Rejected for basic bank account despite excellent credit score

oxstudenttenant

Looking to take advantage of their regular saver offer, I applied for the Virgin Money M Account, “a good bank account for bad credit or if you've experienced financial difficulties” but was rejected despite having an “excellent” credit score with Experian and TransUnion. 

I’m registered on the electoral roll, have 10+ years of credit history and have had numerous credit cards over the years, including AMEX. I’ve never missed a payment and use less than 10% of my available credit. 

I’m super confused as to how this has happened, and am planning on contesting, but just wondering if this has happened to anyone else or if anyone has any insight into what could have gone on?

MikeJXE

Could be just a blip 

I was refused a few months ago when applying on my iPad

On my phone in the app was very easy and went through in a few minutes last week 

Delete browsing history first 

MattMattMattUK

oxstudenttenant said:

Looking to take advantage of their regular saver offer, I applied for the Virgin Money M Account, “a good bank account for bad credit or if you've experienced financial difficulties” but was rejected despite having an “excellent” credit score with Experian and TransUnion. 

I’m registered on the electoral roll, have 10+ years of credit history and have had numerous credit cards over the years, including AMEX. I’ve never missed a payment and use less than 10% of my available credit. 

I’m super confused as to how this has happened, and am planning on contesting, but just wondering if this has happened to anyone else or if anyone has any insight into what could have gone on?

Firstly your credit score is a meaningless number, it is made up, means nothing and no lender ever sees it. Secondly, Virgin and indeed most banks do not allow customers to open a basic bank account if they already have a current account with any other bank.

There is no "contesting", they have rejected your application, they do not have to accept you, they will not review it.

nyermen

I thought the credit record criteria for basic bank accounts are quite low - pretty much not connected to credit record (as noted, the numbers shown by credit agencies are just their made-up interpretation of your record that they hold - focus on the record itself)

Assuming there was nothing missing (such as electoral register entry or address being wrong), then OP have you checked you don't have anything negative registered at eg. National Hunter or CIFAS (the fraud databases)?  Though if you have accounts elsewhere then thats unlikely.

It could just be they feel you have other facilities open, or that you didn't meet other criteria (such as not having certain banking facilities elsewhere).

elsien

You are not their target demographic for that account so they may have made a commercial decision not to accept you. 

etienneg

As others have said, the credit "score" is meaningless. Please read the sticky post at the top of this sub-forum.

In general, banks offer their basic accounts only to those with poor credit history, and then only if you don't have a bank account elsewhere.

You don't open a basic account in order to get a regular saver. Open an M plus account. This is Virgin's "ordinary" current account, with no charges. It's the one on their home page at:
https://uk.virginmoney.com/
Click on the button "Discover M Plus Account" to get details - including that it unlocks the way to the regular saver.

35har1old

oxstudenttenant said:

Looking to take advantage of their regular saver offer, I applied for the Virgin Money M Account, “a good bank account for bad credit or if you've experienced financial difficulties” but was rejected despite having an “excellent” credit score with Experian and TransUnion. 

I’m registered on the electoral roll, have 10+ years of credit history and have had numerous credit cards over the years, including AMEX. I’ve never missed a payment and use less than 10% of my available credit. 

I’m super confused as to how this has happened, and am planning on contesting, but just wondering if this has happened to anyone else or if anyone has any insight into what could have gone on?

A M account doesn't qualify for the regular saver
A M+ account is required 

electriccactus

oxstudenttenant said:

Looking to take advantage of their regular saver offer, I applied for the Virgin Money M Account, “a good bank account for bad credit or if you've experienced financial difficulties” but was rejected despite having an “excellent” credit score with Experian and TransUnion. 

I’m registered on the electoral roll, have 10+ years of credit history and have had numerous credit cards over the years, including AMEX. I’ve never missed a payment and use less than 10% of my available credit. 

I’m super confused as to how this has happened, and am planning on contesting, but just wondering if this has happened to anyone else or if anyone has any insight into what could have gone on?

This is a basic bank account so they are likely only going to offer it to people who do not qualify for their full-fat current account.

Typically banks will just let you apply for "an account" and then offer you whatever is suitable. The basic account if you have poor credit, the full-fat one if you do not. They do not let you pick.

It's possible that VM do allow you to pick, but turn down people who qualify for full-fat current accounts.

I'd just apply for the M Plus account and see how it goes.