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  • FIRST POST
    • Dw1983
    • By Dw1983 12th Aug 16, 11:19 PM
    • 43Posts
    • 4Thanks
    Dw1983
    HSBC Credit limit
    • #1
    • 12th Aug 16, 11:19 PM
    HSBC Credit limit 12th Aug 16 at 11:19 PM
    Hi Guys,

    I have been trying to repair my credit history after problems a few years ago I have a capital one card at £1000 limit and an Mbna at £1000 limit.

    I applied and was accepted for an HSBC credit card and it's come through today with a £6000 limit just wondered what the general starting limit they give is?

    Thanks for any help
Page 6
    • Weybridge78
    • By Weybridge78 27th Aug 17, 11:43 PM
    • 93 Posts
    • 30 Thanks
    Weybridge78
    Please can you stop with the multiple posts and just put it in one post?

    I have had the exact same message, however I am trying to find out whether others have had the same message and then been declined following a full application.
    • Whytetwns
    • By Whytetwns 28th Aug 17, 1:00 AM
    • 20 Posts
    • 2 Thanks
    Whytetwns
    ok about multi post
    • Whytetwns
    • By Whytetwns 29th Aug 17, 11:40 AM
    • 20 Posts
    • 2 Thanks
    Whytetwns
    application has been declined
    • Weybridge78
    • By Weybridge78 1st Sep 17, 2:43 PM
    • 93 Posts
    • 30 Thanks
    Weybridge78
    I have been accepted and asked to sign the credit agreement by email. I am instead going to go in branch to sign the credit agreement and try to find out the credit limit. Quite quick considering I applied on Thursday.

    Edit: £6500 credit limit. Unbelievable.
    Last edited by Weybridge78; 02-09-2017 at 12:14 AM.
    • 611
    • By 611 17th Nov 17, 9:35 AM
    • 191 Posts
    • 92 Thanks
    611
    Add me to the list of people surprised to have been accepted for a HSBC credit card.

    I received the credit agreement by post 12 days after my application. Apparently they email the agreement if you give a mobile number in your application and if you don't request a balance transfer. Good to know for people who want to speed up the process.
    • David555
    • By David555 17th Nov 17, 11:16 AM
    • 42 Posts
    • 33 Thanks
    David555
    I had the same message that I'll highly likely to be accepted so I applied yesterday and they said they'll be in touch within 5 days. I'll update the thread with the outcome but I'm not hopeful after I just applied for a barcleycard which declined me after saying I had a 80% chance.

    Credit history which might help others in a similar situation as me before applying for a HSBC card.

    A 4 and a half year old settled sim only rolling contract default for £69.

    Aqua card opened in december 2016 paid in full every month - start limit £250 now £2100

    December 2016 Halifax loan for £2000 - paid off within 4 months due to high interest rates of 29%

    March 2016 took out a capital one card limit £300, now £550. Paid off in full every month

    March 2016 took out a halifax clarity card £1800 limit decent interest rate of approx 17% still £1800. Paid off in full except twice though cleared 80% so way over the min payment.

    The only reason I got the Halifax loan and clarity card was because I'm a long time customer. Halifax used their own data on me when making a decision. They didn't run credit searches on me when I applied but do report that I pay on time etc


    Unfortunately they won't increase my limit from £1800 at this time, I try every month after I held the card for 6 months. for a laugh I clicked apply for a overdraft and entered £1000....accepted! So I can't get a £400 increase on my credit card but I can have a £1000 overdraft. Hmmmmm. I reduced it to £500 and will probably cancel it all together soon.

    Income £24,000 before tax, self employed - on the electoral roll.

    It does get frustrating when running soft searches on comparison sites and mainly all I'm able to still get is rip off credit building cards, spam emails and junk in the post offering me high interest cards or amigo loans! I've been building my credit for the last year as it is. The goal is to get a proper card.

    I really do miss the days of bank managers. Was amusing when I first opened a bank at around 16, "that's you ready to go please sign here" What! I don't have a signature yet! (Randomly tries to draw a fancy scribble) Least that way I could explain exactly why my credit history is thin because I'm a saver, and never had to rely on borrowing which should be classed as a positive, explain the sim only default was a oversight. I presumed it was pay as you go bundle being a silly teenager when I got the sim. And most importantly show that I handle my money great by showing them my bank statements and proof of owning a studio flat, Paid by pure savings before reaching 30. Now days it's just computer says no!

    Sorry for the rant. I certainly feel a bit better now after getting off my chest
    • Somerset La La La
    • By Somerset La La La 18th Nov 17, 10:50 AM
    • 446 Posts
    • 139 Thanks
    Somerset La La La
    You can appeal declines - and explain and send in proof of savings etc. It may help, but again most do seem content to follow the computer - I guess the humans at the other end, particularly at these massive companies, know someone will come down on them like a tonne of bricks if they override the computer and you then go on to default!

    As for the Overdraft - Halifax are part of Lloyds banking group, they operate a very strange credit 'scoring' system - where you can be outright declined for one thing (for example a credit card) but approved for a high limit for something else. It seems a mystery even to those that work there.

