Soft Search Accuracy - HSBC

Tam12

Hi,

I'm hoping someone can impart some of their wisdom onto me surrounding soft searches.

I don't have the best credit rating - there's an almost 4 year old default on there which I'm currently contesting and also a couple of missed payments about 3 years ago. I've got a few sub prime cards (cap one, barclaycard initial and Tesco foundation) which have been always paid on time and always stayed within limit, however I want to shift the bit of debt I have on them to a 0%.

The MSE calculator gave a 60% chance of acceptance for the HSBC card, but I thought I'd go belt and braces and do a soft search through HSBC's own tool and that came back saying that I was likely to be approved if I applied.

My question is, is it worth biting the bullet and going for it? I've always been rejected for most things in the past therefore I don't want to compound the problem!
I also know HSBC can be picky with who they will lend to. I also had an ~80% chance with the Tesco balance transfer card, but I liked the prospect of the best of both option with HSBC.

Thanks in advance,
Tam.

Candyapple

Go for it (with HSBC), one search is not going to have any impact on your credit rating.

Regarding the Tesco card, if you did apply for it, just remember that you can't transfer any balance from your Tesco foundation card onto it.

Let us know what the result was.

Tam12

Thank you Candyapple, appreciated.

Do you think I'd be correct to make the assumption that the HSBC soft search tool would probably give a better indicator than anything else?

Candyapple

Tam12 wrote: »

Thank you Candyapple, appreciated.

Do you think I'd be correct to make the assumption that the HSBC soft search tool would probably give a better indicator than anything else?

Yes because it's based on their own internal scoring. HSBC are known for being strict with who they allow to have bank accounts, but for credit cards they seem to be way more lenient.

https://forums.moneysavingexpert.com/discussion/5509361

Also, don't forget to check your offers with Barclaycard because they might have a good deal available for you:

https://forums.moneysavingexpert.com/discussion/5656094

SHill

Candy apple can I ask is that is your personal opinion that HSBC are known to be strict with who they also to have bank accounts with? Or do you have reason that they are?

dr_adidas01

It's well know that HSBC are very picky when it comes to customers and the type of account they will give you.

You could have a perfect credit rating and still they may only offer you a basic account.

First Direct are part of HSBC and even more picky when it comes to customers they want.

Tam12

So the miraculous happened and I was emailed a credit agreement to sign this morning even with my imperfect credit file! HSBC get the thumbs up from me! Did get the higher rate of 25.9% APR, but when you've got 0% for 26 months, does that really matter?

Thanks for the help!
Tam.

20aday

Tam12 wrote: »

So the miraculous happened and I was emailed a credit agreement to sign this morning even with the default on my credit file! HSBC get the thumbs up from me! Did get the higher rate of 25.9% APR, but when you've got 0% for 26 months, does that really matter?

Thanks for the help!
Tam.

No, not at all-so long as you make your payments on time you won't be charged interest (unless you end up using it for things like cash withdrawals etc).

Cheesey123

Having read this post I applied online and the following day received my Credit Agreement to sign, which I have done. Having read some previous posts I believe the Card will take a couple of weeks to arrive, can i just ask what credit limit you received?

[Deleted User]

A different one to the one you will get.