Declined bank account applications - credit score/rating query

smiddle3

Hi,

I have recently applied for both the Bank of Scotland Classic Vantage account and the Nationwide FlexDirect account in order to use as savings accounts and was declined for both and offered their respective basic bank accounts instead.

This is the first time I have been declined when applying for any bank account so signed up to noodle.co.uk to check my credit score/rating. Noodle says my credit score is 418 and I have a rating of 1 out of 5. In terms of my lending, I have recently voluntarily terminated a car PCP agreement and it is showing on my report two defaulted payments from October and November. These payments were due to be made but, for reasons unbeknown to me as I havn't cancelled my Direct Debit, they weren't taken. I have rang up today to pay the outstanding balance on the account. I have no other lending having recently sold my house and paid off the mortgage. I never missed a payment on that. I can only summise that the car PCP is the reason for my supposed poor score?

Is it possible for the finance company to update my credit report to show that these payments were not missed through fault of myself? And does anyone know how long it takes to rectify a credit score/rating after this and when it would be 'safe' to look at applying again to open the afore-mentioned accounts?

Thanks in advance

MrsTinks

If you can prove that the payments issue were due to the finance company messing up then it should absolutely be possible to request that they correct your file. I would personally call them and then get the persons name and confirm everything in writing after your call. Some would say write, I'm a "call them and make that personal connection, then write to confirm the points agreed"

Be aware that it could take a little while to sort out, but I would definitely try to get them to remove the markers. It could be argued you should have noticed the money hadn't left the account, however having surrendered a few PCP agreements over the years it can be a little confusing and most of the time they take a payment and then refund it and it's all a little hectic till the dust settles

DCFC79

Lenders dont see your score, only you can see them. Lenders see the history. Get the 2 missed payments sorted. When did you first notice the 2 payments werent taken ?

Gaz83

smiddle3 wrote: »

I have recently voluntarily terminated a car PCP agreement and it is showing on my report two defaulted payments from October and November. These payments were due to be made but, for reasons unbeknown to me as I havn't cancelled my Direct Debit, they weren't taken. I have rang up today to pay the outstanding balance on the account.

Didn't you notice in October that these payments weren't taken?

smiddle3

I switched current accounts in September and received a letter from the finance company stating that they had received my new account details too late in order to take the direct debit in October (payments normally taken on the last day of the month) but that this would be taken November. As I had already handed the car back, I asked the finance company if they could just continue the direct debit until my full settlement was paid (roughly 6 more payments) which they said was fine. The November 30th payment didn't go out so I rang to pay the settlement figure in full a few days later. It is only now when I've checked noddle that I've noticed these two payments have been flagged as missed payments.

smiddle3

How would any of the following negatively affect my credit file or credit applications, if at all:

- voluntary termination of car PCP
- settling mortgage after selling house
- changing addresses recently - moved out of sold house
- changing current accounts (September)

Is it a case of a mixture of all of the above have affected me in some way or is one more likely to be detrimental than the others?

Doctor_Duke

Any of these changes can impact on your credit worthiness but would all not impact on you like two missed payments. Sadly this will have a significant impact to lenders until you resolve it. They don't know the circumstances and will just assume you missed payments and as this is recent history it will be a red flag to them. As suggested you need to speak to the finance company and insist they correct and update your credit file.

GingerBob_3

As well as sorting out the blacklisting, try and hit the finance company for compo. From what you say it's 100% their fault, and it has adversely affected your personal finances. Unfortunately cases like yours will continue to be very common until such time as the CRAs are forced to implement some sort of quality assurance, or even basic checking, on the data they receive (unlikely, given the current light, to non-existent, regulation).

forgotmyname

What could cause someone with a clean file and when i say clean its virtually empty..

Wife had issues opening a bank account, tried a Co-Op basic one and got rejected. Found they messed up her name on the electoral roll, sorted that and left it a few years. Then we opened a joint Santander account. Done in branch with the manager sitting in for some odd reason.

Recently switched to First Plus and my wife has had jump through hoops to prove her identity. Even though they asked for this proof the account still went live. When i called to query something they said it should be on hold until that proof is provided. OK. Then we get the debit cards through and the PIN's and the switch date. ID still not provided at this point.

The account actually switched before we provided proof.

BUT.... Trying to setup the phone app on her phone, Cannot choose the email/txt security questions. Must phone them. She is terrible on the phone and gets flustered when she cannot understand them properly.

Why does she need to keep jumping through these hurdles other than the electoral roll mixup? Is it because she puts 10 years at this address? If she put 6 years (from when we sorted the issue) would that be better than putting 10 years which may not show?

smiddle3

GingerBob wrote: »

As well as sorting out the blacklisting, try and hit the finance company for compo. From what you say it's 100% their fault, and it has adversely affected your personal finances. Unfortunately cases like yours will continue to be very common until such time as the CRAs are forced to implement some sort of quality assurance, or even basic checking, on the data they receive (unlikely, given the current light, to non-existent, regulation).

I've spoken to the finance company twice now since Friday and keep getting fobbed off with them saying that someone is looking into it. How do I go about requesting compensation and how much is reasonable/fair in your opinion?