Turned down for an ISA account

rich11

I applied for an ISSA account with Paragon bank yesterday. I funded it with £500 from my current account. The money did not appear and when I finally got through my account has been closed as I am outside their "risk area"

Now other than getting my deposit returned to me this isn't an issue but why should there be a risk issue for a savings account? I am remembering trying to open a Chase account a few months ago and I was declined but Marcus upped their rate so I wasn't bothered. Experian have me at 999 Equifax at 645 for credit scoring. I know these numbers are meaningless but I am mortgage free have zero debts and have plenty of savings. Not bragging I have been reasonably lucky in my career choice

Could there be something lurking in the background? Would anyone recommend me contacting CIFAS? I moved home a couple of years ago 

Any advice would be appreciated 

masonic

I presume you mean ISA. It won't have anything to do with your credit score, but may be a result of your personal information held by the credit reference agencies not matching your application, any other nationality you may hold, or anything you told them about the source of the funds. You should be able to see from your credit reports which of the CRA's they used for identity verification.

rich11

Apologies I meant Isa. Nationality could be the reason my father is Irish and I obtained an Irish passport a few years ago. Still such a weird reason to not want my money 

masonic

rich11 said:

Apologies I meant Isa. Nationality could be the reason my father is Irish and I obtained an Irish passport a few years ago. Still such a weird reason to not want my money 

Wouldn't have thought dual UK/Irish nationality would be a problem if you're UK resident. Banks often have a problem with for example US citizenship because US citizens are taxed on their worldwide income, which creates an extra reporting burden on the bank.

rich11

There obviously is some sort of issue but I'm stumped as to what and how to find out what the problem is 

Millyonare

Are you on the UK electoral roll?
Any past bankruptcies?
Missed payments?
Previous-owner problems at the address?

Check your credit report and see.

(Don't post any personal details).

rich11

Yup on the electoral roll no bankruptcies no missed payments no debts at all. Checked 2 of the credit companies Experian 999 equifax 645. I did think it was strange when Chase knocked me back a few months ago but my wife’s application sailed through. There’s obviously something lurking in the background. On the Equifax report it had an orange triangle on the electoral roll part but it has me down at my current address correctly and my previous address correctly 

S_uk

Millyonare said:

Previous-owner problems at the address?

Out of interest, how would this be a problem?

badger09

rich11 said:

I applied for an ISSA account with Paragon bank yesterday. I funded it with £500 from my current account. The money did not appear and when I finally got through my account has been closed as I am outside their "risk area"

Now other than getting my deposit returned to me this isn't an issue but why should there be a risk issue for a savings account? I am remembering trying to open a Chase account a few months ago and I was declined but Marcus upped their rate so I wasn't bothered. Experian have me at 999 Equifax at 645 for credit scoring. I know these numbers are meaningless but I am mortgage free have zero debts and have plenty of savings. Not bragging I have been reasonably lucky in my career choice

Could there be something lurking in the background? Would anyone recommend me contacting CIFAS? I moved home a couple of years ago 

Any advice would be appreciated 

Forget 'Credit scores'. They are meaningless, especially as no credit search is performed for a purely savings account. (Chase needs a current account, so they will have done a credit search!)

However, they will do Identity & AML (anti money laundering) checks. There must be something on your credit report which they don't like. Possibly a spelling difference or something similar. You need to obtain all your credit reports and check them very carefully for errors. You can then ask the CRA to correct their information.

Good luck & please report back.

(Points 2, 3 & 4 of Millyonare's post are irrelevant) 

Bigwheels1111

badger09 said:

rich11 said:

I applied for an ISSA account with Paragon bank yesterday. I funded it with £500 from my current account. The money did not appear and when I finally got through my account has been closed as I am outside their "risk area"

Now other than getting my deposit returned to me this isn't an issue but why should there be a risk issue for a savings account? I am remembering trying to open a Chase account a few months ago and I was declined but Marcus upped their rate so I wasn't bothered. Experian have me at 999 Equifax at 645 for credit scoring. I know these numbers are meaningless but I am mortgage free have zero debts and have plenty of savings. Not bragging I have been reasonably lucky in my career choice

Could there be something lurking in the background? Would anyone recommend me contacting CIFAS? I moved home a couple of years ago 

Any advice would be appreciated 

Forget 'Credit scores'. They are meaningless, especially as no credit search is performed for a purely savings account. (Chase needs a current account, so they will have done a credit search!)

However, they will do Identity & AML (anti money laundering) checks. There must be something on your credit report which they don't like. Possibly a spelling difference or something similar. You need to obtain all your credit reports and check them very carefully for errors. You can then ask the CRA to correct their information.

Good luck & please report back.

(Points 2, 3 & 4 of Millyonare's post are irrelevant) 

Chase only do a soft search, As dont provide loans or overdrafts.

rich11

I have done 3 different credit searches. Nothing of note comes up except on Experian where my previous address is listed as 2,2 xxxxx street when it should just be 2 xxxx street. Credit Karma has 2 ambers. Both state that I either have too much credit for my income or too little credit

Obviously this must too little credit as I have no loans or mortgages. I applied for a credit card on one of these credit scoring sites for a card with a £200 limit. I was declined immediately 

Very frustrating