HSBC Switch is a scam

dougalldeejay

This £140 offer is a complete scam.

I applied to switch from my current bank and was refused even though my credit ratuing at Experian is 999.

When I was making the switch onine I was refused and advised to contact their phone number.

When I phone, initially it fobbed me off by requesting my account details.

However I persevered and their call centre advised that I would only be eligible for a normal current account, with no reason given.

They advised me to go to a branch to apply.

Needless to say I will not be using HSBC

Nationwide - here I come...

eskbanker

Do you mean that your application to open a HSBC Advance account was declined, rather than anything to do with the (subsequent) switching process?  If so, exactly how does that constitute a 'scam'?

ColdIron

HSBC can choose who and who not to offer accounts to and they are quite picky. Just because you didn't make the grade does not make this a scam

dougalldeejay

Because why would someone with a flawless credit history, large salary, living in an owned property, with no mortgage or o/s debt, no convictions and no credit or bank applications, be refused? That constitutes a scam offer in my world, just to fob you off with a normal accoount and no £140 switching bonus. What kind of 'grade' do you need to attain to get an account with them? I will take my money elsewhere  

tealady

dougalldeejay said:

Because why would someone with a flawless credit history, large salary, living in an owned property, with no mortgage or o/s debt, no convictions and no credit or bank applications, be refused? That constitutes a scam offer in my world, just to fob you off with a normal accoount and no £140 switching bonus. What kind of 'grade' do you need to attain to get an account with them? I will take my money elsewhere  

Perhaps they want people who live in their overdraft, that one way banks make money. If you dont have debt your bank isnt making much money from you.

dougalldeejay

Absolutely agree

eskbanker

dougalldeejay said:

why would someone with a flawless credit history, large salary, living in an owned property, with no mortgage or o/s debt, no convictions and no credit or bank applications, be refused?

Because you didn't score highly enough in their own proprietary internal scoring system.  I have no knowledge of exactly what parameters and criteria are involved in this (they obviously don't publicise it) but there are many who are accepted for this account, so it's clearly not a scam as such....

Thrugelmir

dougalldeejay said:

Because why would someone with a flawless credit history, large salary, living in an owned property, with no mortgage or o/s debt, no convictions and no credit or bank applications, be refused? That constitutes a scam offer in my world, just to fob you off with a normal accoount and no £140 switching bonus. What kind of 'grade' do you need to attain to get an account with them? I will take my money elsewhere  

Doesn't seem that you meet their criteria so aren't going to be bothered. However much you shout. 

grumiofoundation

dougalldeejay said:

Because why would someone with a flawless credit history, large salary, living in an owned property, with no mortgage or o/s debt, no convictions and no credit or bank applications, be refused? That constitutes a scam offer in my world, just to fob you off with a normal accoount and no £140 switching bonus. What kind of 'grade' do you need to attain to get an account with them? I will take my money elsewhere  

HSBC won’t see your credit ‘score’, they will see your history and use ’score’ themselves. Possibly your credit history is too thin? 

(Don’t see any ‘scam’ though)

Ballard

On a previous switch incentive from HSBC my application was rejected despite having a decent salary and savings. I queried this and booked an appointment at the local branch. When I visited the branch the computer initially said no but being as it was a face to face meeting the woman marked my application as good and it was later accepted.

This was a bit more hoop jumping that I thought necessary but the free cash made it worthwhile in my view. 

[Deleted User]

1) It's not a scam if they reject you, they don't have to offer anything they don't want to

2) Your fictitious credit score number is never seen by lenders and isn't used in any decision