The Sub Prime Credit Thread - Part IV

noah271007

Right, just came off the phone to the HSBC U/W team. They could not help me with the appeal process and said that a fresh credit card application is needed again to reaccess and see whether i can have a CL increase! I explained that i did undergo a fresh credit card application the day after my credit card application was successful but it was declined because the account was very new i.e opened the previous day. He just said that it would be better to go to the branch as it will be dealt there and then. He then suggested i should wait for few months before making such request as i already had two applications in a space of a day earlier this month (first one successful and second declined).

So i have decided to tell HSBC to shove my credit card up their !!!!!!! Yes i have requested to have the account closed as i find this rather demeaning having further credit checks when clearly they have recently done so and there is no reason for another fresh application done.

I know i will regret doing this later, but i felt it was justified...i mean why should HSBC have my custom if they treat me like this?

noah271007

Now maybe i should apply for FD as my main account to move away from HSBC...that would be a GOOD move.

never-in-doubt

noah271007 wrote: »

Right, just came off the phone to the HSBC U/W team. They could not help me with the appeal process and said that a fresh credit card application is needed again to reaccess and see whether i can have a CL increase! I explained that i did undergo a fresh credit card application the day after my credit card application was successful but it was declined because the account was very new i.e opened the previous day. He just said that it would be better to go to the branch as it will be dealt there and then. He then suggested i should wait for few months before making such request as i already had two applications in a space of a day earlier this month (first one successful and second declined).

So i have decided to tell HSBC to shove my credit card up their !!!!!!! Yes i have requested to have the account closed as i find this rather demeaning having further credit checks when clearly they have recently done so and there is no reason for another fresh application done.

I know i will regret doing this later, but i felt it was justified...i mean why should HSBC have my custom if they treat me like this?

I'm not being funny mate but before you applied I told you quite clearly to go into branch and apply..... only the branch staff have the power to override a manual decision on branch accounts.... i.e. you apply in branch at account review and if it shows a £1k limit and you want £2k, the branch can override it - if you apply online and then decide the generated limit is not suffice, tough - you have to wait 6-9 months.

Its a nightmare but really if you opted for the limit you only have yourself to blame. With respect to FD, I really don't think you should bother - certainly not after having so many HSBC searches performed recently, it does look as though you're wanting credit - but also FD tend to match what card limit HSBC offered if it is a recent acceptance.

For instance, this time last year when I went for FD account I also applied for the HSBC card and like you opted for a £3k limit, when I went to the account review it suggested something like a £6k limit..... so a while later when I applied to FD, their card limit (pre-auth) was £6400 so it kind of adds up. Put simply, why would HSBC give you say a £2k limit and FD give you a £5k limit when they are the same parent company ergo they MUST use similar scoring techniques, plus FD can and will check your HSBC accounts and see the previous card limit, they'd be irresponsible to offer a card several times higher than their sister company offered you - unless of course, it was showing a higher limit could have been offered at outset within their systems in which case they could match or better it.

If I was you i'd have kept the card and waited 6 months then applied for an increase, you'd have still had 9 months at 0% wouldn't you, plus you'd build up a much better score!

seeya23

good evening to all

noah271007

never-in-doubt wrote: »

I'm not being funny mate but before you applied I told you quite clearly to go into branch and apply..... only the branch staff have the power to override a manual decision on branch accounts.... i.e. you apply in branch at account review and if it shows a £1k limit and you want £2k, the branch can override it - if you apply online and then decide the generated limit is not suffice, tough - you have to wait 6-9 months.

Its a nightmare but really if you opted for the limit you only have yourself to blame. With respect to FD, I really don't think you should bother - certainly not after having so many HSBC searches performed recently, it does look as though you're wanting credit - but also FD tend to match what card limit HSBC offered if it is a recent acceptance.

For instance, this time last year when I went for FD account I also applied for the HSBC card and like you opted for a £3k limit, when I went to the account review it suggested something like a £6k limit..... so a while later when I applied to FD, their card limit (pre-auth) was £6400 so it kind of adds up. Put simply, why would HSBC give you say a £2k limit and FD give you a £5k limit when they are the same parent company ergo they MUST use similar scoring techniques, plus FD can and will check your HSBC accounts and see the previous card limit, they'd be irresponsible to offer a card several times higher than their sister company offered you - unless of course, it was showing a higher limit could have been offered at outset within their systems in which case they could match or better it.

If I was you i'd have kept the card and waited 6 months then applied for an increase, you'd have still had 9 months at 0% wouldn't you, plus you'd build up a much better score!

I did go into the branch and applied and was accepted first time round. The woman who dealt with my application grilled me with the credits, salary, and outgoings...it was quite tough going, almost as if trying to find a reason not to issue me a credit card. She then said what credit limit i would like, and i asked what is showing on system that i can have up to, but she said there is nothing there, and whatever limit i chose will be determined by credit scoring....so being me being cautious, i decided £500. A minute or two later, she said congratulations.

I believe balance transfer is only applicable for the first 30 days after account opening so it is pretty much pointless if i wish to take advantage later on ( as balance transfers 15 months 0%).

Anyway acting on your advice NID, i have called HSBC to ask if my credit card account closure has already been actioned and the guy on the phone said no. So with a heavy heart i told him to keep it open which he said he will put a note on system.

noah271007

seeya23 wrote: »

good evening to all

Good evening, hows things?

Are you going to apply for HSBC bank account in the next few months or is your credit file already trashed for a while?

seeya23

noah271007 wrote: »

Good evening, hows things?

Are you going to apply for HSBC bank account in the next few months or is your credit file already trashed for a while?

no my file is trashed as i got 2 ccjs one from 2006 and 2007

never-in-doubt

seeya23 wrote: »

no my file is trashed as i got 2 ccjs one from 2006 and 2007

Forget it then matey - have you actually ever thought about us seeing if we can get those two CCJ's set aside? I'm sure (so long as you never defended the claim) there will be inconsistencies within them....

Do you remember all the details and everything, have all the original paperwork etc? If so we could see if we can get them removed for you matey.....

BugsyBrowne

Right just wondered if anyone can advise me on this.
I want to close my capital one credit card ASAP,the reason i have kept it open is because i have 2 and half years of history on it which would look good to lenders that i have kept good account history with them,
The question is if i close it down how much would this effect me in october when i apply for another card,and if it is on my report as settled would the lender still look at my history on the credit report.
Thanks....

leemuddywaters

Ok, I have posted on here recently but mainly about Vanquis, I am looking to get a credit card to rebuild history and plan to pay off the balance in full every month, I have 2 defaults from 2006 - one settled and one on-going but nearly settled, my bank account and overdraft is showing all green on my report and also my mobile phone contract is all in good order, recently moved house and now showing on electoral roll..

Any tips on what card I would have the best chance on being accepted for?

Thanks,