Can Banks overturn declined Current Account Applications?

camy934 · 16 April 2018 at 6:59AM

Hi There,

I've got an appointment with HSBC today to try to open a student account with them. I'm just worried about the whole 'credit scoring process'. I have 7 defaults on my credit file from when I was younger and very reckless with money, and I make no excuses for that. I've paid 5 of them off fully, with 2 to be put in a repayment plan (took out phone contracts for friends, which they then didn't pay!, I know - stupid-).

If I take in evidence that I've paid off these accounts, as I can take a snapshot of the online account with the debt collection agency that shows the accounts as 'closed' - can the bank hypothetically overturn a declined decision if this happens, and if they feel the situation warrants it?

Many Thanks.

18cc · 16 April 2018 at 7:18AM

Yes banks can review any decision they make- HSBC (and FD) are notoriously picky about who they choose so if you can't get an account at HSBC you could probably have much better luck at another bank.

Your best bet in the interview is to be honest.

PeacefulWaters · 16 April 2018 at 7:51AM

They can.

But based on what you describe, they won't.

mgdavid · 16 April 2018 at 12:17PM

might it be a better option to ask for a Basic Bank Account (for now) and once they've seen you are now sensible then upgrade it to a student account?

jonesMUFCforever · 16 April 2018 at 1:48PM

Opening a student account at this time of year may well arouse suspicions - do you have one at any other bank and if so is it maxed out?
Terms with all banks normally state that you can only hold one student account.

Can Banks overturn declined Current Account Applications?

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