HSBC application

phillw

Deleted_User said:
Customer services staff are trained to give simple answers as they don't know your level of knowledge.

Some will also lie to get you off the phone.

There are many reasons why HSBC might decline you, if you've previously been a customer then they might look at how much money they made out of you. If you've never been a customer then their guess whether they will make money out of you can be based on many factors.

I too would guess that multiple sign ups in short succession is the main reason though.

Harassing call center staff is not going to help.

[Deleted User]

Sgriff90 said:

HSBC accounts seem impossible to get. Just applied for one but failed the credit check! I earn three times the basic requirements and have a 999 Experian credit score. Customer service India just refuse to discuss reasons and when I say you have received fraudulent information the phone always goes dead soon afterwards! Why can they be honest with their reasons for rejection?

If you have an 999 Experian credit score it's unlikely that you failed the credit check (which is mainly for late payments, bad debts etc) You actually failed their internal application scoring for either financial or profitability reasons - this could be done even before they went to external credit reference agencies.

Either move on or lodge a written appeal to HSBC for a manual review by their underwriters.

[Deleted User]

Deleted User said:

Sgriff90 said:

HSBC accounts seem impossible to get. Just applied for one but failed the credit check! I earn three times the basic requirements and have a 999 Experian credit score. Customer service India just refuse to discuss reasons and when I say you have received fraudulent information the phone always goes dead soon afterwards! Why can they be honest with their reasons for rejection?

If you have an 999 Experian credit score it's unlikely that you failed the credit check (which is mainly for late payments, bad debts etc) You actually failed their internal application scoring for either financial or profitability reasons - this could be done even before they went to external credit reference agencies.

Either move on or lodge a written appeal to HSBC for a manual review by their underwriters.

The credit score means less than nothing, the lender never sees it. Bankrupts get a 999 credit score. You can have a high score and be rejected and a low score and be accepted, nothing at all to do with the nonsense score

[Deleted User]

Deleted_User said:

Deleted User said:

Sgriff90 said:

HSBC accounts seem impossible to get. Just applied for one but failed the credit check! I earn three times the basic requirements and have a 999 Experian credit score. Customer service India just refuse to discuss reasons and when I say you have received fraudulent information the phone always goes dead soon afterwards! Why can they be honest with their reasons for rejection?

If you have an 999 Experian credit score it's unlikely that you failed the credit check (which is mainly for late payments, bad debts etc) You actually failed their internal application scoring for either financial or profitability reasons - this could be done even before they went to external credit reference agencies.

Either move on or lodge a written appeal to HSBC for a manual review by their underwriters.

The credit score means less than nothing, the lender never sees it. Bankrupts get a 999 credit score. You can have a high score and be rejected and a low score and be accepted, nothing at all to do with the nonsense score

No, it doesnt - I agree it has limited value but Experian have access to payment data, account info and public information like Court judgements,  so If someone has nasties on their credit file then they aren't going to internally grade that person 999.

Just FYI - Experian and other CRAs provide services to various financial institutions beyond the credit file data...

[Deleted User]

Deleted User said:

Deleted_User said:

Deleted User said:

Sgriff90 said:

HSBC accounts seem impossible to get. Just applied for one but failed the credit check! I earn three times the basic requirements and have a 999 Experian credit score. Customer service India just refuse to discuss reasons and when I say you have received fraudulent information the phone always goes dead soon afterwards! Why can they be honest with their reasons for rejection?

If you have an 999 Experian credit score it's unlikely that you failed the credit check (which is mainly for late payments, bad debts etc) You actually failed their internal application scoring for either financial or profitability reasons - this could be done even before they went to external credit reference agencies.

Either move on or lodge a written appeal to HSBC for a manual review by their underwriters.

The credit score means less than nothing, the lender never sees it. Bankrupts get a 999 credit score. You can have a high score and be rejected and a low score and be accepted, nothing at all to do with the nonsense score

No, it doesnt - I agree it has limited value but Experian have access to payment data, account info and public information like Court judgements,  so If someone has nasties on their credit file then they aren't going to internally grade that person 999.

Just FYI - Experian and other CRAs provide services to various financial institutions beyond the credit file data...

Wrong. It has NO value

The score the user sees is irrelevant. Bankrupts get a 999 score.

What you are "scored" by the CRAs is irrelevant because CRAs don't lend you money. If you get 999 it doesn't mean you will get approved for a product. If you get 500 it doesn't mean you won't get approved for a product.

Lenders score you internally based on the data only, that score you will never see

User Sgriff90 is perfect example of that, 999 on Experian, HSBC rejected the application.

mcpitman

@Deleted_User couldn't agree more - the numeric credit score has no value at all whatsoever as a reflection of lending decisions.

