Student account/bad credit

hippyshaker

hi newbie here so im not even sure if this post is in the right place but as its student orientated i thought i'd give u guys a go first! basically i start uni next week and i need to sort out a student account, i had applied for one with HSBC but after terrible service i decided not to go with them (b4 the acct was setup mind) then they had the nerve to write and turn me down so i am assuming its to do with my credit rating. Can anyone recomend a student account that isnt so based on credit scoring? i was thinking of trying barclays but if this is a common prob then they are likely to turn me down. as im a single parent im goin to have quite a large amount of moeny goin through the account with all my additional grants and loans so i could really do with a proper student account.. can anyone point me in the right direction of someone who might want me or am i likely to have to miss out?? tia. xxxx

starlite_2

Well..i had trouble with hsbc and opened a barclays student account no problems..this was four years ago, so not sure if it has changed, but they didn't do a credit check.
I did however have endless problems with them..so wouldn't advise banking with them unless as a last resort.
A lot of banks will allow you to have your parents as guarantors if you open an account with the same bank as them so maybe thats something to look into.

dsk1980

Hi,
If you don't think that you should have had any 'bad credit' it might be worth you getting a copy of your credit file to check what the 'bad credit' is.
https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_elearning_credit14

Use this link to find out how to get a copy of your credit report for £2 (don;t pay any more than this, it will tell you the same info)

If you know that you definately have had 'bad credit' then don;t bother trying to get a Student Account, as you won;t be able to. All high street banks score applicants before offering them an account, and any previous (within about the last three years) poor credit will affect you I'm afraid.

starlite_2

It could be a case of having no credit..rather than bad...
Maybe a problem with your documentation too..did you submit ucas forms/ uni regestration certificate, and did you have utility bills or passport etc as these can also affect their decision.
i definitly wasn't credit checked for mine, but I understand banking regulations have tightened recently.

hippyshaker

i think possibley a combo on no and sum bad credit. i do owe money etc but i dont think tbh that my credit rating should be that horrendus.. i applied online for the hsbc acct and didnt submit a ucas no as i dont have one-i applied direct. there is also the possibility they had the wrong info on me as they wrot eme a letter asking for further info yet addressed it to the wrong initials and told me the address i gave wasnt the same as on their file-they shouldnt have me on file theyve never heard of me b4!! hmmmm i think i will have to go into a branch and try an application in person next time. maybe barclays as ive had accts with them b4 and they have been run fine..im just panicking now as i hadnt taken into acct getting turned down and i was relying on the overdraft in case of emergancys (major appliance breakdown etc).. cant get paents to garentor as my dads prob got minus credit and besides which, i left home 8 years ago!! thanx for the replies so far tho guys. xxxx

starlite_2

Sorry to criticise, but using 'text speak' makes it 5x harder for me to read your posts..hehe
Go into barclays in person with everything you need..ucas/uni forms, proof of address and passport etc., the more you take the better, and see what they say.
If you do have bad credit, then at your age it's best not to be getting an overdraft, they will give you a basic account which will be easier to manage anyway.

riskyinred

HSBC turned me down for a student account,without really giving me a proper explanation, so I applied to Natwest, and they were fine; overdraft and everything.

sadsack_3

Before u start applying for accounts - check what you actually need first. If u dont need an overdraft then dont get a student account! Also make sure you check fees, interest rates etc. before making a commitment. Loads of my mates got accounts offering free CDs or gift vouchers, but soon regretted it because the service was crap.

Ask ur local student union to help - there should be a liaison rep at ur campus. Also (this might sound naff), ask your parents who they bank with - some banks are more receptive to students whose parents also bank with them. Oh, and watch out during fresher's week - there will be hoardes of bank staff promising you the earth if you sign up with them there and then - don't get taken in!

Hope this helps!

wellers

Hi guys, I feel your pain from our esteemed friends at HSBC...I had the same problem when I was a fresher and eventually discovered that it was down to the fact that I hadn't been asked for a landline phone number at the point of application. Eventually they sorted it out and gave me 25 quid as a goodwill payment. Silly banks! Credit rating failures for students for student bank accounts. You'd think they'd recognise that's a bit of an oxymoron!