I set off on my travels on 16th February. I currently have a Natwest account but I wanted a Nationwide account to take travelling so I could get free withdrawls. It will save me hundreds of pounds.
They just called me to tell me that I have been refused a visa card due to a poor credit rating. I'm shocked, I wanted to deposit thousands of pounds into their bank and they have denied me because I don't have any debts. The only direct debits I have are a mobile phone and sky tv. I have never missed payment on anything apart from maybe going over my overdraft limit once whilst at University.
My girlfriend got one of these when she left University with two maxed out overdrafts. I don't know what to do next any help would be much appreciated.
I tried calling the credit rating company and its just an machine where you request your credit report.
Has anyone else faced this situation? What should I do?
[ Edit: Edited on 20-Jan-2009, at 05:37 by wanderitch ]
Is it a visa credit card they have refused you? You will only need a debit card. I would phone your branch or go in with your bank statement showing your thousands in the natwest account and I am sure they will change their mind!
I agree with baluba, go to your nearest branch and speak to the Financial Advisor there with your Nat West statements, you'll have to make an appointment. I would go through things with the FA ad explain that you have no debt that there is no rational reason for them to refuse you etc. Nationwide are a good bank so this will probably work for you.
If that fails then if having a joint account isn't too squemish/serious for you then maybe your girlfriend can add you to her account to change it into a joint account?
You dont want the visa, you just want to open the Flexaccount. I think you applied for the wrong thing. Go see them and I am sure you will be ok.
I've been into the branch once more and also spoken to Nationwide in Sheffield and they said the flex account and the VISA are the same thing and that if experian have said I havent passed their check I cant open an account with them. There is no appeal according to the lady who works in the branch she said she has never heard of it in 34 years working there. That means I'll have to carry my whole travel amount in travellers cheques because I refuse to pay £400/£500 to draw my money from Natwest.
You better forget about traveller's cheques, because they are a real hassle to change and expensive. The fees charged for them are exorbiant, you'd end up spending the 500 quid you intend to save on the traveller's cheques.
Whereabouts are you travelling to and how long are you going for? If you are going anywhere remote then don't bother with travellers checks. If you are going to Europe or the USA then it would be ok, but they are a hassle. Another option is to just take out large amounts at a time and look after your money carefully so you don't spend too much on bank charges. Another option is to always use a credit card to pay for things like accommodation and meals out etc as there is no charge on these.
HI, I have done some fishing around for you and it appears that even pre-loaded credit cards charge you a whacking 2.75% on every withdrawal. However...
Have a look at the Abbey Zero credit card. They do not charge any fees for cash withdrawals or foreign exchange transactions. They do however charge 25% on cash withdrawals from the minute it is withdrawn even if paid off. But, this equates to £2 per month per £100 which is cheaper than other debit cards. Take a look at Martins moneysavings expert website www.moneysavingexpert.com/travel/cheap-travel-money
Only downside is your credit rating, but maybe worth a try???
[ Edit: Edited on 22-Jan-2009, at 02:03 by baluba ]
Yeah somebody else recommended doing the exact same thing. That will be the next thing I will try. Only, after being refused Nationwide my credit score will have taken a further hit. Fingers crossed if not I will have to do what bwiiian said and carry large amounts of cash, only problem there is they only let you draw a certain amount out so I will have to get that increased.
Or does anyone know if its legal to get my Dad to open an acount that I use for my trip then pass it back to him or close the account?
Now thats a good idea! Probably not legal but if you just use it for ATM withdrawals.........??!!