Affect of current account on your credit file

Toastie

I have searched on the forum for a bit but couldn't find much.

What is the effect of a current account on your credit file? I was interest in the HSBC account (generally wanted a new one but i could get £20 cashback) however some people have said about being rejected?

I'm only a student so i have no income, expcept a part time job but it looks like they will get rid of me.

Would a rejection make it worse or would no one be able to see it except me?

skyrider007

If you're a student then surely you'll be wanted by most high street banks. Halifax provides the best student account (in terms of fee-free O/D limit and free cash). I bank with HSBC (student service) and they have been very good. Got 1000 pounds O/D and 500 pounds Master Card.

username

skyrider007 wrote: »

If you're a student then surely you'll be wanted by most high street banks.

Hohoho, very funny. I got rejected by both Halifax and HSBC for their student accounts, citing that my "credit score was too low".

PROLIANT

username wrote: »

Hohoho, very funny. I got rejected by both Halifax and HSBC for their student accounts, citing that my "credit score was too low".

Dont waste your time with the latter, try Alliance and Leicester or Barclays.

Megalomaniac

RBS... very good interest free overdraft facility which you can save

Toastie

Megalomaniac wrote: »

RBS... very good interest free overdraft facility which you can save

Not one near me, infact i don't think i've ever seen a RBS. Not much good to me, i already have Barclays but they just keep rining me for a first additions account or what ever. I guess i will leave it a while and look again closer to when i'm off to uni.

exel1966

Toastie wrote: »

I have searched on the forum for a bit but couldn't find much.

What is the effect of a current account on your credit file? I was interest in the HSBC account (generally wanted a new one but i could get £20 cashback) however some people have said about being rejected?

I'm only a student so i have no income, expcept a part time job but it looks like they will get rid of me.

Would a rejection make it worse or would no one be able to see it except me?

Being rejected for a current account application should not have any effect whatsoever as there is no 'credit' involved.
However if you already have a current account and have an overdraft facility attached to it, then it will have an effect as other potential creditors will be able to see that facility.

When the term 'score too low' is quoted, that could mean a multitude of things from something as simple as not being able to electronically verify your address because you're not on the electoral role ranging to having a debt problem. It's not very transparent to say the least.

Toastie

exel1966 wrote: »

Being rejected for a current account application should not have any effect whatsoever as there is no 'credit' involved.
However if you already have a current account and have an overdraft facility attached to it, then it will have an effect as other potential creditors will be able to see that facility.

When the term 'score too low' is quoted, that could mean a multitude of things from something as simple as not being able to electronically verify your address because you're not on the electoral role ranging to having a debt problem. It's not very transparent to say the least.

I see.

I have no overdraft on my Barclays account. I'm guessing that without having an overdraft they will just see two accounts open until my DD have changed to the new account?

As long as there won't be too much damage on my file it'll be ok, it's just reading how some people are rejected even if they aren't in debt.

Thanks for your replies.

[Deleted User]

skyrider007 wrote: »

Halifax provides the best

...unless the next words to this sentence are "chances of getting screwed over by a bank", it's a lie.