Hsbc basic current account - credit rating issue

Citygent

Hi there,

First post so no nasty responses please. I'm 21 Male with no Debt, I've applied for credit once in the form of a fast pay day loan with high interest which I paid all in bulk the next month. I just run a credit report on Experian and I have a 958 GOOD score. Im off to Hong kong July 1st with my Brokerage Firm and applied this AM for a basic current account at HSBC otc (over the counter) with no credit( overdraft) included therefore no RISK. I was willing to inject ****(four figures) in GBP today and can prove a salary of over 40k with an 18 month contract attached.

My company will likely get involved and arange a meeting to sort this inconvience out - just wanted knowledge on the matter and if anyone has been in the same position

Currently I live with my parents at home, My father declared Bankruptcy several years ago and now just deals with cash. Would this affect my Credit rating?

Thanks all for your time - and if anyone is currently in the central Business district in HK or plans to move out there, pm me :beer:

Lokolo

Your dads bankruptcy won't have an impact on you unless you have the same name (so records might get mixed up).

Other than that, what are you asking?

Experian_company_representative

It's unlikely the bank would carry out a credit check for a basic account. They can check your ID using your credit report data, but that doesn't affect future credit scores. Hopefully you won't have a problem. I hear Hong Kong is wonderful - have a good time there.

James
Experian

Citygent

My Bad - I actually forgot to state the ISSUE!

HSBC can't issue the current account due to my credit rating as its POOR.(Even though Experian official report states its GOOD with 958 score)Their system was blocking the account opening. I've researched the matter and due to the fact I have never applied for credit card or mortgage, they will not open a basic current account....... So in order to open an account I have to get into DEBT via cc/mortgage/loan etc - Please discuss views/knowledge.

I also called HSCB and confirmed my credit report, but still their system was blocking the transaction to open a.c.

Citygent

p.s thanks JamesJones for your response

MoneySavingUser

Try Barclays Cash Card account? don't you have any bank accounts atm? why can't you use that? if you are earning 40k I'd expect you to have some account

Citygent

Yes I'm using Alliance and Leicester which by 4th Quarter will officially become Santander, Id be recieving salary in HKD$ rather than GBP so the FX rate would kill me. Ideally an HSBC a/c seeming ill be in HK would be ideal to recieve local currency and alongside that a GBP account as transfering with the fx is cheap for when i return home to see family friends etc - The other option are Standard chartered or CITIBANK - but for know id like HSBC.

stator

Have you checked all of your credit reports? There are three agencies to check if I remember correctly. You should make sure your dad isn't mentioned on any of them and if he is get him taken off. If you live at the same address they may well assume you are financially connected.

Citygent

Thanks Stator I thought there may be a link, Ill find out - I'll give them a call.

MoneySavingUser

Citygent wrote: »

Yes I'm using Alliance and Leicester which by 4th Quarter will officially become Santander, Id be recieving salary in HKD$ rather than GBP so the FX rate would kill me. Ideally an HSBC a/c seeming ill be in HK would be ideal to recieve local currency and alongside that a GBP account as transfering with the fx is cheap for when i return home to see family friends etc - The other option are Standard chartered or CITIBANK - but for know id like HSBC.

OK I see

another option would be to keep the a+l account and open any hkd account when you get there and then transfer via a broker to get a better fx rate:

http://www.hifx.co.uk/

http://www.google.co.uk/search?hl=en&safe=off&client=firefox-a&hs=oa3&rls=org.mozilla:en-GB:official&q=related:www.hifx.co.uk/+hifx