    I wouldn't tamper with the overdraft limit anymore - if you're not using it, its free - your credit reports won't show why the limit has been reduced. Assuming you cut it from £1,000 to £500 on the same day, then it's likely £500 will show on the credit reports as the limit for that month. But if you cut it again or remove it, the future lenders may question why you had £500, and then £0. Did the bank take it off you?

    You know the answer is no - they don't, so will make assumptions. £1000 -> £500 -> £0 will look even worse, if the £1,000 did ever get reported to your files.

    Most people would agree it's good financial management to reduce an overdraft if you have no intention of using it - Sadly these days it is about playing the "game" and ensuring you do what you can to not cause problems for the computer in saying yes/no! Having the overdraft but not using it will also make you look "better" to Halifax and other lenders.

    Ask in branch about your Halifax credit card - I believe they can put their version of a "no further lending" marker (CPD) onto the product, even if you already hold it - so whilst they haven't reduced your £1,800, they don't feel comfortable giving you more for whatever reason. It may just randomly drop one month... it may not.

    The mystery of the LBG scoring 'system'!
    Ex-Bankrupt, Discharged 09/2015
    Capital One - Jul 2016, £3,750 Never ending 0%....
    Aqua Reward (0.5% Cashback) - Nov 2016 - £1,950
    Vanquis Chrome 24.7% - July 2017, £1,000
    Car Loan - Sept 2017 - £15k outstanding, early settlement = £10k....
    Rebuild for Mortgage (10/2018)
    • Gazz90
    • By Gazz90 23rd Nov 17, 12:08 AM
    • 2 Posts
    • 0 Thanks
    Gazz90
    Help
    Hi everyone,

    I too went onto the HSBC website and did their eligibility check for their credit cards.

    The results can back “highly likely to be accepted for our cards” and of course I got the “ we will Be in touch within 5 business days” message too.

    I would love to know how others in the same situation got on with their applications so it gives me an insight on the process
    • David555
    • By David555 1st Dec 17, 9:11 PM
    • 42 Posts
    • 33 Thanks
    David555
    You can appeal declines - and explain and send in proof of savings etc. It may help, but again most do seem content to follow the computer - I guess the humans at the other end, particularly at these massive companies, know someone will come down on them like a tonne of bricks if they override the computer and you then go on to default!

    As for the Overdraft - Halifax are part of Lloyds banking group, they operate a very strange credit 'scoring' system - where you can be outright declined for one thing (for example a credit card) but approved for a high limit for something else. It seems a mystery even to those that work there.

    I wouldn't tamper with the overdraft limit anymore - if you're not using it, its free - your credit reports won't show why the limit has been reduced. Assuming you cut it from £1,000 to £500 on the same day, then it's likely £500 will show on the credit reports as the limit for that month. But if you cut it again or remove it, the future lenders may question why you had £500, and then £0. Did the bank take it off you?

    You know the answer is no - they don't, so will make assumptions. £1000 -> £500 -> £0 will look even worse, if the £1,000 did ever get reported to your files.

    Most people would agree it's good financial management to reduce an overdraft if you have no intention of using it - Sadly these days it is about playing the "game" and ensuring you do what you can to not cause problems for the computer in saying yes/no! Having the overdraft but not using it will also make you look "better" to Halifax and other lenders.

    Ask in branch about your Halifax credit card - I believe they can put their version of a "no further lending" marker (CPD) onto the product, even if you already hold it - so whilst they haven't reduced your £1,800, they don't feel comfortable giving you more for whatever reason. It may just randomly drop one month... it may not.

    The mystery of the LBG scoring 'system'!
    Originally posted by Somerset La La La
    Yeah they certainly are a strange lot! I randomly became eligible for a halifax card when I was moving approx 10-12k out of my current account to my wife's account aboard so I guess that triggered something "oh no he's leaving us! Lets show him some loyalty!" Lol

    I'll definitely ask next time I'm in the branch and see what they say about an increase. I believe I've held the card for 10 months now and always paid in full but twice.

    The overdraft I'll leave at £500. It did show at £1000 on my credit file then £500 the following month annoyingly

    However on the bright side... I think I have been accepted for a 32 month interest free HSBC card! No letter yet but I was emailed a credit agreement to sign today so I guess that means I'm accepted. Will post back if for any reason I'm not. Unsure of the limit yet, hoping at least £1200 which then gives me £3000 of reasonable interest rates on HSBC and halifax should I carry a balance.

    So if anyone does get the message saying you're likely to be accepted and have a credit file like mine or better you should stand a decent chance of getting one
    • Whytetwns
    • By Whytetwns 9th Dec 17, 3:00 PM
    • 20 Posts
    • 2 Thanks
    Whytetwns
    i did a check again with hsbc i apply

    on moneysupermarket 6/10 same with uswitch and money..co.uk
    and check with hsbc own highly likely to be accepted its been a week no word also asked for balance transfers

    not sure anyone had same do they take longer
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