Should I apply for credit when not on electoral role?

CannyJock

Jakestar wrote: »

If the chap from HSBC said Im very likely to get accepted, would you trust what was said? I made it clear I wasnt on the roll and he said it does have an impact but I would still very likely get accepted (ive banked with HSBC all my life)

Would I trust a bank clerk? :rotfl:
About as much as I'd trust the branch manager :rolleyes:

They are there to sell you products, a loan being one of them. They can't directly influence the decision, but they can press the buttons and in theory they can speak to an underwriter on your behalf if it's turned down.

Unless they've got a screen infront of them that shows you've got something pre-approved or details of your internal score with them, I'm guessing it's speculation that you can't hold them responsible for if declined. It's worth asking them to clarify why they think you're likely to succeed in an application and what your rights of appeal are if declined after following their advice If for some reason they're able to complete an application without searching your credit report (and recording the search for others to see) then there's no harm done - would they accept an up to date printed copy of your statutory report for example?

Having said that, IMO it's your "best chance" of success given your current circumstances if you can't wait until your credit report is updated with your electoral status. It may well be your best chance even if you were on it, this is one of the infuriating things with the whole application process.

Worse case scenario is that you apply for one and you're declined. Doesn't rule out the possibility of applying for the other They won't require a limb or a pound of flesh per application

Jakestar

Hehe think I will go with the HSBC loan, may see if I can get some guarentees before committing from the bank clerk. Should be in next 3 weeks so will keep you updated!!

I get from your post that even if you have a good file/score its still something of a lottery?

Funnily enough the card I now use daily I got accepted for a year ago on 12 month 0% purchases (car insurane sorted interest free yay!) and I didnt have as much history (have used that card daily since but before applying had rarely used a CC and had 1 loan completed) guess I was lucky!! (or the fact that M&S are a subsidary of HSBC if that would even come into the equatiion?!)

Anyhow I've troubled you all enough for this evening so don't feel that I'm hounding you for info / feel that you have to reply