Application for a HSBC student account rejected. Is it possible to ask them to take another look?

orange-juice

Hi there,

So I'm going back to uni to do a one year course and thought I'd apply for a student current account.
HSBC's one seemed to be the best as it comes with a few perks (e.g. linked savers, overdraft, amazon prime).

I applied for one online, got an email a few days later saying there is a delay because they were still reviewing my app then finally receiving a letter stating I'd been declined. They base it on what I stick online and what the referencing agencies hold on me.

I've checked all three agencies and my account on each seem to be fine :-
1. Clearscore/Equifax (my score 446 (my area 382))
2. Noddle (615, 4/5 (local area 616))
3. MSE Credit Club/Experian (887 / good)

I have not missed a payment, do not have any insolvencies or CCJs, pay off my credit card statement balance in full each month and I am on the electoral roll. I think my negatives are that I'm not a homeowner and I tend to open current accounts only to switch to another quite a lot.

1. Is it possible that while doing the online app, I had entered the 'incorrect' figures - I know First Direct can be a bit funny if you're monthly and annual income doesn't match for example.

2. Would it be worthwhile going to a branch and trying to open one face to face or even waiting a while before trying again online?
3. Or should I count my losses and try elsewhere or would that be a bad idea because it might mean another hard credit search in my records? I currently have a few current and savings account opened so I'm not 'desperate' but would have been nice to get the perks.


I've held accounts with most of the major banks and the only rejection I've faced, financially, was from Starling Bank and the Halifax clarity credit card.



Any input is duly appreciated.


Cheers.

bengal-stripe

Student accounts are issued to participants of first degree courses lasting three (sometimes more) years at an institute of higher education.

I don't know what kind of course you are taking, but, for example, an MA would not automatically qualify you for a 'student account' and the perks connected.

JuicyJesus

You can ask them to appeal - there's no point going into the branch for this, just call them or write to them. But they reserve the right to accept and decline anyone they choose.

I'm not sure you're eligible if you're only doing a one year course however - most student accounts want you to be doing a three year course as a minimum.

maxximus75

You need to check the T&C's for opening a student account to see if you are eligible.


The other thing of note is that you mention opening quite a few accounts? These will leave hard searches on your credit report(s) and that in turn, can lead to declines.


Take a look and see how many hard searches you have on each of the credit reference agencies. The scores don't mean much but your past account conduct does.


If you have quite a few searches especially in a short space of time then just sit things out and let them age.


As to appealing...... go for it, the can only uphold their original decision or may even overturn it. You wont know until you try.

PRAISETHESUN

HSBC are one of the more choosy banks, and it's not uncommon to hear that applicants get rejected when applying for an account with them. Unfortunately the banks are under no obligation to offer you an account, and reserve the right to reject any application that they want. That said, it probably won't hurt to ask them to appeal. Worst they can say is no, which puts you right back to where you are now. You will likely need a compelling reason to ask them to have another look however - give them a call