Credit Score Good, but can't even get a business account opened!?

Thrugelmir

What's the nature of your business? Sole trader, partnership, limited company?

Ciwan

It is a limited company. I'm not sure why it is so difficult. I'm not asking for any overdraft / borrowing, I'm not asking for a chequebook even!

Dobbibill

£0 will be showing as your overdraft limit - when you use an overdraft this will show the balance. CRAs never show a credit balance only a debit balance.

How much is your overdraft on your current account/s?

How much of your overdraft are you using?

Do you ever exceed this overdraft limit?

Your credit card account shows good history.

You need to check all other information as well, including your address history. Are you also on the ER?

When you applied for a business account, was it with same bank as your personal account?

You don't need to answer the questions above, it's just to give you food for thought as to different things lenders will look at.

Thrugelmir

Who have you tried so far?

Ciwan

On my current account, my Overdraft limit is £3000 and I am using £2700 of that.

On my Credit Card, I have a limit of £3250, and I'm using £1500 of that.

I exceeded the overdraft limit 49 to 60 months ago (according to my Experian report).

All addresses are correct and I am registered on the ER.

I applied with Barclays, NatWest, Santander and Nationwide.

Dobbibill

Ciwan wrote: »

On my current account, my Overdraft limit is £3000 and I am using £2700 of that.

This may be causing them concern.

I applied with Barclays, NatWest, Santander and Nationwide.

This also - that's quite alot of applications.

Have any of them given you a reason you can work with for the decline or is it a generic response?

Thrugelmir

Ciwan wrote: »

On my current account, my Overdraft limit is £3000 and I am using £2700 of that.

On my Credit Card, I have a limit of £3250, and I'm using £1500 of that.

Lenders probably see little business in offering you an account.

Ciwan

I thought that might be the case. I'll just wait till I get out of my overdraft and clean my Credit Card.

Superscrooge

Clear your overdraft and credit card debts.

Then leave it a couple of months before applying which will give time for this info to show on your credit files and for previous searches not to affect your application.

You should then have a much greater chance of being accepted

chuckley

I'd say the overdraft usage is the main issue on first glance. do you 'live' in it every month? that's a pretty high amount.