The Sub Prime Credit Thread - Part V

never-in-doubt

marilyna wrote: »

NID,

On my Callcredit, I noticed that whenever I put in an application with HSBC, they searched me twice on the same day. One of the searches is an administration review. What is an administration review, and why the need for two searches on the same day? I noticed some of the HSBC searches are more than a year old, however they seem to be the only people who search Callcredit.

Hiya

HSBC do this, basically stop applying for things with them and once every 6mth go into branch and ask for an account review - they then do one search and that gives you pre-approved limits across all of HSBC products - then you can simply say "i'll have this, that and that thanks" and all for one search.

say you have 2 bank accounts and apply for an o/d on both, plus a card and loan - you'll get 4 searches PLUS an admin search (that is an ID generic search btw)....

so a half annual account review is best all round.

HSBC is unique and unlike all other lenders, with respect to behaviour scores - it is the best way to lend and it works.

marilyna

Thanks NID,

Over the years, I have usually applied for overdraft increases, and loans with telephone banking. I will definitely go to the branch next time, for an account review. I usually wait up to six months or a year,before I apply for anything with them.

izools

marilyna wrote: »

Thanks NID,

Over the years, I have usually applied for overdraft increases, and loans with telephone banking. I will definitely go to the branch next time, for an account review. I usually wait up to six months or a year,before I apply for anything with them.

With HSBC you must wait a minimum of six months before re-applying for a product you were declined for as a decline kinda "pre-declines" you for the next six months.

Atleast, this is what I gathered from NID when he and I had a conversation about opening an account with them in February. I'm sure he'll be round to correct be in a hairs breadth if I got the wrong end of the stick...

marilyna

Izools,

The staff in my branch will ask you whether you have applied for anything within six months before you make an application. If you have, then they will tell you not to bother. I think this is a good thing.

never-in-doubt

izools wrote: »

With HSBC you must wait a minimum of six months before re-applying for a product you were declined for as a decline kinda "pre-declines" you for the next six months.

Atleast, this is what I gathered from NID when he and I had a conversation about opening an account with them in February. I'm sure he'll be round to correct be in a hairs breadth if I got the wrong end of the stick...

Mate that is harsh..... :rotfl:

you're right though - its proven and works a dream...

magiciansgirl

Hi NID, mind if I ask you some HSBC advice?

I've had a current account with them for years, hit credit problems due to an expensive property dispute in 2006/7, they took my debit card, withdrew my overdraft etc. I got back on track gradually and in Feb 2008 I made a successful PPI claim on a personal loan which they settled entirely plus interest; this paid the loan off and I got £4000 plus.
A couple of months later they then took an amount to cover two months' mortgage arrears dating back to 2006 without reminding me about them (2006 a bit of a blur) or forewarning me; fortunately I had the money and I quite see that this was their right under the terms of the mortgage. In autumn 2008 they offered me the Plus (now Advance account) in late 2008 and I took it, to get the Visa debit card. Since then I have only applied for a small - £500 - overdraft by phone - and was declined. That's more than six months ago so do you think it is worth me going into branch now? I just have the sneaking feeling they don't like me very much because of the PPI claim..... and the Plus/Advance thing is paid for of course.

Kind regards, MG

izools

never-in-doubt wrote: »

Mate that is harsh..... :rotfl:

you're right though - its proven and works a dream...

Well I took your advice about freeing up credit. And it made little sense to have debt on 24.9% cards with a massive unused 12.9% overdraft.

So now I've got about 25% of my available credit used and when that updates with Experian, you never know, Barclaycard might give me an offer to do the MyWorld card balance.

Or reduce my limit to £260 and put my APR up to 34.9%. Either way. Whatever

Good thing (credit score wise) is LTSB don't report overdrawn balances or OD limits just the account status codes.

All heading in the right direction. And the letter I got from LTSB confirms my OD is actually 0.0% as opposed to 12.9% APR so if they charge interest I might just have to request a rebate and send them a copy of their own letter :T

Happy days :beer:

EDIT: DDs set up with Barclaycard and Silver for Full Balance.

Zack1

I've just got a letter from Halifax about their Clarity Reward card, donkeys, I've just been rejected for the student one a month ago, so I assume I'd be rejected for that too? It's not (and never has been) on my pre-approved list in online banking

onefortheroad_2

Zack1 wrote: »

I've just got a letter from Halifax about their Clarity Reward card, donkeys, I've just been rejected for the student one a month ago, so I assume I'd be rejected for that too? It's not (and never has been) on my pre-approved list in online banking

have you got a pre-approved offers in online banking now zack1

Zack1

onefortheroad wrote: »

have you got a pre-approved offers in online banking now zack1

Nope it's Monday they'll appear if I get any. I can't apply for anything anyway so it might not come online until I can, I just want to check my guaranteed overdraft amount.

I've just seen cash withdrawals on Halifax Clarity card are only 12.9%, that's pretty decent, considering what certain other companies can charge!!