Forum

Banks refuse my applications ... what should I do
 

I have an important question to you guys I'm stuck.

Recently Lloyds and Halifax have closed my bank accounts due to opening to many current accounts and withdrawing the money. They probably thought I'm trying to do some kind of fraud so they closed them. Now my credit score went down because of that and I can't open another bank account as other banks deny it. What should I do in this situation is there a way of going about this issue or am I basically screwed? Thank you so much:noidea:

Re: Banks refuse my applications ... what should I do
 

For starters, STOP applying. You need to take a break from doing this.

How many accounts did you open and close.

More importantly, why?

Have you looked at basic accounts?

Sorry for the questions.

:coffee:
/

Re: Banks refuse my applications ... what should I do
 

did you check with the chexsystem? maybe your name on it. It's a banks' blacklist.

Re: Banks refuse my applications ... what should I do
 

OP is in the UK. System differs somewhat.

:typing:

Re: Banks refuse my applications ... what should I do
 

What are basic accounts ?
I have opened a good few I still have running bank account with tesco and natwest but I want more since I need them for my stealth accounts. I will stop applying although I did apply for 2 more this morning..... :doh::doh:

Re: Banks refuse my applications ... what should I do
 

Use savings accounts for your stealth accounts. You dont need bank accounts.

No more applying for anything for a good while now. Those banks you mentioned are a pain in the bum anyway. I use Santander and Natwest esavings accounts with no problem at all.

Your credit file will recover in time but really important your careful with it for now :)

Re: Banks refuse my applications ... what should I do
 

Just echoing what others have said, take a step back.

If you continue doing what your doing, your going to find yourself without any banks soon enough.

Halifax, Lloyds, TSB - Problematic. So no surprise.

Others aren't too lenient either, so take it easy. Let your credit score recover. Use savings accounts as opposite to current accounts (which impact score).

All the best.

Re: Banks refuse my applications ... what should I do
 

So I will always be able to apply for a saving accounts right ?
How will I explain to the bank that I'm using saving accounts for business purposes. I haven't explained that o Lloyds and I guess that's why they've banned me.

Re: Banks refuse my applications ... what should I do
 

After a while, you will not be able to do that using a savings account.

The bank will object to missing out on its fees.

You have to make careful plans at this point,

:bird: