The Sub Prime Credit Thread - Part V

ElkyElky

izools wrote: »

Slight change of subject - something I'm not sure about.

I have an HSBC Current Account which was provided to me with a 1,000 OD limit.

I stupidly (when a little drunk on my birthday) applied via Online banking to increase it. No need to, was just testing the waters.

They declined the request (fair enough) but left a footprint on my credit file. I've complaint about this and they aren't upholding my request.

Whilst I agreed for them to check my credit file, I was of the understanding that this would be an Unrecorded Enquiry, Follow-Up Enquiry, or Administration Review type search which isn't visible to other lenders.

HSBC however left a full footprint on my credit file.

I feel this is unfair, as I've not applied for a new account or line of credit, simply requested an amendment of an existing facility.

All the other banks / credit card companies / etc I've been with in the past either use internal scoring to make such decisions or make way of a Follow-Up (Equifax), Unrecorded Enquiry (Experian), or Administration Review (Call Credit) type search which aren't visible to other lenders.

Agree / Disagree?

I'm sure it is stated on the page that a credit search will be made. I agree though, they shouldn't do a full search for something so minor. There is no need, they'll see the same thing with a full or footprint search.

izools

Yes indeed I did agree for a search to be performed but there was nothing relating to the type of search they were going to perform in the agreement.

I feel there was too much ambiguity on their website and also that the wrong type of search was performed.

I'll escalate the complaint when I get a letter back from them confirming the phone call I just had and see what can be done.

Interestingly though they agreed to remove FIVE Enquiry searches from my flatmate's credit file last month which were done for no apparent reason without his consent. Might refer to that in my complaint to them.

tigerlily44

izools wrote: »

Slight change of subject - something I'm not sure about.

I have an HSBC Current Account which was provided to me with a 1,000 OD limit.

I stupidly (when a little drunk on my birthday) applied via Online banking to increase it. No need to, was just testing the waters.

They declined the request (fair enough) but left a footprint on my credit file. I've complaint about this and they aren't upholding my request.

Whilst I agreed for them to check my credit file, I was of the understanding that this would be an Unrecorded Enquiry, Follow-Up Enquiry, or Administration Review type search which isn't visible to other lenders.

HSBC however left a full footprint on my credit file.

I feel this is unfair, as I've not applied for a new account or line of credit, simply requested an amendment of an existing facility.

All the other banks / credit card companies / etc I've been with in the past either use internal scoring to make such decisions or make way of a Follow-Up (Equifax), Unrecorded Enquiry (Experian), or Administration Review (Call Credit) type search which aren't visible to other lenders.

Agree / Disagree?

Agree in principle, but if their policy is to do this then the caveat is the onus is on you as the customer to find out how they record it first before applying I suppose. Also it could be argued that you did apply for a new line of credit in the form of an extension to the amount of your overdraft (tenuous as that seems)

Looks like HSBC are moving away from internal scoring also

tiger

izools

Might just chalk this one up to experience then, as you rightly say, caveat emptor. I agreed to a search, if I wanted to know what type I should have asked...

But yes - whilst they still assign account behaviour scores to accounts, they don't use that as the sole source for credit scoring.

Absolutely everything - loans, credit cards, overdrafts and extensions thereof, etc, are fully credit scored with Experian etc irrespective of how good your internal rating is.

No more pre-approvals at HSBC

tigerlily44

It might be worth pursuing just to get clarity, but they're not (sadly) going to change their policy for someone not being happy with it, after all who are we, only customers after all!

tiger

ElkyElky

TSB has very surprisingly lowered my airmiles duo interest rate from 19.9% to 15.9%.

EDIT: And checking online banking.. my credit limit was increased from £1600 to £2000 - and Tesco has increased the limit from £250 to £750. I guess paying the majority of my debt off really pays (no pun intended).

izools

ElkyElky wrote: »

TSB has very surprisingly lowered my airmiles duo interest rate from 19.9% to 15.9%.

EDIT: And checking online banking.. my credit limit was increased from £1600 to £2000 - and Tesco has increased the limit from £250 to £750. I guess paying the majority of my debt off really pays (no pun intended).

RESULT! Well done :beer:

Beats my morning. Failing my driving test.

ElkyElky

izools wrote: »

RESULT! Well done :beer:

Beats my morning. Failing my driving test.

Oh no, I'm sorry to hear that. On the bright side, at least now you've had a taste of what the test is like so you can better prepare yourself next time and know what to expect.

What did you fail on? Reversing?

izools

Nah reversing is absolutely fine got no problem with any of the manoeuvres etc.

Failed on undue hesitation and controlled move off, as my left foot was jittering like crazy - nerves. And the roundabout I was trying to emerge at was murder anyway. 8:25AM between the industrial estate and dual carriage way. Not fun.

I've booked my re-test for a quieter time of day

tigerlily44

izools wrote: »

Nah reversing is absolutely fine got no problem with any of the manoeuvres etc.

Failed on undue hesitation and controlled move off, as my left foot was jittering like crazy - nerves. And the roundabout I was trying to emerge at was murder anyway. 8:25AM between the industrial estate and dual carriage way. Not fun.

I've booked my re-test for a quieter time of day

I failed my first test on hesitation on turning right in the rush hour on a main road - grrr!
Happily passed on second attempt in fog - could have kissed the examiner (who ironically had only come back that day from having his arm broken by an irate learner!)

My stepson failed his first test because a white van pulled out in front of him leaving him wedged between a lorry and a bus - he rescheduled for a quieter time of day as well.

You'll do it next time

tiger