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  • FIRST POST
    • Pudding123
    • By Pudding123 12th Feb 18, 10:17 PM
    • 10Posts
    • 0Thanks
    Pudding123
    Denied Bank Account
    • #1
    • 12th Feb 18, 10:17 PM
    Denied Bank Account 12th Feb 18 at 10:17 PM
    Hello there, I am new to the forum, i have always depended on Martin Lewis but now i am a little bit stuck.

    I have been trying to open 2 bank accounts, and i am struggling to even get the first open, and been denied even though i have a good credit score.

    I am in the process of starting a business, and after having bad experiences with my current bank i thought best to open 2 accounts elsewhere. At applying to TSB for a classic account and being declined i investigated into my credit score to find it was only 580and a substantial amount of incorrect information. This was a dispute that had been resolved with RBS and caused by a mistake on their part. I contacted RBS and today, finally they have corrected the information on my credit report, so i thought, brilliant i can open an account, that I've been desperately waiting on to get my business up and running. Only to be declined once again. I'm not asking for an overdraft, and as far as i see i meet the main criteria.

    Any help greatly appreciated.

    Thank you in advance
Page 1
    • zx81
    • By zx81 12th Feb 18, 10:25 PM
    • 17,205 Posts
    • 18,283 Thanks
    zx81
    • #2
    • 12th Feb 18, 10:25 PM
    • #2
    • 12th Feb 18, 10:25 PM
    First thing is to always ignore your credit score. It's not a reliable guide to anything and not seen by anyone.

    What appears on your three credit files? Are there any significant negative factors?
    • Kim_13
    • By Kim_13 12th Feb 18, 10:57 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #3
    • 12th Feb 18, 10:57 PM
    • #3
    • 12th Feb 18, 10:57 PM
    The Credit Reference Agencies only get an update once a month, so it may be that the corrected information isn't visible yet.

    How many applications have you made? Each one will leave a search and too many can be a hindrance when it comes to trying to get applications approved. Their impact will diminish over time but they are not actually removed for a year (Experian and Equifax) or two years (with CallCredit.)

    Business use is against the terms and conditions of most if not all personal accounts, so check the terms carefully. You don't want to end up in the situation of having the bank close an account because they have identified business use.
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00
    • Anthorn
    • By Anthorn 13th Feb 18, 8:02 AM
    • 3,661 Posts
    • 945 Thanks
    Anthorn
    • #4
    • 13th Feb 18, 8:02 AM
    • #4
    • 13th Feb 18, 8:02 AM
    Hello there, I am new to the forum, i have always depended on Martin Lewis but now i am a little bit stuck.

    I have been trying to open 2 bank accounts, and i am struggling to even get the first open, and been denied even though i have a good credit score.

    I am in the process of starting a business, and after having bad experiences with my current bank i thought best to open 2 accounts elsewhere. At applying to TSB for a classic account and being declined i investigated into my credit score to find it was only 580and a substantial amount of incorrect information. This was a dispute that had been resolved with RBS and caused by a mistake on their part. I contacted RBS and today, finally they have corrected the information on my credit report, so i thought, brilliant i can open an account, that I've been desperately waiting on to get my business up and running. Only to be declined once again. I'm not asking for an overdraft, and as far as i see i meet the main criteria.

    Any help greatly appreciated.

    Thank you in advance
    Originally posted by Pudding123
    Reasons which come to mind:
    (1) Your current address on your credit history is not the same as the address to gave on your application. This can happen if you have recently changed your address. Your new address may be shown as a linked address if you have informed existing lenders of it.
    (2) You have credit searches on your credit history in the last four months.
    (3) you have recently obtained credit
    (4) You have recently opened a new bank current account
    (5) It's a hiccup. Ask the bank to look at your application again

    I wonder about the difficulties you have had with your former bank. You state this has been corrected but has this still resulted in negative entries in your credit history? Get a copy of your credit history from all 3 CRAs and have a look.
    • jonesMUFCforever
    • By jonesMUFCforever 13th Feb 18, 9:01 PM
    • 24,864 Posts
    • 12,051 Thanks
    jonesMUFCforever
    • #5
    • 13th Feb 18, 9:01 PM
    • #5
    • 13th Feb 18, 9:01 PM
    Were you trying to open the TSB account to run your business.
    What goes around - comes around
    give lots and you will always receive lots
    • ValiantSon
    • By ValiantSon 13th Feb 18, 9:32 PM
    • 2,004 Posts
    • 1,853 Thanks
    ValiantSon
    • #6
    • 13th Feb 18, 9:32 PM
    • #6
    • 13th Feb 18, 9:32 PM
    Hello there, I am new to the forum, i have always depended on Martin Lewis but now i am a little bit stuck.

