Dysfunctional credit reporting makes me £15

Dobbibill

As I understand it GingerBob, a current account is technically deemed a credit facility.....whether or not an overdraft is applied for, it can be requested once the account is open at any time. (whether it's approved is another thing)

I would say the quick succession of application probably caused the decline IMHO.

GingerBob_3

Dobbibill wrote: »

As I understand it GingerBob, a current account is technically deemed a credit facility.....whether or not an overdraft is applied for, it can be requested once the account is open at any time. (whether it's approved is another thing)

I would say the quick succession of application probably caused the decline IMHO.

True, as I understand it as well, but it's not initially a credit facility. It should only become CRA relevant if, or when, it becomes so.

YorkshireBoy

Dobbibill wrote: »

I would say the quick succession of application probably caused the decline IMHO.

My experience, described in post #2, would seem to disprove that (as a standalone reason)?

For the avoidance of doubt, the 5th credit card rejection was put down to VERY high available credit (almost 3x salary at the time) and over-indebtedness (stoozing debt way, way, in excess of my salary).

GingerBob_3

YorkshireBoy wrote: »

My experience, described in post #2, would seem to disprove that (as a standalone reason)?

For the avoidance of doubt, the 5th credit card rejection was put down to VERY high available credit (almost 3x salary at the time) and over-indebtedness (stoozing debt way, way, in excess of my salary).

Actually that's a good point. Between us we have 18 credit cards. I haven't added up our total facility but it will be very high and perhaps also 3x total salary, if not more (we never pay interest).

mcpitman

GingerBob wrote: »

True, as I understand it as well, but it's not initially a credit facility. It should only become CRA relevant if, or when, it becomes so.

Or the banks may be keeping their legal obligation to check adresses, identity, DOB, fraud markers etc.

GingerBob_3

mcpitman wrote: »

Or the banks may be keeping their legal obligation to check adresses, identity, DOB, fraud markers etc.

But they don't need a hard search to do that; soft search covers it. And why do they report a zero balance each month on a non-credit account?

mcpitman

GingerBob wrote: »

But they don't need a hard search to do that; soft search covers it. And why do they report a zero balance each month on a non-credit account?

I'm talking about CIFAS markers, bankruptcy checks, AML regulations and other data sets that wouldn't be achieved by doing a "soft search"

You can keep going on about your vitriolic hate for CRA's (and all other institutions from what I can tell), but there is a simple answer to that. Don't let the bank credit check you and find somewhere else to do business. :beer:

GingerBob_3

mcpitman wrote: »

I'm talking about CIFAS markers, bankruptcy checks, AML regulations and other data sets that wouldn't be achieved by doing a "soft search"

You can keep going on about your vitriolic hate for CRA's (and all other institutions from what I can tell), but there is a simple answer to that. Don't let the bank credit check you and find somewhere else to do business. :beer:

If that's the reason, why are these checks, which you say require a hard search, not done on a saving account? Why are they done on a non-credit current account?

mcpitman

GingerBob wrote: »

If that's the reason, why are these checks, which you say require a hard search, not done on a saving account? Why are they done on a non-credit current account?

Why don't you look at google (Step change website will be a good start), there is a difference between the accounts types you are questioning, current account, basic bank account, savings account. Both in the way they are managed and legislated and the facilities that yese accounts provide.

In short it matters not whether is is a "non-credit current account", just that is a current account.

Once again, if you don't like CRA's, don't deal with them. You can always opt out of the credit searches as specific authority needs to be gained from you to run the checks.

GingerBob_3

mcpitman wrote: »

Why don't you look at google (Step change website will be a good start), there is a difference between the accounts types you are questioning, current account, basic bank account, savings account. Both in the way they are managed and legislated and the facilities that yese accounts provide.

In short it matters not whether is is a "non-credit current account", just that is a current account.

Once again, if you don't like CRA's, don't deal with them. You can always opt out of the credit searches as specific authority needs to be gained from you to run the checks.

Please point me to the government legislation that says a credit check must be carried out one someone applying for a current account that doesn't offer credit.