HSBC Bounce back loan

Xandermonn

gt94sss2 said:

Xandermonn said:

I'm wondering whether I should upgrade my Experian account to their CreditExpert account at £14.99 to see if there is anything on the file that I'm not aware of. Any advice greatly appreciated.

No, save your money.
The scores that the credit reference agencies provide are largely meaningless.
You can view your credit record at the 3 biggest agencies for free by signing up to ClearScore, Credit Karma and the MSE Credit Club
Who do you bank with?

Thanks for your advice. I have 3 bank current accounts, none of whom are offering the BBL either as business or feeder accounts. They are Nationwide, Natwest and Halifax. Yesterday I requested a free credit report from Experian. I have to wait about a week for that to arrive. I also applied to Equifax and got their online credit report almost immediately. I couldn't see any obvious reason from their report as to why I should have been rejected by HSBC, but their report only went up to July. I shall try ClearScore, Credit Karma and the MSE Credit Club whom you have suggested. Thanks gt94sss2 

gt94sss2

Xandermonn said:

gt94sss2 said:

Xandermonn said:

I'm wondering whether I should upgrade my Experian account to their CreditExpert account at £14.99 to see if there is anything on the file that I'm not aware of. Any advice greatly appreciated.

No, save your money.
The scores that the credit reference agencies provide are largely meaningless.
You can view your credit record at the 3 biggest agencies for free by signing up to ClearScore, Credit Karma and the MSE Credit Club
Who do you bank with?

Thanks for your advice. I have 3 bank current accounts, none of whom are offering the BBL either as business or feeder accounts. They are Nationwide, Natwest and Halifax. Yesterday I requested a free credit report from Experian. I have to wait about a week for that to arrive. I also applied to Equifax and got their online credit report almost immediately. I couldn't see any obvious reason from their report as to why I should have been rejected by HSBC, but their report only went up to July. I shall try ClearScore, Credit Karma and the MSE Credit Club whom you have suggested. Thanks gt94sss2 

Have a look at the table at https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/#where for banks which will accept applications from you.
For instance, NatWest are still taking applications online at https://www.business.natwest.com/business/support-centre/service-status/coronavirus/bounce-back-loan.html if you have an existing personal or business account with them.
Halifax were referring people to Lloyds though I'm not sure if this is still the case or not
As for the credit reference agencies, they give your free access to your credit records online
ClearScore provide Equafix data
Credit Karma = TransUnion
MSE Credit Club from Experian

ZeusX

Hello everyone ! Do we have any rough idea how long a feeder account takes to be aprooved if i applied today?? O.o. Is there any possibility for BBLS scheme time extension ?

cass8

ZeusX said:

Hello everyone ! Do we have any rough idea how long a feeder account takes to be aprooved if i applied today?? O.o. Is there any possibility for BBLS scheme time extension ?

I applied for a feeder account back in July heard nothing for 6 weeks and then applied for a kinetic business account instead and it was opened in two weeks. I applied for the BBL on the 2nd so hoping I’ll hear something soon. 

Victory2020

ZeusX said:

Hello everyone ! Do we have any rough idea how long a feeder account takes to be aprooved if i applied today?? O.o. Is there any possibility for BBLS scheme time extension ?

My advice would be to apply in the meanwhile and then see how long it takes. The longer you allow time to pass by the longer it takes. No one outside of this bank would be able to give you the precise answers you're seeking for.  Please make hay while the sun shines... Good luck😎🤞

cass8

Did anyone have any good news or updates over the weekend. I submitted my bbl application on weds after opening a business account. Still early days but hoping for any news good or bad in the near future as waited around two months to open an account 

Alisaab

Hi,hoping some 1 can help with a bit of info, applied for a feeder account in June and took 11 weeks to open, applied for the bounce back loan on the 20th of August and not heard anything back, only thing I got told on live chat was that they are overwhelmed and I should look out for echo documents, any idea how long this proses takes?
thanks.

cass8

Alisaab said:

Hi,hoping some 1 can help with a bit of info, applied for a feeder account in June and took 11 weeks to open, applied for the bounce back loan on the 20th of August and not heard anything back, only thing I got told on live chat was that they are overwhelmed and I should look out for echo documents, any idea how long this proses takes?
thanks.

It seems to be the unanswerable question some people have waited as little as two-three days with some waiting for over 6 weeks - 2 months. 

nonixonn

hello.I applied for feder business acount in june , they open my account in july and for bbls in july also. i give all the documentation and then they block my personal account without any reason. I went in branch and there they told me that i am at account team open and i have to wait . it is anybody alse in this situation? 

Dee1888ie

moops1313 said:

Annie21010 said:

Moops 
did you receive another document to sign after the one sent to you after applying for bbl after getting your feeder account ? Thanks ! 

I applied on 1st july  for feeder account that was opened on 13th august. I then applied for the bounce back loan and i recieved an echo sign thing on 1st september, i then dot told on 2nd sep it was in my feeder account but still waitinf for it to be transfered to my bank account. 

Hi, I've had a similar wait time to yourself for the feeder account to get accepted. I waited roughly 3 weeks to get my loan application accepted. I rang last night to check up and the girl told me the application was accepted and basically I just had to wait, strange that the next day I got the email to sign the documents, which was today. It was a long wait but hopefully not long now until the money hits my account.
Its hard reading about people getting refused when we could be all doing with the help to get through this, and theres people out there scamming the system and getting away with millions. Goodluck to everyone waiting on word.