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I am a mature student of 24 years old and have held a basic cash card account with the Halifax for 3 years. I have got into debt when I was younger, and this has prevented me from applying for any credit since.
I have recently looked at my credit report via Equifax, and it says my credit rating is 'very poor', however there are no defaults, CCJ's or late payments on the report - in fact, there is absolutely nothing - no credit, no agreements, only 1 search from last year from Capital One and that's it. They say because I haven't been on the electoral roll at my current addy for 3 years, thats why it's bad, but it will be 3 years this year at my current address. Another factor is because I have literally no credit history.
Anyway, I could really benefit from a Student Account coming into my second year at Uni, and was wondering which bank would be more likely to accept me with no credit history? I can't go to Natwest as 6 years ago I had an account with an overdraft and it went drastically wrong, so I doubt they'd have me back!!
Thanks for that - I just rang the Halifax to apply for a Student Account, and was declined (surprise!) lol, however, the guy on the phone said it was only because I have a low credit score, and he can see I have no defaults etc so it's not bad. He told me that because I have been with them for 3 years and my account has never been charged, and I have alot of money in there at any one time, I should appeal. So I have to print off my credit report and bring it in to my local branch to appeal. Has anyone ever appealed and got anywhere with it on this forum?
a jacuzzi with Bananarama. I have not lived in Bolton since 1986
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Re: Student Bank Account Advice
Believe or beleive it not, credit scores are to guide a bank as to your profitabillity as a customer; ie: how much money they can hope to make out of you.
As you have no defaults and a good bit of money in your account at all times, it seems they dont think they can make much out of you because you seem to be sensible with your money, and so you have a low score.
I've decided to sit tight for at least another year and try again when the climate has improved somewhat, also my credit rating should slightly improve in a year as it'll be 3 years at my current address. I guess another year of beans and pot noodles isn't too bad lol
Yes a student account allows you to overdraw or use the banks money so to speak at 0% interest. It's similar to an interest free loan. Make sense? for 3 years the banks makes hardly anything.
Student Bank Account Advice
for 3 years. I have got into debt when I was younger, and this has prevented me from applying for any credit since.
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Originally Posted by yourbank
