HSBC conduct Hard search on just opening an account without overdraft. Rather than a soft search

EarthBoy

I think all the traditional banks do a hard search when you apply for a current account, whether you ask for an overdraft or not.

The only ones I know of that don't, are the new app-only banks, like Starling, Monzo, and Chase. 

Alex9384

EarthBoy said:

I think all the traditional banks do a hard search when you apply for a current account, whether you ask for an overdraft or not.

The only ones I know of that don't, are the new app-only banks, like Starling, Monzo, and Chase. 

And Halifax/Lloyds if you already have one account with them. No more hard searches for additional current accounts or new credit cards.

hoc

HSBC are a bit OTT like that. Sister bank First Direct is weird in other ways.

born_again

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

eskbanker

born_again said:

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

OP presumably doesn't literally mean their Basic account (as in the lowest rung of their ladder) but simply the 'basic' Bank Account (the next one up) - the term 'basic' has a specific meaning to many in the banking industry that isn't always understood by everyone else, so its use in a more generic way isn't unusual....

https://www.hsbc.co.uk/current-accounts/products/

born_again

eskbanker said:

born_again said:

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

OP presumably doesn't literally mean their Basic account (as in the lowest rung of their ladder) but simply the 'basic' Bank Account (the next one up) - the term 'basic' has a specific meaning to many in the banking industry that isn't always understood by everyone else, so its use in a more generic way isn't unusual....

https://www.hsbc.co.uk/current-accounts/products/

Note OP said they are in the Banking Industry.. >>I explained that I myself have worked in banking<<

Daliah

born_again said:

eskbanker said:

born_again said:

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

OP presumably doesn't literally mean their Basic account (as in the lowest rung of their ladder) but simply the 'basic' Bank Account (the next one up) - the term 'basic' has a specific meaning to many in the banking industry that isn't always understood by everyone else, so its use in a more generic way isn't unusual....

https://www.hsbc.co.uk/current-accounts/products/

Note OP said they are in the Banking Industry.. >>I explained that I myself have worked in banking<<

All the more surprising then that they ask about hard searches for current accounts.

sbr40

born_again said:

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

I applied for an Advance a couple of weeks ago and got knocked back, got a letter in the post saying "your credit score wasn't high enough for the Advance, but we can offer you a standard basic account". My credit score is 999, never had any issue with credit whatsoever, paid every single bill on time, no debt, decent salary and they still say I'm not an attractive customer. Not one of the 5 people I spoke to over the phone and in branch would do anything to help me and a few of them were downright rude, one lady in branch actually looked over her glasses at me and po-facedly said "Well... you DO need a good credit history for the Advance account you know as they look at everything...".

Never known such a farce as this. To be honest I'm glad now that I didn't switch as I don't want to bank with an organisation with such poor customer service.

[Deleted User]

sbr40 said:

born_again said:

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

I applied for an Advance a couple of weeks ago and got knocked back, got a letter in the post saying "your credit score wasn't high enough for the Advance, but we can offer you a standard basic account". My credit score is 999

That's not the score they meant.

They meant you didn't score highly enough in THEIR assessment.

sbr40

Deleted_User said:

sbr40 said:

born_again said:

Davis2012 said:

I applied for the HSBC advance account as suggested by Martin Lewis to take advantage of the £175 to  switch accounts . I asked for a bank account only and was rejected and offered a basic account.

3 weeks later I checked my credit report and my score had decreased by 75 points and HSBC had conducted a Hard search on my credit file. 

Seems very odd to apply for a Advance Acc & only be offered a Basic Acc. Only being offered a Basic Acc as that tends to say that finances are not in a good state. 

I applied for an Advance a couple of weeks ago and got knocked back, got a letter in the post saying "your credit score wasn't high enough for the Advance, but we can offer you a standard basic account". My credit score is 999

That's not the score they meant.

They meant you didn't score highly enough in THEIR assessment.

Well their assessment is ****. If I didn't score highly enough with my financial circumstances then I have no idea who they're aiming that account at.