Marks and Spencer

Bryando

Does the criteria for opening the Marks and Spencer Current Account require a credit check being carried out?

Thanks

diamonds

Bryando wrote: »

Does the criteria for opening the Marks and Spencer Current Account require a credit check being carried out?

Thanks

Yes, HSBC own M&S Financial Services 100% and share 50/50 profit with M&S until 2020(I think it is) when I assume the right to use the M&S brand expires also.


HSBC has some of the strictest criteria out there, except their Basic Current A/C http://www.hsbc.co.uk/1/2/current-accounts/basic-bank-account?HBEU_dyn_lnk=CurrentAccount_FilterTool_Basic_FindOutMore_Button

Doctor_Duke

Yes credit checks are pretty much carried out by all banks these days because you "might" use an unauthorised overdraft even though you might not request one.

EarthBoy

I'd be very surprised if there's any bank which doesn't carry out a credit check for a current account. Some banks even carry out credit checks for their basic accounts now. The basic accounts are meant for those in financial difficulty who can't get an ordinary current account, so if you would qualify for an ordinary current account you'll be refused a basic account.

chuckley

yes even prepaid cards.

alternate

Doctor_Duke wrote: »

Yes credit checks are pretty much carried out by all banks these days because you "might" use an unauthorised overdraft even though you might not request one.

Most only "soft search" if you don't ask for an overdraft. HSBC is one of the banks that hard searches.

colsten

alternate wrote: »

Most only "soft search" if you don't ask for an overdraft. HSBC is one of the banks that hard searches.

What proof do you have for your assertions?

I have many accounts with most of the current account providers in the UK. None of the dozens of current accounts I applied for over the years escaped a full credit check, and it would not be logical if any application for a current account for anyone did.

Westie983

alternate wrote: »

Most only "soft search" if you don't ask for an overdraft. HSBC is one of the banks that hard searches.

Don't think this is quite true...

A soft search is conducted if you want to see the likelihood of being accepted for a product, but all current account applications will use a 'hard' search to check details match on the application.

Dan83

I applied for and got rejected for a M&S card, it took them s few days to reject me. I think they get your info then take it away, look at it, if they want you do a credit check, if not bin your application. When I got my letter it said they didn't do a credit check.

I'm not sure why it takes them so long.

diamonds

Dan83 wrote: »

I applied for and got rejected for a M&S card, it took them s few days to reject me. I think they get your info then take it away, look at it, if they want you do a credit check, if not bin your application. When I got my letter it said they didn't do a credit check.

I'm not sure why it takes them so long.

First Direct refused me last year, I took out a small 0% unsecured personal loan over 36 months and put aside the amount in a savings account with a DD to feed the payments.

This year M&S approved me, HSBC has a very strict lending criteria, even for a no overdraft current account.

I know of someone with approx 30 years until retirement, with £2500 monthly income minimum, mortgage free who could not get a £40,000 re-mortgage on a property worth £200,000 over 35 years to renovate the fixed rooms. And they are a HSBC Premier customer :rotfl:

The credit file may not be perfect but it is certainly not damaged badly, shows small credit card balance available and regular payments including almost clearing balance in full most times, no overdraft.


And they still pay £15 a month to HSBC for Premier :eek:

alternate

colsten wrote: »

What proof do you have for your assertions?

I have many accounts with most of the current account providers in the UK. None of the dozens of current accounts I applied for over the years escaped a full credit check, and it would not be logical if any application for a current account for anyone did.

Westie983 wrote: »

Don't think this is quite true...

A soft search is conducted if you want to see the likelihood of being accepted for a product, but all current account applications will use a 'hard' search to check details match on the application.

My experience is different. Especially if you are already a customer but not always - of course experian/clearscore could be wrong ...