First Direct *AND* HSBC credit cards?

HelloEverybody

Hi everybody,

I have a credit card with HSBC (had it for years, big limit, no missed payments, rarely been used since the promotional rate ended, zero balance) and a First Direct bank account.

I know First Direct are a part of HSBC, so what are the chances that I'll be accepted for the First Direct credit card if I already have the HSBC credit card?

If I do have to cancel the HSBC card, how long should I wait before applying for the other?

Also, since I only opened my bank account a few months ago (which required a credit check), will they perform another credit check if I apply for the card, or will they just go on the old one?

Thanks a lot for any replies

izools

Call First Direct and ask what lending limits have been set for Credit Card.

If none, then a full credit check will be done. Otherwise they will have set a limit during the current account application and it's just a matter of saying "Yup, I'll have that" and signing the agreement.

I just opened up an HSBC account, didn't apply for an overdraft or credit card but they assigned a #1,000 OD and #1,500 Credit Card "Lending Limit" both of which I've now got without further credit checks.

HelloEverybody

Also, will they take my bank balance into consideration when I apply?

If so, I could make sure to apply just after being paid.

HelloEverybody

Thanks for that, izools

But is it okay to just ask them what their lending limit is? It sounds like that would be an internal thing?

izools

I doubt it... I was given the HSBC credit card with a #NIL balance -

Essentially; if they've set a lending limit for your First Direct credit card it will be based on the original application and credit assessment.

If they haven't assigned a lending limit based on the application and initial credit check, then it's not worth applying until you've held the account for 3~6 months as prior to this an account behaviour score won't have been set and the application will very likely decline.

The account behaviour score and future lending limits are based on account conduct, turnover, average balance, minimum balance, number of days in credit each month, etc etc etc. It's much more complicated than just the balance when you apply - so no - it won't make any difference which time of the month you do it.

My OH just got approved for a #2,500 HSBC credit card limit 3 1/2 months into running the account, without a credit check, based purely on account conduct and turnover. His balance at time of application was about 40 quid.

HelloEverybody

Thanks, that's really helpful.

With regards to my original question though, would my HSBC credit card affect my lending limit with First Direct?

izools

/pass...... sorry! Maxed out my knowledge

Empty_pockets

No, 2 seperate companies (when they want to be!)

It will however affect the commitments shown on your credit file.

I have a 3K OD with HSBC.
I have a 1K OD with first.

I would have got 1K with first whether I had the HSBCone or not.

HelloEverybody

Thanks for that. How can you be sure, though?

izools

Call them and ask what your lending limits are You don't need to apply for anything to know what they've approved you for. Just ask.

knightfox

As far as I am aware HSBC & FD behave like two different companies. Give them a call and ask what they will give you.

BUT, there is always a but. I dont think you would be able to transfer any money from HSBC to FD. If this was needed.