TSB Classic Plus application declined, even though I didn't request an overdraft

elpaw

I applied for the TSB Classic Plus account a few days ago, but was declined today. I didn't request an overdraft, because I'm only interested in being in credit and earning the 5% interest, and getting access to the 5% regular saver.

Is it worth contacting them about why I was declined? I've recently (past two weeks) been accepted for a new Virgin Money credit card, and also opened a Halifax Help to Buy ISA, so that could make my credit history poorer at this moment. However I didn't think this would matter if I'm not applying for an overdraft.

Also where is good to put a couple of grand of savings at the moment, given that this declined application has gone on my credit history file? Can I still open savings accounts without them checking my file? A shame that nowhere offers as good a deal as TSB

baz8790

Nationwide flex direct offers 5% on up to £2500 for the first year.
And you also get a regular saver paying 5% and can save £500 a month into it.

samsam90

I had the same thing yesterday! Applied online on the 27th Jan - gave sort code and acc number online but said I had to go to branch with ID which I did the same day. Got the decline email yesterday. Credit file is fine and just opened a new Natwest Reward account this Monday. Confused!

Anthorn

elpaw wrote: »

I applied for the TSB Classic Plus account a few days ago, but was declined today. I didn't request an overdraft, because I'm only interested in being in credit and earning the 5% interest, and getting access to the 5% regular saver.

Is it worth contacting them about why I was declined? I've recently (past two weeks) been accepted for a new Virgin Money credit card, and also opened a Halifax Help to Buy ISA, so that could make my credit history poorer at this moment. However I didn't think this would matter if I'm not applying for an overdraft.

Also where is good to put a couple of grand of savings at the moment, given that this declined application has gone on my credit history file? Can I still open savings accounts without them checking my file? A shame that nowhere offers as good a deal as TSB

Could be that not applying for an overdraft is what did it. Ok you have a new credit card and help to buy ISA but how many applications resulting in credit searches in the last six months? I don't think that just two searches in the last six months would adversely affect you.

Personally, I went the way I was advised: Opened a Classic account, made sure I was crediting at least £500 per month and then upgraded to Classic Plus a few months later. TSB these days are kinda picky.

masonic

Anthorn wrote: »

Could be that not applying for an overdraft is what did it.

Seriously?

elpaw

baz8790 wrote: »

Nationwide flex direct offers 5% on up to £2500 for the first year.
And you also get a regular saver paying 5% and can save £500 a month into it.

Do I have to fully switch to it? I was looking at TSB because I didn't have to switch and could keep my current.

Also, isn't the fact that I've just been declined going to appear on my credit history, and make it even more likely that I will be rejected again wherever I go?

baz8790

elpaw wrote: »

Do I have to fully switch to it? I was looking at TSB because I didn't have to switch and could keep my current.

Also, isn't the fact that I've just been declined going to appear on my credit history, and make it even more likely that I will be rejected again wherever I go?

I didn't switch anything just transferred the minimum monthly deposit in and out of the account on payday to keep it going

elpaw

Anthorn wrote: »

Could be that not applying for an overdraft is what did it.

I was advised on MSE that if I was going to use it as a savings account (I found out about this account on the 'savings' MSE page), not to apply for an overdraft as it would make acceptance more likely.

Ok you have a new credit card and help to buy ISA but how many applications resulting in credit searches in the last six months?

That is literally the only credit application I have done in many years

Personally, I went the way I was advised: Opened a Classic account, made sure I was crediting at least £500 per month and then upgraded to Classic Plus a few months later. TSB these days are kinda picky.

If I apply for this, am I likely to get declined, purely because they have just rejected me anyway and have it in their personal files?

masonic

elpaw wrote: »

If I apply for this, am I likely to get declined, purely because they have just rejected me anyway and have it in their personal files?

The next logical step would be to scour your credit files for anything that might have led to the rejection. If not, you may fare better elsewhere (for example the Nationwide account mentioned above).

Anthorn

elpaw wrote: »

I was advised on MSE that if I was going to use it as a savings account (I found out about this account on the 'savings' MSE page), not to apply for an overdraft as it would make acceptance more likely.
That is literally the only credit application I have done in many years

If I apply for this, am I likely to get declined, purely because they have just rejected me anyway and have it in their personal files?

You have been declined for the Classic Plus so you are unlikely to get it whatever you. If you are set on TSB contact them, tell them the circumstances and ask if they can offer a different account. That way if you get an offer you can be reasonably certain that you will get it and then you might be able to upgrade to Classic Plus later..

Maybe going for Nationwide Flex Direct previously suggested will be a better solution.

Thrugelmir

elpaw wrote: »

Do I have to fully switch to it? I was looking at TSB because I didn't have to switch and could keep my current.

Probably answered your own question then.