Business Banking application declined due to personal credit score

jkf1991

Hello,

I recently applied for the Start-Up business account with Santandar for my UK based Limited company.

I have received an email from them today advising that my application has been declined due to my credit reference check.

I only quit my full time employment at the end of January 2016 and have been in full time employment for the last 6 years. As far as I'm aware I have an average credit score for someone of my age. Is being declined for a business account something that happens fairly often?

I'm now in a slight predicament. I need a business account but I'm now afraid I'll get declined again and this will have an additional negative effect on my credit score!

Help - What should I do?

All the best,

Jamie

fishybusiness

Depends, do you have CCJ's, outstanding or late marks for credit?

If not, have a chat to Barclays.

Aquamania

jkf1991 wrote: »

Hello,

I recently applied for the Start-Up business account with Santandar for my UK based Limited company.

I have received an email from them today advising that my application has been declined due to my credit reference check.

I only quit my full time employment at the end of January 2016 and have been in full time employment for the last 6 years. As far as I'm aware I have an average credit score for someone of my age. Is being declined for a business account something that happens fairly often?

I'm now in a slight predicament. I need a business account but I'm now afraid I'll get declined again and this will have an additional negative effect on my credit score!

Help - What should I do?

All the best,

Jamie

I would suggest you read the thread just a few down the page entitled "Credit Rating not good enough for a Business Bank Account" https://forums.moneysavingexpert.com/discussion/5383995

In particular, someone there posted a link that summarises the options available if you are struggling to pass a credit check.

bengalknights

Barclays tend to be very good for business accounts failing that try your own bank or a cash plus account

MortgageMamma

I second that, I got one with Barclays a few years ago when my credit wasn't so good....

c-m

I third that. Barclays are one of the easier Banks to open a business account with especially if you bank with them.

The Natwest foundation account still exists although they hide it from their website, but if you apply at Natwest and don't meet the criteria for the standard business account they will automatically assess you for the foundation account.

As Martin says though, you've just had a rejection, so you need to stop applying and check your credit history to see what the issue might be.

If you absolutely must have an account right now, then you can try the Cash Plus or Card One accounts which can be opened the same day, but beware they come at a cost.

Try the steps here with regards to getting an account opened with a traditional bank: http://moneysavinganswers.com/business/banking/how-to-open-a-business-bank-account-with-poor-credit-history/