The Sub Prime Credit Thread - Part IV

telecomengineer

never-in-doubt wrote: »

I told you this last year - BUT subject to a CallCredit search followed by Experian if there is anything not adding up or adverse. :D

HSBC pre-approvals (based on internal behaviour score) always search callcredit.

Elky/Innocent - what limits/apr did you get?

My HSBC is 9.9% - apparently the lowest tier (whoop whoop)

Hi Guys if I could pick your brains on this HSBC Internal scoring thing....I recently opened a HSBC Advance Bank account and during the application the advisor said I was pre-approved a credit card with a £500 limit...then after a few clicks he said we can only give you the bank account now as you'll have to improve your score with us....I am assuming that my internal profile matched that of a credit card when they scored me but when they did the external CRA checks due to recent searches that it lowered my overall score with them?

How can I improve this internal scoring in the shortest amount of time...is there a 3-6 month period?

Innocent_Guy

telecomengineer wrote: »

Hi Guys if I could pick your brains on this HSBC Internal scoring thing....I recently opened a HSBC Advance Bank account and during the application the advisor said I was pre-approved a credit card with a £500 limit...then after a few clicks he said we can only give you the bank account now as you'll have to improve your score with us....I am assuming that my internal profile matched that of a credit card when they scored me but when they did the external CRA checks due to recent searches that it lowered my overall score with them?

How can I improve this internal scoring in the shortest amount of time...is there a 3-6 month period?

If it suggested it it would have been pre-approved on the initial credit search however as NID advised above because this was in the 'Customer Profile' they might have done a secondary search on CC which returned something they didn't like.

Personally i would appeal the decision as there was a 'provisional acceptance' so you do stand a good chance

Innocent_Guy

telecomengineer wrote: »

How can I improve this internal scoring in the shortest amount of time...is there a 3-6 month period?

Have a salary mandate, set up direct debits, set up a standing order to a savings account, do not go overdrawn and try not to withdraw cash (spend on the card if possible)

BLT_2

ElkyElky wrote: »

£750 19.9%.

Apparently I'm on the highest tier, yay me. :j

Are they good at reducing the APRs?

Credit Card companies reducing their APR??? I think I just cracked a rib, have you thought of performing on the stage :rotfl:

Innocent_Guy

BLT wrote: »

Credit Card companies reducing their APR??? I think I just cracked a rib, have you thought of performing on the stage :rotfl:

LOL!! :rotfl::rotfl:

Barclaycard are usually quite good at reducing the APR :-)

Innocent_Guy

I like the ease of being able to log onto internet banking and see my current, savings and credit card!

telecomengineer

Innocent_Guy wrote: »

If it suggested it it would have been pre-approved on the initial credit search however as NID advised above because this was in the 'Customer Profile' they might have done a secondary search on CC which returned something they didn't like.

Personally i would appeal the decision as there was a 'provisional acceptance' so you do stand a good chance

I did notice a Credit Card application on my experian so its worth an appeal otherwise its a wasted search...my credit score cant be bad if they gave me the Advance account with a cheque book, debit card etc..

what things will help improve the score....

1. I have opened a linked regular saver (excellent rate too 4% but cos i am an advance customer i get 8% for a year)
2. Arranged for my £1800 monthly salary to be credited to the account
3. Have set up some DDs and standing orders

I read somewhere using the cashpoint lowers your score as they cant track your spending and dont earn a % on the merchants is there any truth in this?

Alo they update scores around the 7th?

Zack1

Is hotmail working? It's been on and off all day for me, now it won't even load! Got 10 messages according to MSN, want to see if any of them are from uni (haha, more chance of me going to the moon this week) or Experian....

Innocent_Guy

telecomengineer wrote: »

I did notice a Credit Card application on my experian so its worth an appeal otherwise its a wasted search...my credit score cant be bad if they gave me the Advance account with a cheque book, debit card etc..

what things will help improve the score....

1. I have opened a linked regular saver (excellent rate too 4% but cos i am an advance customer i get 8% for a year)
2. Arranged for my £1800 monthly salary to be credited to the account
3. Have set up some DDs and standing orders

I read somewhere using the cashpoint lowers your score as they cant track your spending and dont earn a % on the merchants is there any truth in this?

Alo they update scores around the 7th?

Using a cashpoint deffo lowers your score.

HSBC update on the 1st Monday of the month. It seems that your credit file is good and they have given you a full account so they must be happy with you!

I think that they will overturn the appeal and if not you have a good chance of being accepted in the next 6 months.

noah271007

Innocent_Guy wrote: »

I never knew that I get 15months 0% BT on my HSBC card!

Innocent, what is ur credit and APR%?

Do you have any adverse? I guess you don't have any?

I have appealed to HSBC underwriters about my application for HSBC credit card and are waiting for their reponse. I have now closed my Capital One card and Nationwide CC so hopefully that will help!