Rejected for an edge account

bloodytickedoff

Following Martins last tv show, we decided to apply for a santander edge account. We were rejected?  I have no idea why. Our credit score...which I checked after...(form the first time in 10 years) came in at 650. We own our own home, have quite a bit in savings, £50k pa in income. Virtually zero outgoings....have never been bankrupted/owe money, no mortgage etc etc. no new bank accounts nothing...WHY 

TadleyBaggie

Sounds like you have a "thin" credit file, i.e. very little to show that you are able to manage credit accounts. Your meaningless credit score, is just that.

Isthisforreal99

A lack of credit history?

Brie

are you registered to vote?  do you have lots of credit cards?  any CCJs?

Your credit score isn't grand but is irrelevant as Santander wouldn't have looked at that.  They would have looked at your credit history.  So have a look and see what's on there.

Biggest issue for a lot of people is having too much available credit.  So lots of credit cards with high limits - whether you use them or not.  Overdrafts whether you use them or not.  Car or house insurance paid monthly (so you have a credit agreement).  Other contracts or credit agreements for phones, TV, broadband etc.

The issue with too much credit is that you could go out and max it all tomorrow so even when not used it show you as a risk.

CCJs sneak on to credit reports un noticed by lots of people.  Normally it's PCNs that you don't get notified about (moving so DVLA updated too late) and then as unpaid it goes to court as they are still writing to your old address.  

bloodytickedoff

yes we are the electoral role and have been for years. 2 bank accounts. One joint with 1 credit card thats paid off every month, second Halifax clarity for travelling paid off in full when used. Dont owe anything to anybody. £65k income pa, zero debt anywhere....quick credit score came in at 650. Have £50k in current account at all times. Banging my head against the wall. Only a few DD;s telephone 1, council tax 1, electricity 1. Thats it. baffling   

flaneurs_lobster

Notwithstanding any of that, why would you have £50k in your current account "at all times"? Not sure if Santander see that as odd (or even if they know) but it seems abnormal to me.

Why is it not in some kind of savings account earning interest?

Bendo

Credit score is a meaningless figure made up by the CRAs to market their data at you. 

If you have no debt, then you also have no proof you can handle debt. It seems perverse, but that's the way the old fashioned banks risk management works.

danny13579

I don't think Santander would have access to the £50k in the current account information, though it doesn't make much sense having it there earning nothing or next to nothing.

As for the rejection, I have no idea, something in your application told the computer to say no. Does it have to be an Edge account you open or with Santander? Plenty of other banks around.

flaneurs_lobster

It occurs to me that you said "we decided to apply", were you looking to open a joint account? 

All those questions about lending, electoral register etc would of course apply to both parties to any application, are any of those DDs, credit cards etc in the second party's name?

bloodytickedoff

Joint account as is our only other bank account, (Halifax clarity) for travelling paid off in full when used. The £50k is in our current account as we are building a shed, £25k ish and I want to buy a Jag F type to put in it. 
We do have a lot more £££ elsewhere in savings. We get 3 pensions pm......Mystified 

eskbanker

bloodytickedoff said:

Joint account as is our only other bank account, (Halifax clarity) for travelling paid off in full when used.

For the record, Halifax Clarity isn't a bank account as such, it's a credit card, and therefore can't be held jointly - one of you will be the account-holder, solely responsible for the debt and the conduct of the account, and the other will simply be a secondary cardholder.