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Newbie with small savings, switch ISA, Zopa, Club Lloyd?

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Comments

  • Mr_Hedgehog
    Mr_Hedgehog Posts: 7 Forumite
    TSB rejected me? Not sure why as I've never been in debt, never had a loan, I don't even have a credit card. What do I do now?
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    There is an MSE article on Building Your Credit History Here.

    If you have no history of debt and paying it back then you have a higher risk as far as the banking system is concerned. Balances in savings accounts do not count towards wider credit worthiness as they are not reported to credit reference agencies. Good conduct / timely repayment of an artificially manufactured debt count towards credit worthiness.

    J_B.
  • xylophone
    xylophone Posts: 45,989 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The OP is a student ( "A" Level?) whose "income" arises from his father's paying him for odd jobs etc.

    This, together with no credit history, may be the reason for the TSB rejection.

    He might have a look here http://www.money.co.uk/current-accounts/bank-accounts-for-teenagers.htm

    A Santander mini 123, TSB under 19 and a BOS under 19 might do for a start?
  • Mr_Hedgehog
    Mr_Hedgehog Posts: 7 Forumite
    xylophone wrote: »
    The OP is a student ( "A" Level?) whose "income" arises from his father's paying him for odd jobs etc.

    This, together with no credit history, may be the reason for the TSB rejection.

    A Santander mini 123, TSB under 19 and a BOS under 19 might do for a start?

    [FONT=&quot]Hey, I'm 22. I work in my dad's office 3 days a week doing admin but I'm not an official employee. :o
    [/FONT][FONT=&quot]
    I gave TSB a ring and they said it must have been a fault and I should try again tomorrow. Bit odd? Thanks again for all your replies![/FONT]
  • Eco_Miser
    Eco_Miser Posts: 5,075 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Being an actual employee will help with bank account applications.
    Eco Miser
    Saving money for well over half a century
  • Mr_Hedgehog
    Mr_Hedgehog Posts: 7 Forumite
    Declined again. TSB say there's nothing they can do. I opened the Nationwide account no problem so I don't know what the issue is. If I can't use the TSB current account, where else can I put the £2000?
  • droopsnoot
    droopsnoot Posts: 1,919 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    darkidoe wrote: »
    Noooo not premium bonds! That would be equivalent to gambling.

    Well, not quite - you do at least retain your stake whether you win a prize each month or not. But I'm not saying they're the best bet for OP.
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