Hsbc ignore credit rating

beardybryn

I have been a member of HSBC since it was Midland Savers. I have never banked with anyone else for 35 years but enough is enough.

I recently found myself in a quandary - To reduce my monthly payments I asked to consolidate my loans. I received a figure that was appealing but they insisted that I returned from overseas to finalise it, which i did.

When i met with the bank I was told that the figure given was wrong and there only offer was a massive 16.9%. How have they reached this figure "responsible lending"? So i paid and got my credit score. Excellent. 994 - 5 points off.

So can anyone explain the desire for them to send me hurtling into further long term debt? With the only offer seemingly to be a monthly payment higher than the one i was trying to reduce and tying me in for a further 3 years.

I am looking at doing a balance transfer instead and a money transfer instead can anyone suggest someone who is doing this? I am speaking to Virgin in the morning but is there anyone else you would recommend?

But without fail if i can do the transfer etc i shall be shifting all my finances away from HSBC as soon as I can. With PPI,

Thanks B

beardybryn

...with PPI and increased charges I have finally had enough. that is what i meant.

Thrugelmir

HSBC will credit score themselves. CRA's collect data and to generate income sell pointless reports to consumers. As it's lenders that actually lend money. CRA's are worthless bankers.

Gaz83

HSBC don't see that 'score' of 994. It's a ficticious score, made up by the credit reference agencies to encourage people to spend money buying their 'service' each month.

APRs for consolidation loans are often quite high, as in a lot of cases people either don't use the loan to pay off their other ones, or do but then let the credit cards and loans build back up, and end up with twice as much debt.

YorkshireBoy

MBNA are the other main money transfer card provider.

DCFC79

Funny how HSBC can ignore something they cant even see/have knowledge of unless the staff at the bank are somehow psychic.

eddddy

beardybryn wrote: »

...but they insisted that I returned from overseas to finalise it, which i did...

So are you living/working overseas?

That may be what what boosted your risk profile. It might be harder for HSBC to chase you for their money, if you default and you're living abroad.

Perhaps they have experience of people living/working abroad who decide they're not coming back to the UK, so they don't bother paying their debts in the UK.

Superscrooge

Try the credit card eligibility checker to see which CC you are likely to be accepted for.

https://www.moneysavingexpert.com/eligibility/credit-cards/

m4rc

Didn't you post this exact same thing earlier and get the answers? I'm sure I replied to you, I can't imagine we have two beardy Bryan's asking about Credit Scores....

Go and ask the credit reference agency who gave you the made up number if they will lend you money at a lower rate. That's all the advice I'm giving, you don't seem to want to hear what people have to say.