halifax moneyback account refusal

dazza001

Hello everybody

Does anybody know what tests Halifax use when you apply for a current account.
I recently applied for the Moneyback current account and to qualify you had to pay in over £1000 a month, be a uk citizen etc. and all the usual bank qualifying criteria.
I was told today that they can not give me an account as I do not pass all the qualifying test that they do but it does not say what they are.
Just to put you in the picture, my net monthly pay is over £1000, I am 34 years old, home owner with a mortgage, lived in UK all my life, had the same bank account for 18 years and have a credit card that has a balance of £0.00 and I have had loans in the past which were paid and I have never had a late payment on any loan or mortgage.
The only thing that I can think of is recently I accidentally went overdrawn and got charged by the bank (TSB), previous to that I have had a good banking history.
so I am a bit baffled.

Just wondering if anyone else has had a similar experience.

Cheers

frepol

I think your problem is that you're too good!

You are not going to make them any money because you obviously don't borrow, or when you do you repay quickly. The result is that you have very little credit activity.

Probably worth an appeal to the underwriters or ask in a branch.

grumbler

Application for a current account with overdraft and cheque book usually involves credit search. Ask them what CRA they use and obtain copy of your credit file. Sometimes there could be mistakes in the file.

newfoundglory

dazza001 wrote:

The only thing that I can think of is recently I accidentally went overdrawn and got charged by the bank (TSB), previous to that I have had a good banking history.

Lloyds don't usually report any current account information to the CRA's (not positive information anyway!). Probably worth checking though, to see if Lloyds have decided to report this "negative" information as that could easily be the cause. However, banks usually dont report silly things like this - they would usually only report serious defaults where the person hasnt got the account back into the black after say a few months.

MarkyMarkD

I think the point about being "too good" is probably correct in this case - PARTICULARLY on the moneyback account Halifax must be wary of giving the account to customers who are just going to put loads of transactions through the account but run it perfectly so they never pay any fees or interest.

student100

If you applied online then you may have missed something or had some other problem (like your address didn't perfectly match that on the electoral roll or whatever) which could have caused the problem. If you applied in branch then the person completing your application could have made a similar error.

Try asking in person in the branch if they can tell you why your application could have failed - they should at least know if they do turn down people for being "too good" (which I doubt is the case), or if there is some other issue. And check your credit records too.

chugalug

IMO Halifax are very picky about who they give an account to. Took me years to get one even though had a joint account there with my ex. May not be anything wrong with your credit rating (wasnt with mine) perhaps you just dont fit their customer profile. Try appealing in writing - that's what got me my account and credit card (got turned down for that aswell at first). No other bank or credit card company ever refused me anything, just Halifax.

Marmiter

I applied for this account with the Halifax as well, as they have just sent me a new chip and pin card and it's a Visa Electron (boo hiss!)

However, I was refused and paid 2 whole ££ to get a credit report from Experian. The report arrived yesterday and apart from a couple of defaults on my overdraft from when I was a poor student, there appears to be nothing wrong.

I am planning to put notes on my credit report, and write to the Halifax as well. So hopefully this will achieve something as Visa Electron is PANTS!!!!!

student100

By the way, I hope you all know that the Halifax Moneyback account is far from the best current account you could apply for... Best current account | Best cashback credit card