Neither HSBC or Lloyds will give me an OD!

Richiebow1

Hi all, First time posting here.

Was just wondering if there is any reason why Neither HSBC or Lloyds will give me an Overdraft.

I've been with HSBC for 8 years now and have a HSBC Advance account, I had my wages going into the account each month roughly around £1,800 a month, Always paid DD's on time and was never overdrawn but every time I mention an Overdraft to one of the reps on the telephone I just get the "Sorry we aren't able to run you through an application ask again in 3 months and it may be possible"

Now from what I can tell I should have a decent credit history.

Car Finance With Santander - No missed Payments

American Express Gold Charge card - No missed payments

BarclayCard - no missed payments

Phone Contract With EE - no missed payments

Settled account with creation Finance for my Smart TV - No missed payments.

I've now changed my main bank to Lloyds Bank which now has my wages paid into it and I've had the account around 8 months, (HSBC account still open) And when I mention an OD to Lloyds I get a similar response off of them about not even attempting to run me through an application.

Now don't get me wrong, I don't need the OD as I consider myself to be decent with my money but it's just the annoyance that I can't even attempt to get one yet I know people in a lot worse positions than me financially and they get them accepted immediately and I've checked all the CRA's and the only accounts on are the ones mentioned Above.

Thanks in Advance for any replies, I know It's long winded.

stclair

For Lloyds bank:

Take a copy of your Experian & Call Credit report into branch explain the circumstances and ask them to forward them to high lending.

It sounds like you may have a CPD (Credit Policy Decline) marker on your account.

BonkersBonkers

Sounds like credit bureau data to me which in English means something bad on your credit files.
Check all 3 main CRA's.

Richiebow1

Thanks for the replies guys, from what I can see my credit files at the 3 main CRA's look fine.

I shall give Lloyds a call tomorrow and query this Credit policy decline, I've only done a very brief Google search about this and have found a number of people stating that this credit policy decline has stopped them from having any credit products from Lloyds having ran Current accounts with them perfectly. How likely I'll be to make any difference to my account I'll have to wait and see.

RichardD1970

Don't do it! Worst thing I ever did, getting an overdraft!

Richiebow1

Like I say, It's not that I need it It's just annoying that they won't even bother trying to put me through an application. Plus at some point I'd like to look for a personal Loan and If I've got this block I've not a cat in hell chance.

thick_tom

life goes on.

CKhalvashi

As harsh as I may sound here, if you already have access to credit, then an OD is probably not the way to go on this. If you're in it, it's more difficult to get out of it than if it's completely unlinked to your bank account.

If I were you, I'd check you're on the electoral roll before going anywhere. If you're not legally allowed to vote, then it will be worth checking that the CRA's are aware of this. In 2004, they asked for copies of my OH's passports and a valid visa for UK, plus one proof of address. I'd imagine the procedure is much the same now.

If you are on the ER, check the data on the CRA's, and pass all three credit reports (£2 each) to Lloyds, with a letter asking them to reconsider. Send second class, with proof of posting (free from a post office).

CK

innovate

May be be greatful they don't give you an overdraft - it is one of the more expensive way of borrowing.

However, it doesn't ring true that you should be rejected without even starting the application. How much are you asking for? How much have you got on credit cards? Have you tried for a loan instead?

YorkshireBoy

innovate wrote: »

However, it doesn't ring true that you should be rejected without even starting the application.

If OP visits branch (and asks nicely!), they'll show him a snapshot screen with his internal rating. Mine was 1A last time I checked (not bragging, just saying!), but I suspect the OP's is marked CPD (credit policy decline) for whatever reason...and if you've one of those they don't even start an application or make a credit search because it's a 'policy rule'.


All in my experience, but perhaps one of the Lloyds employees will confirm?

katejo

Have you tried First Direct? (Part of HSBC) . I don't know what size of overdraft you are thinking of. FD gives an interest free one up to £250. That is fine for me and I rarely go over 100 but it is very useful.