HSBC declined

fenton1

I have just tried to switch bank accounts and HSBC computer says "uh uhh" The embarrassed young man had to see his supervisor but it could not be overridden in the branch and apparently I could only be offered a lesser account and not the advance recommended by MSE email. I was also going to take out an ISA. I know I have a good credit rating. I owe nothing but have opened a couple of interest bearing current accounts during the last year. Could this be the reason for being declined or could it be an input error by HSBC that has caused this? Is it possible to find out? I have never had any problems in the past.

National_Debtline

Hi fenton


A lender does not have to disclose its reasons for declining an application.


Are you an existing HSBC customer simply trying to upgrade their account, or have you come to them from elsewhere?


If there are overdraft facilities available on your existing accounts - whether used or not - they can be taken into account by lenders as they may assess your "potential" level of debt. This could be a factor, though there are usually too many variables to know for certain.


Have you actually checked your own credit report lately? It is worth ensuring that what you expect to see on there tallies with the contents.


Dennis
@natdebtline

fenton1

I have a few current accounts opened in the last year for the interest that they offer. No overdrafts and all in credit.

Just wondered if that was the reason they declined thinking that I was not going to use the account to the full.

Is it possible that a question was such as "how long were you with your previous bank?" was answered inaccurately or incorrectly typed in could cause a refusal

DCFC79

Who knows but your credit score doesn't get taken into account, lenders don't see it so you can cross that off as a reason.

Frank121

Were you declared earnings sufficient? The 1750 funding requirement is quite high for this account so you said earnings may have played a part.

Cheers.
Frank

Westminster

This is the time to get copies of your 3 CRA reports to check for issues - you could find there is some fraudulent activity or erroneous reporting on there which you will need to get cleaned up.

gingercordial

There is a long thread about the HSBC Advance account over on the Bank Accounts board. It is notoriously hard to get even for people with excellent credit histories. Quite often those of us who got one only did so after an hour's interview in branch. They are just massively picky and only looking for the "right" customer ie one where they think they have opportunities for selling extras in future (I think I helped my case by talking about how I would be interested in their Advance mortgage deals in a year or two). They also require you to have the £1,750 income and it seems they only want this to come from salary, not from any savings etc. Whilst this isn't in the T&Cs as the NDL rep says they have the right to choose whether or not to give an account to anyone with whatever criteria they want.