Possible Unsuccessful Bank Account Application - Affect on Credit Score

Chimmy73

Hi there!

I'm thinking of applying for 1st Direct account, but am worried that my application may be rejected on the basis that I'm currently not working, and that rejection will affect my credit score.  I have a credit rating score of around 750 (Experian.) I had a DMP with Step Change, but am now debt free 😁  I don't have any credit cards and have some savings so I'd beable to put in the £1k.

Your thoughts are greatly appreciated.

Chimmy

Brie

Banks use their own credit scoring and not necessarily what your credit score says.  

Have you considered one of the accounts that is very basic for people coming out of debt circumstances??

martinbainbridge1975

barclay's do a basic bank account with a debit card i believe, if you are debt free I don't see an issue opening an account

as brie rightly says above ignore your own credit score its a load of crap - my experian score is sky high around 960 and I don't always get accepted for the best rates on credit cards as an example.  bank's have their own target markets with the sole aim of making money

Chimmy73

Hi guys

Thank you for your replies.

I'm sorry, I did not make myself very clear:  I actually have a Flexi Direct  Current Account with Nationwide, but have had a few issues their customer service and find their app really cumbersome.  Now I'm debt free, I'm looking for another account that is easier to use & maybe take advantage of the switching perk.

I hope this makes more sense.

Chimmy

sourcrates

Chimmy73 said:

Hi guys

Thank you for your replies.

I'm sorry, I did not make myself very clear:  I actually have a Flexi Direct  Current Account with Nationwide, but have had a few issues their customer service and find their app really cumbersome.  Now I'm debt free, I'm looking for another account that is easier to use & maybe take advantage of the switching perk.

I hope this makes more sense.

Chimmy

Apply and see if you are accepted.

The credit score the CRA give you rises or falls with any change, only you see this number, and it is not used in lending decisions, its mainly a marketing gimmick in this country.

You are expected to pay in a minimum amount per month to the First Direct account, they have a good customer service record, but are otherwise no better or worse than any other bank, I find Nationwide`s App easy to use and navigate, they do faster payments, and have a contactless debt card, which is all i need.

You can`t go through life not taking risk`s because your afraid the magic number will drop, very much not the way to do things.

Maskface

I was looking at first direct yesterday and I think you need to get wages paid in to the account. There are lots of others apart from nationwide you can get an account with which have better customer service.

adamp87

They are one of if not the fussiest and picky. I’d say they’d probably say no based on the above, but then there’s probably posts of people
succeeding so

longjohnjohnson

Chimmy73 said:

Hi guys

Thank you for your replies.

I'm sorry, I did not make myself very clear:  I actually have a Flexi Direct  Current Account with Nationwide, but have had a few issues their customer service and find their app really cumbersome.  Now I'm debt free, I'm looking for another account that is easier to use & maybe take advantage of the switching perk.

I hope this makes more sense.

Chimmy

Don't bother.

First Direct are picky and they don't want the unemployed or those with poor credit.
Also, if you find Nationwide's app cumbersome, oh boy will you have a fun experience with First Direct.

phillw

Maskface said:

I was looking at first direct yesterday and I think you need to get wages paid in to the account.

No. I'm not aware of any current account that requires you to pay wages into your account.

penners324

First directs app is worse than Nationwide's