Failed Credit Scoreing - HSBC!!

super_saint

Recently applied for an advance acct at HSBC at take advantage of the cash back offer - I have today however received a letter to say I have failed credit scoring??

I am in the fifties (!!) been with same bank since 18 & only been overdrawn a few times (within limit)

Have mortgage, no loans, a couple of credit cards, employed with half decent wage … meet all the criteria for paying in the necessary funds to the HSBC acct each month so am dumb founded why I would fail?!

Any ideas on how I can check??

JuicyJesus

It's entirely up to them who they accept, and there may not be anything specifically wrong with you, they just don't want to have you.

You can check your credit files for free online at CreditKarma and ClearScore - personally I wouldn't worry too much about it, HSBC are known to be very picky.

super_saint

Just gone on to Experian & says my score is EXCELLENT

Confused

eskbanker

They'll use an internal and unpublished method of deciding which customers they wish to accept, and they're unlikely to share any details, although nothing to stop you calling them and asking them to review the decision manually if you feel strongly about it.

They are renowned for being quite choosy for their Advance account though - did you declare a salary sufficient to satisfy the £1750 monthly funding requirement or were you anticipating shunting this money in from elsewhere?

JuicyJesus

super_saint wrote: »

Just gone on to Experian & says my score is EXCELLENT

Confused

The score they give you is not seen by banks/lenders and can be safely ignored. Each company you make an application to calculates their own (confidential) score based on what they see of your credit file (and what you put on your application) and according to their own individual criteria. HSBC have done this and for whatever reason don't want you.

The best advice is to check your actual data on your file, and if nothing is obviously remiss then move on to a different bank. HSBC won't give you any details on anything in particular that might have made you fail scoring except in generalities.

Stenwold

super_saint wrote: »

Just gone on to Experian & says my score is EXCELLENT

Confused

Have you checked the details actually on your file are correct, or just the score?


A few years ago my partner and I were declined a mortgage from Barclays, both our scores were near perfect on Experian. It turns out that although her score was excellent, Mrs S had a couple of records merged with hers of people with a similar name (Experian error) and there were roughly 90 addresses linked to us.


Once that was sorted the mortgage application was no problem.

DCFC79

super_saint wrote: »

Just gone on to Experian & says my score is EXCELLENT

Confused

Means nothing, you failed the system HSBC used to score you.

Ben8282

Recently applied for an advance acct at HSBC at take advantage of the cash back offer
You say that you are now in your 50's and have been with your current bank since you were 18.
So after well over 30 years you suddenly decide to open this account for the cashback offer?
I assume when you say cash back offer you mean the switching bonus and assume you realise that this offer is only applicable when you switch your account, not simply for opening one. I am pointing this out as you make no mention of switching in your OP.
Personally I would not choose to switch and give up an account of that age (I have one as it happens) and loose all the benefits of that long standing relationship with the bank, to have to answer 1 month when asked 'time with bank' when applying for credit instead of 30+ years etc unless I was very very dissatisfied with something and even then would think twice about it switching it.
Now if the HSBC account is an account you really want and can see that it would be the perfect account for you, then by all means open such an account but be sure your reasons are valid but better not to switch the 30+ year old account.
As for the reason for the refusal, difficult to be sure. Clearly you don't meet their criteria for the advance account, but why exactly is anybody's guess..

[Deleted User]

Stenwold wrote: »

Have you checked the details actually on your file are correct, or just the score?


A few years ago my partner and I were declined a mortgage from Barclays, both our scores were near perfect on Experian. It turns out that although her score was excellent, Mrs S had a couple of records merged with hers of people with a similar name (Experian error) and there were roughly 90 addresses linked to us.


Once that was sorted the mortgage application was no problem.

So as a result of Experian's criminal mismanagement of your personal data you lost a mortgage? I hope you took legal action against them.