The Sub Prime Credit Thread - Part IV

Innocent_Guy

noah271007 wrote: »

Maybe i was a bit too cautious.... oh well, too late.

Exactly, not like you need a huge limit, it would just be nice.

noah271007

Innocent_Guy wrote: »

Exactly, not like you need a huge limit, it would just be nice.

Absolutely! I will plan to use the card for occasional expenses and petrol and hopefully over time the CL will increase automatically itself....or do i have to make a specific request (which i imagine knowing HSBC having to do some credit checks)?

I wouldn't be surprised if its the latter as HSBC are reowned for being rigid in their credit scoring assessments.

Zack1

Well I got Aqua card and PIN today, god knows what order they turned up in because my post is such a state! Nice and secure knowing that anyone here could've pinched today's mail for me and have a credit card & pin!!

Got a limit of £250, that's alright, might close Crap1 in a few months (when this isn't deemed a new account).

Now to get Tesco to give me a card and I'm sorted!

never-in-doubt

noah271007 wrote: »

Hey, today at lunchtime, i went to HSBC branch to reapply for credit card application again (i was advised this is the only way)....it was like a grilling interview checking for each credits applied into my account e.g salary, tax credits/child benefits and the outgoings like council tax, rent etc. I found it quite off putting as the customer advisor seems to be scrutinising every detail with my account.

This went on for 10 mins and then she asked me how much credit limit do i want? I told her that usually if application is successful will determine what credit limit i can get. She said no, the limit i want will take into account in the credit scoring and can have an impact .... (is this true or its basically bulls*it?

So i told her (on the safe side) £500 CL...the minimum limit available.

Next thing i know i was accepted instantly and signed paperwork and said card will be with me 5-7 working days.

So yes i finally got the card!! However im starting to regret choosing lousy limit so what shall i do?

I was sure I told you this the other day mate - to go into branch! maybe one day you'll listen to me

Right the way they work (i've told you this before as well) is they score you on the prodict requested using the behaviour score as an outset post, so say the system suggests a limit of £4k CC then if you asked for £4k you would be auto accepted, if you asked for £5k then you'd be referred and the branch would ring through to underwriting there and then, and you would then be offered the £5k or they would suggest the £4k to you.

Part of this scoring process involves the rate so if you're on 19.9%-21.9% you're a middle range, the 21.9% + is low credit score (usually lower limit too). I have a £3k limit (what I originally asked for) with 16.9% apr (the best). My internal score was flawless but the external CRA data didn't help - however I appealed and was successful.

So in your case, when you asked for £500 that was fine, all you have to do is ring up after 9 months and request an increase. They may allow it after 6 but usually for the first they like 9 months.

Mine has not been increased due to the fraud alert block on my accounts - that will remain til I go into branch lol. :rotfl:

But well done, you're right HSBC are extremely hard to be accepted for.

BugsyBrowne

Cant understand this when people say certain cards are extremely hard to get,yes if you fall short on a credit score within the bank,which obviously means your credit report ain't up to scratch,but if you pay your bills on time not have to many searches on your report,and build up a good history then really it should be quite easy to get the card of your choice..
Think when people say oh got turned down for that credit card they automatically assume this card is hard to get but forget to point out there credit report obviously aint good enough for this card,but bet if you now asked 500 people with excellent credit reports if it was hard getting that card they would say no it was p!ss easy why do you say that..
Cut a long story short yes cards are harder to get with a average credit report..
Yes cards are alot more easy to get with a excellent credit score..
Sorry to bore you all on this fine saturday morning..

Innocent_Guy

never-in-doubt wrote: »

I was sure I told you this the other day mate - to go into branch! maybe one day you'll listen to me

Right the way they work (i've told you this before as well) is they score you on the prodict requested using the behaviour score as an outset post, so say the system suggests a limit of £4k CC then if you asked for £4k you would be auto accepted, if you asked for £5k then you'd be referred and the branch would ring through to underwriting there and then, and you would then be offered the £5k or they would suggest the £4k to you.

Part of this scoring process involves the rate so if you're on 19.9%-21.9% you're a middle range, the 21.9% + is low credit score (usually lower limit too). I have a £3k limit (what I originally asked for) with 16.9% apr (the best). My internal score was flawless but the external CRA data didn't help - however I appealed and was successful.

So in your case, when you asked for £500 that was fine, all you have to do is ring up after 9 months and request an increase. They may allow it after 6 but usually for the first they like 9 months.

Mine has not been increased due to the fraud alert block on my accounts - that will remain til I go into branch lol. :rotfl:

But well done, you're right HSBC are extremely hard to be accepted for.

The branch have the option to select the APR, I recall seeing this when sort out my card.

I do find it funny that limit/apr is not system recommended like O/D. I remember when opting for my overdraft, system recommended £200 and adviser typed £500 and the system basically said "Are you sure? This is more than the recommended system limit"

noah271007

Just got off the phone with HSBC having requested an increase to £1,250 as told them £500 CL is low for my needs....a mistake for me to say £500 in the first place.

Computer says no, due to lack of use! LOL. I just opened the account yesterday and yet they treat it as a new credit card application!

I do have an APR of 16.9% on account...

noah271007

Innocent_Guy wrote: »

The branch have the option to select the APR, I recall seeing this when sort out my card.

I do find it funny that limit/apr is not system recommended like O/D. I remember when opting for my overdraft, system recommended £200 and adviser typed £500 and the system basically said "Are you sure? This is more than the recommended system limit"

Thats interesting....so the computer is actually giving an indication it is more than recommended system limit .... dunno if this apply to credit card.

Parki_2

Do you have a clean credit file Noah?

noah271007

Parki wrote: »

Do you have a clean credit file Noah?

Yes apart from late payments markers 1, 2 and 3 from vodafone back in 2004. The rest is flawless.