HSBC Bank loans

Keithako

Hi I recently applied for a loan of £15000 from HSBC at 6.3% apr have spent some time speaking to the sales person I was told that after credit score on me the rate was 9.9% I told them to explain why and they could not. I callup my credit score on callcredit for £2 so I could see what the the problem was and it had that I owed £10 to orange which started with vodaphone over 14 years ago so I cannot have a loan at 6.3% because of a vodaphone bill of £10 over 14years ago.no wonder they need to try and sell products as they are loosing out on business I have been with HSBC with my busness account and current account for over 20 years and I am treated like a second class person over a £10 bill with a firm that sold out to Orange.

Tixy

It may not be that this is the sole reason that you have got that interest rate, even without the £10 bill and even if everything on your credit files was 'perfect' you still may not have been offered the representative rate of 6.3%. Only 51% of successful applicants are offered that rate, and its not necessarily just down to what is on your credit file.

Something from over 14years ago would not usually still be showing on your credit file. Have you investigated what this is and why it is still showing on your file?

[Deleted User]

You've no way of knowing that the phone default is the reason you got a 9.9% rate. Could be a thousand things. They could already have filled their quota of 6.3% rates, or you just may not fit their profile.

iolanthe07

Don't take it personally. There may be several reasons why you weren't offered the advertised rate - lots of people don't, even those with excellent credit history. 9.9% APR isn't that bad, these days.

GlamGirlie

The exact calculations that make up credit scoring are not made public - if either the staff or the clients knew exactly what was involved, then there would be the potential for them to manipulate it.

malkyh

You have to be careful now as if you don't accept the 9.9% and choose to try elsewhere you will quickly get into the 'too many credit searches' on your file which means that the next company you try may only offer a higher rate.

I had car finance which I wanted rid of so I contacted M&S as they were advertising a rate of 6.9% typical. Ended up offering me 9.9%. I was planning on trying RBS after that but due to the initial finance search, then the M&S search I was worried that RBS would quote higher than 9.9% and I'd have to take it.

wonderpupp

A fair few years ago, I wanted a £16k loan, which was more money than I thought I would ever be worth. I went into my local branch of HSBC and explained I wanted the money for the following : To do some evening / part time courses for £4500, which would qualify me to do another job.
£6500 to purchase a motorbike, £5000 for a kick !!! holiday in Japan before I was due to start the course.

They went through all the budget calculators, etc with me, and my regular income.

They said I could max out at £14000 credit with them, and I told them they could cancel the credit card limit down to an emergency £500 (which they had crept up to £5000) and he spoke to his supervisor, and after a brief chat, they sorted me out the loan.

It was definately worth going in to talk to someone, as they could sort it out in a reasonable manner. And yes, I really enjoyed my holiday, and I love my new job.

Vikipollard

Glad it worked out for you Wonderpupp and the holiday was good .....but as you said at the outset, this was a fair few years ago and since 2008, it's become very difficult to get credit even for the squeaky clean amongst us.

You are right though, there's much to be said for going and having a face to face with a real person, because you can agree things like the reduction in credit card etc which a computer doesnt process (or ask).

meer53

wonderpupp wrote: »

A fair few years ago, I wanted a £16k loan, which was more money than I thought I would ever be worth. I went into my local branch of HSBC and explained I wanted the money for the following : To do some evening / part time courses for £4500, which would qualify me to do another job.
£6500 to purchase a motorbike, £5000 for a kick !!! holiday in Japan before I was due to start the course.

They went through all the budget calculators, etc with me, and my regular income.

They said I could max out at £14000 credit with them, and I told them they could cancel the credit card limit down to an emergency £500 (which they had crept up to £5000) and he spoke to his supervisor, and after a brief chat, they sorted me out the loan.

It was definately worth going in to talk to someone, as they could sort it out in a reasonable manner. And yes, I really enjoyed my holiday, and I love my new job.

Bet if you tried this now the computer would say no !

Saints2011

Are you sure HSBC checked with Call Credit and not Experian or Equifax?