Refused HSBC Advance account

pridehappy

I’ve personally found HSBC to be very awkward when it comes to eligibility and to be completely honest, the HSBC Advance account doesn’t have much going for it baring in mind they have such high requirements.

If you are looking for an account within HSBC, try first direct. Their product and service is better and in my experience it was much easier to apply. You can also use HSBC branches if that matters to you.

However, better accounts are still available elsewhere such as Nationwide and Virgin Money so I’d recommend checking them out.

adamp87

I went into branch to get my Advance account. I’d had issues with their online credit card application services and thought going in branch would be easier to solve the whole thing.

Booked an appointment and it literally took an hour. Was a bit ridiculous. The person was lovely though. Got sorted in the end and approved, the person did some checks online before I booked the appointment and then the person in branch looked at my account before the application.

Was useful too because HSBC understood I was paid cash in hand (have never ever had that) and had the name of my employer mixed with a previous and a total wrong salary. Which makes me think that when I applied for a card last year and was denied (with updated employment details) that may have affected things

I had to sign a ridiculous amount of paperwork that they couldn’t just email me. (Turns out they did email me it anyway after saying they can’t).

But aside perhaps from the Overdraft the Advance account really is pointless even the woman i dealt with said it basically comes with nothing extra anymore and it’s not worth it. And that was HSBC staff

james_wrightson

Just tried to apply and got refused with an almost perfect credit score. HSBC can "do one", I won't be dealing with them ever in the future. 

WillPS

james_wrightson said:

Just tried to apply and got refused with an almost perfect credit score. HSBC can "do one", I won't be dealing with them ever in the future. 

You haven't got an "almost perfect credit score", there is no such thing. Each lender assesses you differently and the 'almost perfect score' you think you have is never seen by a lender, they are illustrative and/or illusionary.

james_wrightson

WillPS said:

james_wrightson said:

Just tried to apply and got refused with an almost perfect credit score. HSBC can "do one", I won't be dealing with them ever in the future. 

You haven't got an "almost perfect credit score", there is no such thing. Each lender assesses you differently and the 'almost perfect score' you think you have is never seen by a lender, they are illustrative and/or illusionary.

Sorry mate, but that's total pants. I've worked in Financial Services for 30 years and I know how application scoring works. This is the first time in my life I have ever been refused a credit product and I have sight of all my bureaux scores. HSBC are off my Christmas Card list :-)

adamp87

james_wrightson said:

WillPS said:

james_wrightson said:

Just tried to apply and got refused with an almost perfect credit score. HSBC can "do one", I won't be dealing with them ever in the future. 

You haven't got an "almost perfect credit score", there is no such thing. Each lender assesses you differently and the 'almost perfect score' you think you have is never seen by a lender, they are illustrative and/or illusionary.

Sorry mate, but that's total pants. I've worked in Financial Services for 30 years and I know how application scoring works. This is the first time in my life I have ever been refused a credit product and I have sight of all my bureaux scores. HSBC are off my Christmas Card list :-)

I think they meant the score you’ll see on your free report will be different to the score seen and used by a potential lender. They will also use their own polices/requirements which can be different and give a change to your internal scoring/report they use.

On top of that it could just be they aren’t looking for customers with your profile, income, postcode.. etc we don’t know but for some reason they’ve declined you at this point.

Thats why a ‘perfect score’ is meaningless in a sense - if it being perfect meant something then surely they’d have given you be account no problem. 

The fact they haven’t indicates there’s something else in their scoring or profiling that has affected their choice

WillPS

james_wrightson said:

WillPS said:

james_wrightson said:

Just tried to apply and got refused with an almost perfect credit score. HSBC can "do one", I won't be dealing with them ever in the future. 

You haven't got an "almost perfect credit score", there is no such thing. Each lender assesses you differently and the 'almost perfect score' you think you have is never seen by a lender, they are illustrative and/or illusionary.

Sorry mate, but that's total pants. I've worked in Financial Services for 30 years and I know how application scoring works. This is the first time in my life I have ever been refused a credit product and I have sight of all my bureaux scores. HSBC are off my Christmas Card list :-)

I promise you, you are mistaken, but you don't just have to take my word for it:

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/#creditrating

scroll to, and read from, or just read this disclaimer:

IMPORTANT: Your credit history impacts your creditworthiness but you DON'T have a uniform credit score or credit rating

and this bit:

While individual credit reference agencies may give you a score, that is simply their view of your history, sometimes as a means to sell you that verdict as part of a subscription service.

If it comforts you to think that you are a universally perfect applicant then go right ahead and continue deluding yourself of that, but it is not true; your perfect "bureaux scores" mean jack to a lender.

Zanderman

james_wrightson said:

WillPS said:

james_wrightson said:

Just tried to apply and got refused with an almost perfect credit score. HSBC can "do one", I won't be dealing with them ever in the future. 

You haven't got an "almost perfect credit score", there is no such thing. Each lender assesses you differently and the 'almost perfect score' you think you have is never seen by a lender, they are illustrative and/or illusionary.

Sorry mate, but that's total pants. I've worked in Financial Services for 30 years and I know how application scoring works. This is the first time in my life I have ever been refused a credit product and I have sight of all my bureaux scores. HSBC are off my Christmas Card list :-)

Why do you think you've been refused a 'credit product'?  HSBC Advance is a current account.  And yes, accepted applicants need to qualify for 1000 overdraft, but that won't be the only measure by which they assess you. You just don't fit their profile for the account, for some (unknown to you) reason. 

HSBC are notorious for refusing people Advance accounts, this forum is full of people being astonishingly upset that they've been refused for 'no reason'. There are multiple threads about this at the moment, and have been every time in the past that HSBC have a incentive offer for that account. It's normal! Don't take it so hard!