    I have been trying to open 2 bank accounts, and i am struggling to even get the first open, and been denied even though i have a good credit score.

    I am in the process of starting a business, and after having bad experiences with my current bank i thought best to open 2 accounts elsewhere. At applying to TSB for a classic account and being declined i investigated into my credit score to find it was only 580and a substantial amount of incorrect information. This was a dispute that had been resolved with RBS and caused by a mistake on their part. I contacted RBS and today, finally they have corrected the information on my credit report, so i thought, brilliant i can open an account, that I've been desperately waiting on to get my business up and running. Only to be declined once again. I'm not asking for an overdraft, and as far as i see i meet the main criteria.

    Any help greatly appreciated.

    Thank you in advance
    Originally posted by Pudding123
    If you are intending to use TSB Classic Plus as a business account then think again. The account is a personal account and you are not allowed to use it for business purposes. You need to open a specific business account.
    • enthusiasticsaver
    • By enthusiasticsaver 16th Feb 18, 12:04 PM
    • 6,597 Posts
    • 13,782 Thanks
    enthusiasticsaver
    • #7
    • 16th Feb 18, 12:04 PM
    • #7
    • 16th Feb 18, 12:04 PM
    I would agree with valiant that if you are running a business then a TSB classic is not for you. You need a proper business account.

    Records are also not updated in real time so just because RBS may have corrected the dispute you had with them this may not be instantly visible. Credit scores mean nothing as said above. You can be refused accounts because they do not like the sound of you (are you calling yourself self employed or company director?), you may not be on the electoral roll or in your current home for long enough or you just may not meet their desired customer criteria.

    Who is your current bank and why have you decided not to go with them? They may be your best bet unless you have mismanaged your existing account.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Pudding123
    • By Pudding123 17th Feb 18, 9:05 PM
    • 10 Posts
    • 0 Thanks
    Pudding123
    • #8
    • 17th Feb 18, 9:05 PM
    • #8
    • 17th Feb 18, 9:05 PM
    Hello everyone, thank you for the replies. Just to answer some questions.

    I am looking to open a personal account first then later open a proper business account with the same bank.

    I have check the main credit companies, Equifax, Experian, callcredit, credits. All have rectified their information.

    I now have no negatives on my credit file.And all information\address is correct.

    I haven't applied for any credit recently and the only ongoing credit is my mobile bill.

    I am currently with RBS but after having major problems it has really put me off. I have had an account with them for about 12 years and they have been brilliant in the past I especially like their emergency cash and their phonelines were often answered quite quickly with polite understandable people but unfortunately I have had a lot of trouble with them the last 2 years and found that communication has really slacked so I really would like to leave.
    • Hoogle
    • By Hoogle 17th Feb 18, 10:50 PM
    • 193 Posts
    • 173 Thanks
    Hoogle
    • #9
    • 17th Feb 18, 10:50 PM
    • #9
    • 17th Feb 18, 10:50 PM
    If you only have an active mobile phone contract on your credit file then you will be like me probably in the fact I can only open basic accounts as I do not have enough credit history to qualify for a current account. I found this out when I went to open a santander savings account and was turned down all though I had no bad credit I also had no good credit management on my report either. Never had credit cards etc only thing I have on it is mobile phone recently as needed a new 1 so thought it was better to get a contract phone under a special deal and my broadband. I have taken out a couple of credit cards since hoping to build a better credit history so I can take advantage of these better offers.
    • DCFC79
    • By DCFC79 17th Feb 18, 11:15 PM
    • 31,890 Posts
    • 20,083 Thanks
    DCFC79
    Its entirely your choice but consider 2 different banks for your current account and business account.
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