HSBC do not want my money or my custom!

ryuuoo

Hi there everyone,

Just came back from an HSBC branch where I went to upgrade my Basic Bank Account to a Current Account because I wanted to open a savings account with them. I also have a Barclays bank account and said I would like to do all my banking with HSBC from now on.

After a half hour wait they were able to see me. I explained what I needed and she said we would go forward with the application.

Long story short... they declined it because my "credit check did not go through" and they could not do anything else to help me... I got told to ring Experian and ask why I had been declined (the lady even said that I may own someone money and thats why it was declined!)

Silly me, I paid for the experian report, rang them and they said that it was not up to them to decline me but to HSBC and that particular branch...

I do realize I have a few recent searches on my report and a Barclays current account and Barclaycard.. but honestly... one would think HSBC (or any bank for that matter) would accept with open arms a young man at uni, with an income and a part time job, especially when he mentioned he wants to bank with them for life...

I dont understand it... To be honest, everyone is raving about HSBC but Barclays seems fine and they are much easier to deal with...

I am going to stay with my Basic HSBC account and see if they want to offer me an upgrade anytime soon, if not, they have lost a customer.

Sorry for the rant but I am very upset about this, especially after being embarrassed at the brand like that and then forking out for the Experian report... seriously...

Thank you for reading!

grumbler

ryuuoo wrote: »

...
Silly me, I paid for the experian report, rang them and they said that it was not up to them to decline me but to HSBC and that particular branch...

Branches don't make any decisions nowadays and cannot override the computer's decision when it says NO.

Paying for the report was a waste of money. You should have just ordered your credit file

I do realize I have a few recent searches on my report and a Barclays current account and Barclaycard.. but honestly... one would think HSBC (or any bank for that matter) would accept with open arms a young man at uni, with an income and a part time job, especially when he mentioned he wants to bank with them for life...

I dont understand it... To be honest, everyone is raving about HSBC but Barclays seems fine and they are much easier to deal with...

Who is raving and where? There are much better current accounts around: Best Bank Accounts
HSBC seem to have lost their interest in the retail business recently because of far too many red tapes and wide spreading compensations culture. They are even getting rid of the existing customers and seem to have more tight criteria for the new ones.

TheEffect

ryuuoo wrote: »

Hi there everyone,

Just came back from an HSBC branch where I went to upgrade my Basic Bank Account to a Current Account because I wanted to open a savings account with them. I also have a Barclays bank account and said I would like to do all my banking with HSBC from now on.

After a half hour wait they were able to see me. I explained what I needed and she said we would go forward with the application.

Long story short... they declined it because my "credit check did not go through" and they could not do anything else to help me... I got told to ring Experian and ask why I had been declined (the lady even said that I may own someone money and thats why it was declined!)

Silly me, I paid for the experian report, rang them and they said that it was not up to them to decline me but to HSBC and that particular branch...

I do realize I have a few recent searches on my report and a Barclays current account and Barclaycard.. but honestly... one would think HSBC (or any bank for that matter) would accept with open arms a young man at uni, with an income and a part time job, especially when he mentioned he wants to bank with them for life...

I dont understand it... To be honest, everyone is raving about HSBC but Barclays seems fine and they are much easier to deal with...

I am going to stay with my Basic HSBC account and see if they want to offer me an upgrade anytime soon, if not, they have lost a customer.

Sorry for the rant but I am very upset about this, especially after being embarrassed at the brand like that and then forking out for the Experian report... seriously...

Thank you for reading!

A few searches on your credit report is not going to make HSBC decline you for a current account. Have you got any missed payments, defaults, ccjs or cifas marks on your report?

HSBC gave me a student account with £500 overdraft, with about 12 searches on my credit report in the 6 months prior. This was back in 2011 though.

jonesMUFCforever

OP What reason did HSBC give you for only opening you a basic account in the first place?

innovate

ryuuoo wrote:

.. one would think HSBC (or any bank for that matter) would accept with open arms a young man at uni, with an income and a part time job, especially when he mentioned he wants to bank with them for life...

Sorry to destroy your rosy opinion of banks. None of them could care less about the occasional new customer that doesn't pass the automatic credit checks. You are just a number, not a person, to them.

As to banking with the same bank for life - this is like saying you will also buy your shirts in the same shop, even if you see better shirts in other shops. Banking is a commodity, and if you are smart, you pick and choose the best offers from whichever bank offers them.

henm2

Is the same reason that you only had a basic account the same reason that is affecting you getting a full account?

Like any bank your HSBC application will involve a credit check (HSBC use Experian for credit checking) and also HSBC's own scoring system. Your application can potentially fail on either or both hurdles.

meer53

I hope you didn't tell HSBC branch staff that you wanted to bank with them for life. They're probably still laughing.

Thrugelmir

ryuuoo wrote: »

one would think HSBC (or any bank for that matter) would accept with open arms a young man at uni, with an income and a part time job, especially when he mentioned he wants to bank with them for life...

Doesn't strike me as the sort of higher earner that HSBC targets primarily. Currently your not going to make them any money.

thegrind

Stick 100k in your HSBC account and watch their little ears pr! ck up.

edp33

I can sympathise. I have been with HSBC for over 30 years and requested a loan from HSBC for a car last month and it was declined. I had a loan for a car a few years prior, paid it in full no missed payments so was surprised to be declined.

Anyway, I had an experian report and it gave me a credit score of 995 which I understand is near excellent. The only bad thing on my credit history is a large amount of available credit on the cards.

The decline really irritated me. Finally have just applied for a first direct account (aka HSBC) and that looks likely to be declined as well. Satander 123 application went through fine.

I am fed up with HSBC, and plan to end all links to them

Thrugelmir

edp33 wrote: »

The only bad thing on my credit history is a large amount of available credit on the cards.

Then you should be irrated at yourself if the issue is that obvious.

Little point in getting upset with a bank acting responsibly.