Declined for HSBC bank account switch!

Wobblydeb

I was after HSBC's switching bonus but it seems they do not want me! In more than 25 years this is only the second time I have been declined for a financial product :eek:

Any ideas why that might have happened?? :huh: Possible reasons I can think of are:

• - we moved house last month so I suppose we're not on the electoral roll as yet
• - I only run one credit card and pay it off every month which contributes to a less than perfect credit score
• - They might see I have current accounts at 3 other institutions already

PeacefulWaters

Electoral roll will be a biggie.

Searches prior to house move too.

Misslayed

I was declined online, but I rang as there was an anomaly on the online application form (it asks for a monthly amount of ‘additional income’, but the summary at the end lists that ad an annual amount. Lady I spoke to said previous 3 callers had had problems online). Went through fine on phone, just been in to branch with id. All systems go.

EachPenny

Wobblydeb wrote: »

I was after HSBC's switching bonus but it seems they do not want me! In more than 25 years this is only the second time I have been declined for a financial product

Any ideas why that might have happened?? Possible reasons I can think of are:
- we moved house last month so I suppose we're not on the electoral roll as yet
- I only run one credit card and pay it off every month which contributes to a less than perfect credit score
- They might see I have current accounts at 3 other institutions already

If it was the Advance account you were applying for then HSBC have been known to decline people, sometimes for no obvious reason.

The credit card and credit score are irrelevant. It is also unlikely the other current accounts will be a significant factor.

Not being on the electoral register might be an issue, especially if it means they were unable to match your application to your credit history.

Some people are likely to tell you that you need to have a minimum income of £1750 per month, and may hint that you should lie on the application if you don't. Ignore that suggestion, lying on financial product applications is not a clever thing to do. If your income is more than that it is not relevant to your case anyway.

Wobblydeb

Income isn't an issue, so I guess it must be the electoral roll. Obvious now I come to think of it!!

I've applied to get my address updated and will try again next month

JGUK

Or like other people have said maybe just call up and have a chat with applications and see what they say?

There's a chance they can send it off for a manual review then you don't need to waste the hard search you've already done.

EachPenny

Wobblydeb wrote: »

Income isn't an issue, so I guess it must be the electoral roll. Obvious now I come to think of it!!
I've applied to get my address updated and will try again next month

I agree with JGUK, it is worth giving them a call or going into a branch and explain that you've recently moved and only just applied to be added to the electoral register. If you can provide documents proving the move that might be sufficient for them to be able to progress the application you've already done.