Account declined - Excellent credit score

xeel

Hi all.

So a few months ago, my account and my wife's account was closed by Monzo Bank citing no reason. I contacted them and was told that they cannot provide a reason. I sent an email to them saying that their system has probably made an automatic mistake, and on investigation they found that to be true. Consequently they re instated both of our accounts however could not give any details.

Now, recently, a bit disappointed with Monzo, I tried opening a Starling bank account without any over draft etc. After keeping my request on hold for a month, they declined my application. I have an excellent credit score and dont see anything unusal on any of my credit reports. I have never been declined a credit either. Starling bank says they do other checks besides credit check.

This has left me a bit concerned and if I connect two events I can imagine something going on on my address or myself which I have no idea about. Is there anyway I can find out what is causing my accounts to be declined? Banks are not willing to give any information neither they are obliged to, but then if it is something related to me or affecting me directly, I have the right to know, but HOW?

Ed-1

xeel wrote: »

Hi all.

So a few months ago, my account and my wife's account was closed by Monzo Bank citing no reason. I contacted them and was told that they cannot provide a reason. I sent an email to them saying that their system has probably made an automatic mistake, and on investigation they found that to be true. Consequently they re instated both of our accounts however could not give any details.

Now, recently, a bit disappointed with Monzo, I tried opening a Starling bank account without any over draft etc. After keeping my request on hold for a month, they declined my application. I have an excellent credit score and dont see anything unusal on any of my credit reports. I have never been declined a credit either. Starling bank says they do other checks besides credit check.

This has left me a bit concerned and if I connect two events I can imagine something going on on my address or myself which I have no idea about. Is there anyway I can find out what is causing my accounts to be declined? Banks are not willing to give any information neither they are obliged to, but then if it is something related to me or affecting me directly, I have the right to know, but HOW?

There's 3 parts to account opening: ID check, credit check, fraud check.

Check the fraud side of things by sending a subject access request to CIFAS, National Hunter and Synectics Solutions.

[Deleted User]

First off ignore your credit score - as proven here it means nothing in the real world.

Are there any CIFAS markets on your credit files?
Or notices of corrections?

xeel

!!! wrote: »

First off ignore your credit score - as proven here it means nothing in the real world.

Are there any CIFAS markets on your credit files?
Or notices of corrections?

Having checked the three majors, there are no CIFAS or notice of corrections. I did have an identity theft 4-5 years ago which was recorded on my report but removed in due time and everything came back to normal.

Thrugelmir

What activity is passing through your bank accounts?

xeel

Thrugelmir wrote: »

What activity is passing through your bank accounts?

Just day to day activity really? Salary, utility expenses etc. mostly. Now that you've mentioned, a few months ago my brother came to UK to study from abroad and my dad did send his tuition fees to my account which I paid to the university immediately - is that a red flag somehow?

DCFC79

A bank aren't obliged to tell you the reason why an account is closed.


You can be declined for credit for any reason since the lenders can choose who they do business with.

Ben8282

xeel wrote: »

Now that you've mentioned, a few months ago my brother came to UK to study from abroad and my dad did send his tuition fees to my account which I paid to the university immediately - is that a red flag somehow?

It could be.
Don't you have any accounts with more established traditional High Street banks? Only Monzo then declined by Starling ...

xeel

DCFC79 wrote: »

A bank aren't obliged to tell you the reason why an account is closed.


You can be declined for credit for any reason since the lenders can choose who they do business with.

I agree, it is just I am sure they don't have any personal vendetta against me so it must be something in black and white which is causing them to take this decision. I am just curious to know what it is.

xeel

Ben8282 wrote: »

It could be.
Don't you have any accounts with more established traditional High Street banks? Only Monzo then declined by Starling ...

Ofcourse I do. Starling/Monzo are supposed to be just travel accounts.

[Deleted User]

xeel wrote: »

I agree, it is just I am sure they don't have any personal vendetta against me so it must be something in black and white which is causing them to take this decision. I am just curious to know what it is.

So are their competitors. That's why they won't tell you.

It's also because the decline is rarely based on an isolated factor, but a combination.