Questions after online application of Halifax Student A/c

firsttimestudent

I have just started university and applied for the Halifax Student Bank Account. I am now 22, have been working for a while after my A-levels and currently has a current account (non-student) and an adult credit card with another bank. I applied online for Halifax seeing that it is highly recommended.

After applying online, I read some coments at this board and others that though they were promised £2750 of interest free overdraft, they only got £500.

1) What determines if they will be eligible for £500, or £2750 for example? Is it by credit history checking (which I will have had some); or is it their internal scoring (which I would have none since new customer with them)? And to get the OD in the first place, do I need to make a payment into it first prior to getting the OD?

2) After applying online, I got to the next page where it says "Thank you for completing your application. Your account has now been opened. (and it displays my new sort code and account number)." Then a few lines later it says "We need to carry out some further checks on your application. We'll do this as quickly as we can and send you a letter within 7 days, confirming whether your application has been successful". a) Does it mean my application has been successful, or is it still pending? b) Do you know if Halifax requires me to present some documents to them to verify (if yes, what are they?) I have been on the electoral roll.

If anybody could offer any advice to my questions above, that would be most greatly appreciated,

jonesMUFCforever

They credit score the student applications just like any other current account application.
Only a few get the full £2750 o/d facility.

regularsaver1

They will need to check student verification firstly

my brother was offered £500. As soon as he paid in his £100 to get his card it was allowed to be increased to £1000. had to query

future increases are based on people crediting their account with student loan ect

techno_geek

my brother was offered £500. As soon as he paid in his £100 to get his card it was allowed to be increased to £1000. had to query

future increases are based on people crediting their account with student loan ect

Halifax's standard policy is to offer £500 at first, and staff are able to increase it to £1000 when you provide your ID in branch.

regularsaver1 is correct, future increases are based on credits and cashflow through the account.

The only way to increase the overdraft is to go into a branch, and get the adviser to call the underwriting department.

firsttimestudent

Thanks for your replies.

I still haven't heard from them yet regarding my current account. Got their online banking password already and managed to log in, but when I click on Application Decision it still says they are processing. Oh well...

techno_geek wrote: »

Halifax's standard policy is to offer £500 at first, and staff are able to increase it to £1000 when you provide your ID in branch.

regularsaver1 is correct, future increases are based on credits and cashflow through the account.

The only way to increase the overdraft is to go into a branch, and get the adviser to call the underwriting department.

So you will be given the £500 even before ID-ing the applicant? That seems a bit strange in terms of things like money-laundering laws etc!

Whenever I request an increase in overdraft (in the future), will they query external credit reference agencies, or not?

regularsaver1

you can't have the account or fund it until you supply id

internal check on funds into the account, not external.