M&S Bank Current Account Rant !!

[Deleted User]

So I've been trying every 6 months for a good number of years now to open an M&S Bank Current Account. Each and every time I have been declined citing credit scoring or management of accounts within the HSBC group.

I have an HSBC commercial credit card with a £2000 limit (clear) and an HSBC personal credit card with a £1500 limit (£350 Balance) and I also have an excellent credit rating, never missed a payment in my life to date on any of my credit agreements and have checked this through experian.

While I could understand being declined a credit card or a loan with M&S Bank, due to those products being generally more tricky to be approved for, I dont understand why they would deny someone with a good credit history a current account especially when I never asked for an overdraft limit and simply want it for the vouchers, I've honestly never had a problem with being approved for a current account with any other provider.

Im just curious weather anyone has been in the same position and if they appealed the decline, what the outcome was.

Or mabey just perhaps I'm not sleeping with the right people at M&S Bank to be deemed worthy enough

Thanks.

[Deleted User]

Start by checking all three of your files. Dsregard the scores but check the data.

You current limits are very low, suggesting some higher risk factors.

[Deleted User]

Deleted_User said:

Start by checking all three of your files. Dsregard the scores but check the data.

You current limits are very low, suggesting some higher risk factors.

My limits are low because I have other credit cards, I know that already available credit is considered when setting limits. My Natwest one is 8 grand and santander is 1 grand and Halifax is £3800. Have checked them all literally nothing sticking out.

Also have an Amex Charge Card, Argos Card £3250 limit and Sainsburys Credit Card £1000 limit.

[Deleted User]

Those are still low limits. Is your income also low? There seems to be a common theme in the way you're being assessed.

CIFAS may also be worth a check if you have a moment.

adamp87

It just seems you don’t fit their profile. To be fair if I was that bothered I’d lodge a formal complaint & inquire why further.

You’ve nothing to lose but all the same they aren’t compelled to offer you an account.

[Deleted User]

adamp87 said:

It just seems you don’t fit their profile. To be fair if I was that bothered I’d lodge a formal complaint & inquire why further.

You’ve nothing to lose but all the same they aren’t compelled to offer you an account.

Im not that bothered to be fair, just the only time I've ever dealt with such a picky organisation, especially considering its just a current account as opposed to a 250 grand mortgage.

M&S certainly dont seem to take the mainstream approach when it comes to "customer profiles" 😂

I personally believe its due to my income rather than anything credit related, my income is pretty average, so I assume their customer profile would be more geared towards those on 3 figures who vote tory as their debit card looks like it was designed by Jacob Reese Mogg 🙈

[Deleted User]

Deleted_User said:

Those are still low limits. Is your income also low? There seems to be a common theme in the way you're being assessed.

CIFAS may also be worth a check if you have a moment.

My income is 14k, however I know people who earn alot more than myself, and have been offered limits far lower. Yes I have and its also showing nothing.

Could understand if they didn't want to lend me money, just dont know why they are so picky over a current account application without an overdraft. Okay I could possibly go unauthorised by a small amount but the card will eventually be declined anyway so as far as credit risk theres little to none 😂😂😂😂😂😂

D3xt3r5L4b

M&S are picky as they are HSBC who are also notoriously picky.

[Deleted User]

D3xt3r5L4b said:

M&S are picky as they are HSBC who are also notoriously picky.

Have never had an issue with HSBC in regards to anything. The only one issue Ive ever had with them is when I went to open my bank account the visa debit card came as non contactless, rang up and complained and they told me I wasn't t eligible, threatned to close my account, 5 minutes on hold, and the lady said my contactless card was on its way.

Im guessing she went to the underwriting department and asked them to override it. 

MalMonroe

I think you're right when you say that it could be your income level that's too low. I've also tried in the past to get an M&S current account as well as an M&S credit card without success. Funnily enough, they did once accept my application for car insurance. . . 

When I became a mature student a few years ago, I applied to HSBC (along with many others on my course) for a current account - declined.  Others on my course were accepted, even though my income - as a mature student - was higher than theirs! Now I know why. HSBC and M&S are in collusion. It really does beggar belief.

However, now I just have one of their Sparks cards and won't bother them with applications for accounts or credit cards again. Why keep chasing them? There are other banks who would be glad to have your custom, I'm sure. It feels a bit like chasing someone you are attracted to who just isn't attracted to you.

I'd leave them alone and go with someone who wants you. It's not half as hurtful that way!

MalMonroe

D3xt3r5L4b said:

M&S are picky as they are HSBC who are also notoriously picky.

I agree with you. They ARE picky!