Credit Rating Issues Opening Accounts

jrcocio

I have been swapping bank accounts recently trying to mop up the best introductory offers and get the best interest rates.

A few weeks ago I applied for a Natwest Select Account and a Royal Bank of Scotland Select Account.
A few days after receiving the debit card and account information I received a letter from the RBS Application Verification Unit stating that my account had been closed because I did not meet the standard checks described in the terms and conditions of the application.

I didn’t hear anything from Natwest after sending them some information to open my account. I rang Natwest to ask where my application was up to. They told me that my application had been cancelled because of credit issues.

I have never had any credit problems, always repay my credit cards in full and have no debts other than my mortgage, which I have always paid on time.


Just to check I joined the MSE Credit Club and have a rating of 989/999. The only issues being my short financial relationships and multiple credit applications.

I’m wondering where I stand with these rejections from Natwest and RBS:

- Is there any impact on my credit rating that I have been declined? There is a record of their searches, but nothing stating that I have been declined.
- Should I contact them and push them further to get a record of why I have been declined, or will this make things worse?
- How should I approach applying for new accounts to get the best deals? Is it worth leaving it a while so that some of the searches drop off my record? How many applications in what timeframe would start to worry lenders?
- Does this affect my wife’s credit rating? She doesn’t apply for credit very frequently, so is not on good deals and I would like to help her to switch.

Thanks for your help.