HSBC Pre-Approval

Innocent_Guy

Has anyone had any Pre-Approved offers from HSBC?
If so please advice us of what they offered you and how you run your account.

Any related input would be appreciated

Thanks

Innocent_Guy

skyrider007

HSBC have pre-approved maximum loanable amounts for different types of credit (i.e. overdraft, credit card, personal loans) assigned to their customer profiles. The amount and interest rate depend on your history with the bank, income, credit rating as well as behavioural scoring*.

* To get a high score, you should:

- have several accounts and products with them (one current account, two savings, a credit card, ISA, sharedealing account etc.)
- maintain a good balance across the accounts with regular BACS (wages) payments into the main current account
- never exceed the credit card/overdraft credit limit and always pay on time (preferably via direct debit)
- have several direct debits and standing orders set up on the main current account
- use debit cards more often than cash withdrawal/cheque writing

I do all of the above and HSBC offered me a personal loan at preferential rate (which I declined) a while ago.

benroles

Indeed - I had a First Direct account (still do) which I used to use as my main account. When money was flowing through it a "your offers" type section explicitly stated what credit lines could be made available to me and even with what limits - e.g. "we can give you a credit card with a credit limit of £xxxx". All i'd then have to do is click the apply button and that was pretty much it.

However, I then switched my main account to another bank and as the months went on the amount of credit available shrank and shrank and now I have no pre-approvals on the account for loans or credit cards.

Hope this helps,
Ben.

Innocent_Guy

benroles wrote: »

Indeed - I had a First Direct account (still do) which I used to use as my main account. When money was flowing through it a "your offers" type section explicitly stated what credit lines could be made available to me and even with what limits - e.g. "we can give you a credit card with a credit limit of £xxxx". All i'd then have to do is click the apply button and that was pretty much it.

However, I then switched my main account to another bank and as the months went on the amount of credit available shrank and shrank and now I have no pre-approvals on the account for loans or credit cards.

Hope this helps,
Ben.

Thanks Ben,

I have a link thats say "ideas and offers" It doesn't state any credit limits though. Are first direct hard to get a current account with you think?

Thanks for the input

skyrider007

^^
Sorry my previous post did not fully address your concern. The stuff HSBC advertise in their 'Ideas and Offers' section in online banking are from my experience, not personalised. To see what sort of loan they can offer you and to what limit, you will need to give them a ring or pop into a branch.

p.s. first direct can be a little picky just like nationwide

Innocent_Guy

skyrider007 wrote: »

HSBC have pre-approved maximum loanable amounts for different types of credit (i.e. overdraft, credit card, personal loans) assigned to their customer profiles. The amount and interest rate depend on your history with the bank, income, credit rating as well as behavioural scoring*.

* To get a high score, you should:

- have several accounts and products with them (one current account, two savings, a credit card, ISA, sharedealing account etc.)
- maintain a good balance across the accounts with regular BACS (wages) payments into the main current account
- never exceed the credit card/overdraft credit limit and always pay on time (preferably via direct debit)
- have several direct debits and standing orders set up on the main current account
- use debit cards more often than cash withdrawal/cheque writing

I do all of the above and HSBC offered me a personal loan at preferential rate (which I declined) a while ago.

thanks for the helpful post

Innocent_Guy

skyrider007 wrote: »

^^
Sorry my previous post did not fully address your concern. The stuff HSBC advertise in their 'Ideas and Offers' section in online banking are from my experience, not personalised. To see what sort of loan they can offer you and to what limit, you will need to give them a ring or pop into a branch.

p.s. first direct can be a little picky just like nationwide

Thank you much appreciated