Natwest - I got an account

moneyspender1981

I have pretty bad credit, I am in a debt management scheme that I pay regualry and although not to many years left. It has always left my credit in tatters.

I applied for a number of different accounts online and was rejected. So decided I would stick with my halifax current account but open a basic aco!!!! with natwest to pay direct debits etc.

I went into the branch and spoke with the women. She said that I should apply for a normal current account first then if rejected I would be offered a basic one, i explained there wasnt muhc point but ok.

anywyas I was accepted - and given the natwest gold current account - whihc i can cancell the £12.00 a month if required. - she said the aco!!!! is the best they could offer so my credit cant be that bad. (trust me it is)

I have confirmation letters that my aco!!!! was opened successfully, also deposited some cash in there. waiting for card/cheque book etc in the post.


Just wondered why they accepted me when others didnt? and will this card come through or will it be an error?

skyrider007

Congrats! Banks have their own criteria, sometimes they can be flexible.

loneranger

Some banks are more approving if you apply in branch and openly explain your situation.

londonuk2008

I decided to apply online today , and it took me through the application - it asked if I would like a overdraft and strangely when I said yes it gave £500 , exactly what my current bank gives me now. The account is Advantage gold.

The question I have is at the end it said approved in principle ?I was also asked if I would like a credit card - but turned me down .
So have I been accepted?
Now , my credit file is ok , no bad marks etc - although I did have a bad credit file a couple of years ago.
So what happens next?

Leigh73

Thanks for the info re Natwests Advantage Gold a/c folks.

I just applied, and to my amazement they tell me that I've been accepted 'in principle' ..I cut and pasted the screen below - Would they have already done a credit check at this point, or do they wait until you send back the signed paperwork? What paperwork do they need?

................................................................................
Completion



We are delighted to inform you that your application has been agreed in principle. Your documents will be sent out to you straight away, you should receive these within the next few days.
What you need to do now:

1. Read the enclosed brochures
2. Check and sign the application form
3. When providing identification, ensure that it is an original copy (please note all documents will be returned)
4. Return all relevant paperwork within the pre-paid envelope as soon as possible

What Happens Next:

Once we receive your paperwork, we'll complete your application. On completion we'll let you know your account number. Your card, pin number and cheque book (if applicable) will be sent to you separately.
Additional Services:

We will, where appropriate, automatically register you for online banking and Actionline, our internet and telephone banking services. We will send you more details, together with the information you need to start making use of these services once your account is open.
We're Here to Help

If you have any queries on your application, please call us on 0845 303 0299 and have your application reference number to hand.

.........................................................................

Now, my credit file is pretty poor, but has improved recently.

On my Equifax credit file, I have 1 (Satisfied) CCJ of £300 from just over a year ago, and 1 (Satisfied) Default for £186 from 2003, so that will drop off in January of next year.

I was also Bankrupt in '03, and Discharged in '05. The Bankruptcy does show on my Experian file (and will vanish January '09), yet does not show at all on my Equifax file.

On my Experian file, there are 3 further (Satisfied) Defaults which again fall off next year.

I have had a Co-op Cashminder (BASIC) bank account since early 2004, and have ran this well..lots of zeros on my Equifax and Experian reports!

I was also accepted last December for an O2 mobile phone on contract, and paid on time each month, so things must be looking up.

[Worryingly though, when I checked my Equifax file (O2 check Equifax) next to my O2 account, they have my Date of Birth down incorrectly, ie - 1 day out .. will this count against me? I've tried and tried to get both O2 and Equifax to correct this, but it's taking ages. I'm also worried that they might then close my O2 account, even though I definitely inputted the correct info!]

Anyway, sorry to jump on this thread, but thank you for the info re the Natwest Advantage Gold account.

Like I said, I just applied online this evening and then they told me I'd be 'approved in principle' ...what does this actually mean?

Does this mean, in laymans terms, that they have not yet done the credit check? Or, is it just a case of them needing me to sign the forms, having already done a credit check and they've accepted me??

I'm also wondering if they perhaps do offer me an account, but will only offer a Solo card rather than the full 'Service Card' with Maestro..

Any info from those who've applied / been successful in opening this a/c with Natwest, would be most appreciated!

Kind Regards,

Leigh.

Leigh73

PS -

I just re-read londonuk2008's post, and I forgot to add, when I applied online, they did not offer me the overdraft with the account, but did offer me a credit card.

I went ahead and filled out the details on screen for the credit card, but then I was instantly declined, so this got me thinking that they do indeed carry out the credit checks online.

I was also offered a 'savings account' but the screen froze, so I had to log out!

So, maybe they're going to offer me the Advantage Gold account with no o/d, credit card, but hopefully the Maestro as I only have Co-op's Electron at the moment!

Any thoughts?

Many Thanks,

Leigh

Leigh73

Hi,

Update..

I just checked my Equifax credit file online, and I can see that Natwest have indeed done their credit checks already.

I've lived at 3 addresses during the past 8 years, and I can see that they've credit checked me twice at my current address (probably for the current and credit card accounts).

They also did 2 seperate I.D. checks at the current address.

Natwest also did 2 seperate credit checks at my previous address, and again 2 I.D. checks.

At my address before that, they did not do any credit checks, but just 2 I.D. checks. As my past negative credit history was when I was at this address only, I'm assuming, that as no credit check was involved, this did not come up. Hence, only my positive credit history (lots of the lovely green zeros!) at my current / previous address would be seen by Natwests auto-online-credit checking.

Looks like I *may* have been approved!

I don't want to get my hopes up just yet though, as I don't want to tempt fate, but I haven't had a decent, 'proper' account for quite some time, so I would be over the moon!

Hope the Equifax / Natwest credit checking info is of some help to someone else too.

Regards,

Leigh.

danielharris91

I have also been accepted for this account. No offer for the Overdraft or credit card.

My dad has a Natwest AdVantage Gold account but only has a Solo card. Hope i get a Meastro card though, as it's accepted in a few more places.

Leigh73

Thanks for the info Daniel.

I am surprise really though that Natwest would offer the Advantage Gold a/c with a Solo card.

What would the difference be I wonder, between this and the bog standard basic 'Step' account which Natwest offer with Solo if this is the case?

Is the Advantage Gold that much better than their Step a/c, if they're only going to offer me a Solo card?!

Cheers,

Leigh.

robpw2

i got the same account accepted but chose the current account plus , apparently they monitor your use of these accounts which enables them to make borrowing descisions in future the basic account they do not monitor and once your stuck on it you can find it hard to get out this is what nat west lady told me .

Leigh73

Many Thanks for the info robpw2.

Could I please ask, did you apply online?

If so, did you also get the screen up, where they tell you...

"Completion

We are delighted to inform you that your application has been agreed in principle. Your documents will be sent out to you straight away, you should receive these within the next few days."

Did you see this message also? My worry was that they were yet to do a credit check, but would then turn me down once they had!

However, since checking my Equifax file online, it seems they've already done the checks.

Great to know they monitor these accounts, as by the looks of it, this would help improve the credit rating, while I take it the 'Step' account would not, ie - perhaps they report your account conduct to Equifax / Experian whereas with 'Step' they wouldn't bother.

Could I also ask, were you offered the o/d and credit card also?

Also, what kind of card did they send you? Solo or Maestro? Cheque Guarantee?

Is your credit rating perfect or a little poor in the past like mine?

Finally, what was the paperwork they send you, and what do they ask for?

Sorry for so many questions, but it would helpful to guage how others' credit rating has affected Natwest's decision either way!

Best Regards

Leigh.