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  • FIRST POST
    • Tam12
    • By Tam12 5th Jul 17, 12:01 PM
    • 3Posts
    • 0Thanks
    Tam12
    Soft Search Accuracy - HSBC
    • #1
    • 5th Jul 17, 12:01 PM
    Soft Search Accuracy - HSBC 5th Jul 17 at 12:01 PM
    Hi,

    I'm hoping someone can impart some of their wisdom onto me surrounding soft searches.

    I don't have the best credit rating - there's an almost 4 year old default on there which I'm currently contesting and also a couple of missed payments about 3 years ago. I've got a few sub prime cards (cap one, barclaycard initial and Tesco foundation) which have been always paid on time and always stayed within limit, however I want to shift the bit of debt I have on them to a 0%.

    The MSE calculator gave a 60% chance of acceptance for the HSBC card, but I thought I'd go belt and braces and do a soft search through HSBC's own tool and that came back saying that I was likely to be approved if I applied.

    My question is, is it worth biting the bullet and going for it? I've always been rejected for most things in the past therefore I don't want to compound the problem!
    I also know HSBC can be picky with who they will lend to. I also had an ~80% chance with the Tesco balance transfer card, but I liked the prospect of the best of both option with HSBC.

    Thanks in advance,
    Tam.
Page 1
    • Candyapple
    • By Candyapple 5th Jul 17, 12:05 PM
    • 2,170 Posts
    • 1,667 Thanks
    Candyapple
    • #2
    • 5th Jul 17, 12:05 PM
    • #2
    • 5th Jul 17, 12:05 PM
    Go for it (with HSBC), one search is not going to have any impact on your credit rating.

    Regarding the Tesco card, if you did apply for it, just remember that you can't transfer any balance from your Tesco foundation card onto it.

    Let us know what the result was.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Tam12
    • By Tam12 5th Jul 17, 12:29 PM
    • 3 Posts
    • 0 Thanks
    Tam12
    • #3
    • 5th Jul 17, 12:29 PM
    • #3
    • 5th Jul 17, 12:29 PM
    Thank you Candyapple, appreciated.

    Do you think I'd be correct to make the assumption that the HSBC soft search tool would probably give a better indicator than anything else?
    • Candyapple
    • By Candyapple 5th Jul 17, 12:57 PM
    • 2,170 Posts
    • 1,667 Thanks
    Candyapple
    • #4
    • 5th Jul 17, 12:57 PM
    • #4
    • 5th Jul 17, 12:57 PM
    Thank you Candyapple, appreciated.

    Do you think I'd be correct to make the assumption that the HSBC soft search tool would probably give a better indicator than anything else?
    Originally posted by Tam12
    Yes because it's based on their own internal scoring. HSBC are known for being strict with who they allow to have bank accounts, but for credit cards they seem to be way more lenient.

    http://forums.moneysavingexpert.com/showthread.php?t=5509361

    Also, don't forget to check your offers with Barclaycard because they might have a good deal available for you:

    http://forums.moneysavingexpert.com/showthread.php?t=5656094
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • SHill
    • By SHill 5th Jul 17, 5:37 PM
    • 100 Posts
    • 38 Thanks
    SHill
    • #5
    • 5th Jul 17, 5:37 PM
    • #5
    • 5th Jul 17, 5:37 PM
    Candy apple can I ask is that is your personal opinion that HSBC are known to be strict with who they also to have bank accounts with? Or do you have reason that they are?
    • dr_adidas01
    • By dr_adidas01 6th Jul 17, 7:20 AM
    • 1,201 Posts
    • 563 Thanks
    dr_adidas01
    • #6
    • 6th Jul 17, 7:20 AM
    • #6
    • 6th Jul 17, 7:20 AM
    It's well know that HSBC are very picky when it comes to customers and the type of account they will give you.

    You could have a perfect credit rating and still they may only offer you a basic account.

    First Direct are part of HSBC and even more picky when it comes to customers they want.
    Time is a path from the past to the future and back again. The present is the crossroads of both.
    • Tam12
    • By Tam12 7th Jul 17, 10:17 AM
    • 3 Posts
    • 0 Thanks
    Tam12
    • #7
    • 7th Jul 17, 10:17 AM
    • #7
    • 7th Jul 17, 10:17 AM
    So the miraculous happened and I was emailed a credit agreement to sign this morning even with my imperfect credit file! HSBC get the thumbs up from me! Did get the higher rate of 25.9% APR, but when you've got 0% for 26 months, does that really matter?

    Thanks for the help!
    Tam.
    Last edited by Tam12; 08-07-2017 at 9:42 PM.
    • 20aday
    • By 20aday 7th Jul 17, 11:16 AM
    • 2,015 Posts
    • 841 Thanks
    20aday
    • #8
    • 7th Jul 17, 11:16 AM
    • #8
    • 7th Jul 17, 11:16 AM
    So the miraculous happened and I was emailed a credit agreement to sign this morning even with the default on my credit file! HSBC get the thumbs up from me! Did get the higher rate of 25.9% APR, but when you've got 0% for 26 months, does that really matter?

    Thanks for the help!
    Tam.
    Originally posted by Tam12
    No, not at all-so long as you make your payments on time you won't be charged interest (unless you end up using it for things like cash withdrawals etc).
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
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