M&S Bank Current Account Rejection

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Mikkelzzz3
Mikkelzzz3 Posts: 21 Forumite
in Budgeting & bank accounts
Hey all, I am currently applying & switching bank accounts, to sweep up all those nice switching bonuses.

Today I got declined for a current account the first time. This was a M&S Current Account. My question is: Do M&S have higher standards than other banks?

Would it be safe for me to start a new current account application with First Direct (Do they have "lower standards"), or will every bank decline me now, and for how long?

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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Check your credit files for any defaults, late payments etc. first before making multiple applications
  • badger09
    badger09 Posts: 11,211 Forumite
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    First Direct are amongst the 'choosiest'. As are HSBC. Spot the theme here;)

    I would try a completely different group, but a check of your credit files is a good idea.
  • Kim_13
    Kim_13 Posts: 2,435 Forumite
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    In case you haven't managed to 'spot the theme' as you aren't aware, HSBC, First Direct and M&S are all part of the same group, so the former two aren't recommended following an M&S decline.

    Lloyds, Halifax and Bank of Scotland are another group.

    Natwest and Royal Bank of Scotland are another.

    Anyone else is out on their own.

    As another poster suggested, do check your credit files before applying elsewhere. Never pay for these, as you can get them all via the free services. See this article for details: https://www.moneysavingexpert.com/loans/check-free-credit-report#free
  • Katiehound
    Katiehound Posts: 7,557 Forumite
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    Another group of stable mates are Clydesdale & Yorkshire + the new 'B'

    Isn't Tesco affiliated to RBS?- or am I imagining things??
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!
  • Mikkelzzz3
    Mikkelzzz3 Posts: 21 Forumite
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    Thank you everyone!

    My credit file looks good. No overdue payments. No Loans, paying credit cards in full every month.

    I think I got declined because of the numerous current account applications I have made in a very short period. Around 6 in 3 months. (All successful until now)

    I will take a 2 month break, then try M&S again. Is that a good strategy, or is 2 months too little?
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    Katiehound wrote: »
    Isn't Tesco affiliated to RBS?- or am I imagining things??

    Originally, but then Tesco went its own way in 2008.
    "In the future, everyone will be rich for 15 minutes"
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