Nationwide - turned down

Squirrel29

I have started my new DFW life and snowball, I wanted to rethink how I do my finances. I spoke to a friend who has 3 bank accounts, her salary gets paid into one - she leaves enough in it for bills. She then transfers enough for petrol and shopping into another account and then transfers some more into yet another account for spending money.

I decided this was a good system, I have two flex accounts with Nationwide, one has an overdraft of £1100 and another one with no overdraft. I tried this morning to apply for a third flex account so I could use my friend's technique but was declined . So it looks as though my credit score is really stuffed.

I was feeling really positive about dealing with my debts but now this is a kick in the teeth. I guess I have gone a bit mad recently trying to get 0% credit cards to reduce my interest outgoings.

I have applied to Experien for my credit file, am very frustrated as I pay my bills on time (albeit minimum) although on record it looks as though my debt of £15800 is high compared to my salary of £21000. The only late payment I made was 1 month catalogue which I then paid off. Could this be the reason I am not getting credit? I also changed job at the end of last year, I had been with previous employer for 5 years and not had any probs getting credit.

fermi

Have you activated the e-savings account on either of your Flex accounts?

This in effect gives you another account, although you can only transfer money in/out via internet banking to your flex account.

Not as good as having actual separate accounts but I find it helps keep money separate for budgeting though, and has interest at above 5% at the moment I think.

http://www.nationwide.co.uk/savings/e-savings/introduction.htm

redsquirrel80

Or you could try opening a basic bank account with another bank (do a search for 'basic bank accounts' on here), there are some which are fine for people with credit problems, if it's just for e.g. spending money then you just need one you can put money in and take out, with no 'fancy' features.

Squirrel29

Hi, yes I do haved e-savings activated. I didn't want the hassle of messing about transferring money online all the time but on the other hand, I would probably have got in a right pickle with 3 debit cards and ended up using the wrong one!