@Deleted User - correct Experian and other CRA's do provide scorecard services to lenders to provide data to fulfill the information required. They do not, have not and never will specify the calculations used to give a lending decision and certainly don't pass any numeric score over.

[Deleted User]

Deleted_User said:

Deleted User said:

Deleted_User said:

Deleted User said:

Sgriff90 said:

HSBC accounts seem impossible to get. Just applied for one but failed the credit check! I earn three times the basic requirements and have a 999 Experian credit score. Customer service India just refuse to discuss reasons and when I say you have received fraudulent information the phone always goes dead soon afterwards! Why can they be honest with their reasons for rejection?

If you have an 999 Experian credit score it's unlikely that you failed the credit check (which is mainly for late payments, bad debts etc) You actually failed their internal application scoring for either financial or profitability reasons - this could be done even before they went to external credit reference agencies.

Either move on or lodge a written appeal to HSBC for a manual review by their underwriters.

The credit score means less than nothing, the lender never sees it. Bankrupts get a 999 credit score. You can have a high score and be rejected and a low score and be accepted, nothing at all to do with the nonsense score

No, it doesnt - I agree it has limited value but Experian have access to payment data, account info and public information like Court judgements,  so If someone has nasties on their credit file then they aren't going to internally grade that person 999.

Just FYI - Experian and other CRAs provide services to various financial institutions beyond the credit file data...

Wrong. It has NO value

The score the user sees is irrelevant. Bankrupts get a 999 score.

What you are "scored" by the CRAs is irrelevant because CRAs don't lend you money. If you get 999 it doesn't mean you will get approved for a product. If you get 500 it doesn't mean you won't get approved for a product.

Lenders score you internally based on the data only, that score you will never see

User Sgriff90 is perfect example of that, 999 on Experian, HSBC rejected the application.

No, it isn't irreverent- it's indicative that he/she hasn't failed due to bad external factors but what internal scorecard the issuer is using.such as profitability.

The card issuer will score on what's in the (a) application form and (b) any internal data (e.g. existing customer data) plus (c) external data from the CRAs (this is info such as Court Judgements, delinquent accounts, credit limits)

So issuer will use a+b+c and CRA use c only 

[Deleted User]

Deleted User said:

Deleted_User said:

Deleted User said:

Deleted_User said:

Deleted User said:

Sgriff90 said:

HSBC accounts seem impossible to get. Just applied for one but failed the credit check! I earn three times the basic requirements and have a 999 Experian credit score. Customer service India just refuse to discuss reasons and when I say you have received fraudulent information the phone always goes dead soon afterwards! Why can they be honest with their reasons for rejection?

If you have an 999 Experian credit score it's unlikely that you failed the credit check (which is mainly for late payments, bad debts etc) You actually failed their internal application scoring for either financial or profitability reasons - this could be done even before they went to external credit reference agencies.

Either move on or lodge a written appeal to HSBC for a manual review by their underwriters.

The credit score means less than nothing, the lender never sees it. Bankrupts get a 999 credit score. You can have a high score and be rejected and a low score and be accepted, nothing at all to do with the nonsense score

No, it doesnt - I agree it has limited value but Experian have access to payment data, account info and public information like Court judgements,  so If someone has nasties on their credit file then they aren't going to internally grade that person 999.

Just FYI - Experian and other CRAs provide services to various financial institutions beyond the credit file data...

Wrong. It has NO value

The score the user sees is irrelevant. Bankrupts get a 999 score.

What you are "scored" by the CRAs is irrelevant because CRAs don't lend you money. If you get 999 it doesn't mean you will get approved for a product. If you get 500 it doesn't mean you won't get approved for a product.

Lenders score you internally based on the data only, that score you will never see

User Sgriff90 is perfect example of that, 999 on Experian, HSBC rejected the application.

No, it isn't irreverent- it's indicative that he/she hasn't failed due to bad external factors but what internal scorecard the issuer is using.such as profitability.

The card issuer will score on what's in the (a) application form and (b) any internal data (e.g. existing customer data) plus (c) external data from the CRAs (this is info such as Court Judgements, delinquent accounts, credit limits)

So issuer will use a+b+c and CRA use c only 

That doesn't justify any defence of the irrelevant scoring system that users see. As I said, bankrupts get a 999 score but you wouldn't get prime lenders giving them credit not does that mean they don't have bad external factors. A 999 score doesn't mean a perfect record that is free of external factors.

It's a moot point though, you are free to believe whatever you like, even though it's wrong. What lenders score you is what matters and that is based on the internal scoring system that users will never see, based only on the data on your file.