I have been rejected to open 5 savings accounts 1 year fixed rate - never happened before

InvestingNow

Hi there,

I opened a Raisin account that was fine. I transfered all the my saving to Raisin then through Raisin I applied for 3 saving accounts. Ahli United bank, Charter Savings and Brown Shipley all unsuccessfull.

Now I am waiting on Tandem and Habib bank Zurich, which is not normal since savings accounts are open straight away.

I moved home on 1st feb and I got a new phone number. I have changed those on my bank but wonder if it is that what is making then to reject me when they do the identity check. What do you think? 

Thanks in advance.

masonic

Yes it seems likely that's your problem. I doubt you are showing on the electoral roll yet at your new address.

Daliah

They are likely to ID check (not credit check) you against your credit reference files, and against the electoral roll. You are most likely still registered with your old address, and therefore your applications fail

InvestingNow

Then should I put my old address on the application?

cymruchris

InvestingNow said:

Then should I put my old address on the application?

No.

Are you eligible to register for the electoral roll? If so, make sure you're on it.

Have you updated all your finances to the new address? If not, get it done.

Keep an eye on your free credit reports - and when they update to show your new address on several accounts - and if you can get yourself on the electoral roll, then apply. 

MaxiRobriguez

Join MSE Credit Club if you haven't already to see more details on why you might be being rejected.

Also: Applying for things in quick succession looks desperate, and will cause some lenders/banks to reject you.

RG2015

MaxiRobriguez said:

Join MSE Credit Club if you haven't already to see more details on why you might be being rejected.

Also: Applying for things in quick succession looks desperate, and will cause some lenders/banks to reject you.

I didn’t think banks could see applications for savings accounts on your credit report.

Also, I don’t see how multiple applications for savings accounts would appear desperate.

MaxiRobriguez

RG2015 said:

MaxiRobriguez said:

Join MSE Credit Club if you haven't already to see more details on why you might be being rejected.

Also: Applying for things in quick succession looks desperate, and will cause some lenders/banks to reject you.

I didn’t think banks could see applications for savings accounts on your credit report.

Also, I don’t see how multiple applications for savings accounts would appear desperate.

Will defer to smarter folk but would have assumed overdraft facilities would mean ability to see credit report.

dunstonh

Then should I put my old address on the application?

No.    The person now living at your old address may have already updated the electoral roll.  Or there may be other data showing they live there and not you.  e.g. if there is a mortgage on the property.  And land registry information.     The electronic data verification methods dont just rely on one source.      When you move, the data is at its weakest for a period and it is common fail credit checks, ID checks and other soft checks until things have settled down and data sources are correct.

Daliah

Here is what Experian say about addresses on credit files: https://www.experian.com/blogs/ask-experian/changing-your-address-on-your-credit-report/. I reckon other CRAs carry similar information.

The CRAs will focus on credit, not on ID. So they will probably not fully understand why you would want your address updated quickly when you moved.

RG2015

MaxiRobriguez said:

RG2015 said:

MaxiRobriguez said:

Join MSE Credit Club if you haven't already to see more details on why you might be being rejected.

Also: Applying for things in quick succession looks desperate, and will cause some lenders/banks to reject you.

I didn’t think banks could see applications for savings accounts on your credit report.

Also, I don’t see how multiple applications for savings accounts would appear desperate.

Will defer to smarter folk but would have assumed overdraft facilities would mean ability to see credit report.

Thank you for the compliment.

I apologise if I have missed something, but this discussion is about five savings accounts which as such do not have overdraft facilities.