Refused Santander 123 current account - best way to check score?

freeganneist

I applied for a Santander 123 current account and was denied. They said I'd failed their credit check and that I could appeal in writing if I wanted to take it further.

I'd like to understand why I failed before I apply for a different current account, which I'd like to do as I was previously using an offset/current account/mortgage setup. I may have failed because I'm temporarily in rental accommodation after selling my home of 24 years, while our purchase goes through. Or it may be because I listed myself as a homemaker for the first time in my life (having retired aged 60 but delaying drawing down a pension). Or maybe they didn't like my answers on how I planned to use the account (depositing £15k and then paying in £1k a month, and using the account to pay bills). Who knows.

I looked at the MSE eligibility calculators but neither seems to fit my situation, as I'm not applying for a loan or a credit card. Can anyone advise on the best way to do a soft credit check, as I'd like to avoid checking with Experian and further damaging my credit. Thanks for your help.

darkidoe

You can request a statutory credit report (£2) from Experian and Equifax and see if there are any negative factors or wrong information on there that could have affected your application. This will not affect your credit history in any way.

As far as I know, there isn't a soft search facility for current accounts.

I would check your credit report and appeal their decision in writing with copy of your credit report, and ask for a reason. It is possible you don't fit into their profile of an ideal customer at the end of the day.

andyfromotley

Putting retired on your application, (which is true) may be helpful.

DCFC79

The score given you by the agencies mean nothing, lenders don't see it.

freeganneist

Thanks. I came across some Experian staff at an exhibition yesterday, and they also told me that requesting my credit report won't affect my creidit history. I was surprised, as I thought I'd read otherwise, but it seems a good idea.

And if I write a letter I can explain all of my circumstances, including the credit reports, which will hopefully be in my favour.

It's weird, at my age, to suddenly be seen as persona non grata after having had such a good financial history, so I'd like to get to the bottom of it.

20aday

Lloyds Bank offer a soft search facility for their current accounts:

https://secure.form.lloydsbank.com/application/pca_eligibility_check.asp

Granted the interest you could earn is capped at £5,000 which isn't ideal considering you are depositing £15k and a further £1k/per month (based on Club Lloyds with a £5 fee for paying in less than £1,500).

As for requesting your statutory reports from the three different credit agencies Experian are right in saying it won't affect your credit history; when you make a request for them the searches they carry out are only visible to you and you alone.

FairWorldCitizen

Please take the following advice from someone who does the application process very well.

It all depends where you have failed. If it the Risk rating, then it also depends which one exactly, was it after a soft or hard check?

Secondly, if you have made the application online then you might want to try from a branch. Branch applications are slightly different, as they form the core opening one, while the online one capture a different set of data and pinch into the core one.
Also, from a Branch the agent will be able to redirect your application to an underwriter which comments.

Hope it helps.

GibbsRule_No3

I was also turned down for the 123, I did think I might be, so I decided to do the request in branch with a human being, hoping that If/when it came back a "No" they could look at the money I was wanting to put in, the DD bills and payments going in monthly and perhaps offer some advice. Basically all he did was do what I could have done online myself and when it did come back as a "No" that was it! Seeing the money etc made no difference and he did not offer any help, other than say look at the Experian report. So is there an appeal that a "real" human being might be able to make a decision themselves, rather than just the computer coughing out a no? Was there a time when human beings made decisions by looking at the hard evidence you took into a branch, if so when did it change to just the computer deciding?