that I won't bore you with, but Natwest treated me really terribly over them, so naturally I'm reluctant to pay them back.

I've rang around a few places today and it seems my only option is, as you say, to pay the debt off.

My question now would be, if I pay the debt off, say, tomorrow, how long will it take for it to be taken off my credit report?

Clive_Woody

redjam wrote: »

Thanks for the replies. The charges are a long story that I won't bore you with, but Natwest treated me really terribly over them, so naturally I'm reluctant to pay them back.

I've rang around a few places today and it seems my only option is, as you say, to pay the debt off.

My question now would be, if I pay the debt off, say, tomorrow, how long will it take for it to be taken off my credit report?

Probably worth asking Natwest to remove this from your credit history when you repay them.......then claim back the charges after you have opened a new account.