Tried to open a new account with my current bank.. score reduced. help!
poppapop
Forumite 3 Posts
Hi all,
I have had a Santander account for over 12 years (currently have no debt with them or over draft etc) account is in good standing and have a good chunk of savings with them.
I wanted to open a joint account with my partner so we applied online (as per guidance of the operator at Santander) - My partner is not a Customer of Santander.
They said it had gone through, we received the bank cards etc and then went to transfer money and it didnt work. Turned out they had turned down our application (but already sent out the cards and pin number), they wouldnt tell us why on the phone and said 'wait for the letter' - once the letter arrived it had absolutely no reasoning why other than it had been declined.
However, a few days later I got notification from Experian that my credit score had reduced by about 38 points and it turned out it was because my bank had checked my file and declined my application and then reported to Experian.
I looked at the terms and conditions sent via email when opening the joint account and there is a section about checking your credit however these terms and conditions were the same for both current customers of Santander and new customers.
my question is...was it unreasonable for Santander to decline and then report to the credit reference agency?
Im so annoyed the way it was handled and think ive been penalized even though ive been a customer for a long time
Is a complaint worth it? or should i just let it go...
I have had a Santander account for over 12 years (currently have no debt with them or over draft etc) account is in good standing and have a good chunk of savings with them.
I wanted to open a joint account with my partner so we applied online (as per guidance of the operator at Santander) - My partner is not a Customer of Santander.
They said it had gone through, we received the bank cards etc and then went to transfer money and it didnt work. Turned out they had turned down our application (but already sent out the cards and pin number), they wouldnt tell us why on the phone and said 'wait for the letter' - once the letter arrived it had absolutely no reasoning why other than it had been declined.
However, a few days later I got notification from Experian that my credit score had reduced by about 38 points and it turned out it was because my bank had checked my file and declined my application and then reported to Experian.
I looked at the terms and conditions sent via email when opening the joint account and there is a section about checking your credit however these terms and conditions were the same for both current customers of Santander and new customers.
my question is...was it unreasonable for Santander to decline and then report to the credit reference agency?
Im so annoyed the way it was handled and think ive been penalized even though ive been a customer for a long time
Is a complaint worth it? or should i just let it go...
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Replies
It's correct that the search is reported to the CRAs. It will have no impact on how lenders view you unless you have a particularly marginal credit history.
There's no reason for a complaint.
Is your partner now listed as being financially linked? What is their credit like?
All that Santander will have reported about your application is a hard search. That on its own has very little impact on your history unless you have a few of them.
They could have also reported you as being linked to your partner, which could have more impact if their credit history is worse than yours.