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

Thrugelmir

sbr40 said:

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.

Probably your annual income level. 

sbr40

Thrugelmir said:

sbr40 said:

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.

Probably your annual income level. 

Is 46k not high enough?

Daliah

sbr40 said:

Thrugelmir said:

sbr40 said:

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.

Probably your annual income level. 

Is 46k not high enough?

It's not just your income. They are looking for profitable customers - people who they think they can sell mortgages, loans, insurances, investments etc etc to. Their assessment is that you are unlikely to be a profitable customer for them, or - on the other extreme - they think you might be profitable but that you can be added to their customer inventory without paying you a joining bonus. Whatever the reason - you won't get the bonus this time. Try your luck elsewhere, and you might also try HSBC again at a later date.

k_man

sbr40 said:

Thrugelmir said:

sbr40 said:

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.

Probably your annual income level. 

Is 46k not high enough?

Weren't previous offers limited to £75k?
If so, that gives an idea of their targets.

Daliah

k_man said:

sbr40 said:

Thrugelmir said:

sbr40 said:

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.

Probably your annual income level. 

Is 46k not high enough?

Weren't previous offers limited to £75k?
If so, that gives an idea of their targets.

IIRC, the previous qualifiers were deposits of min £1,750/mth, or min £10,500 every 6 months, and they used to interrogate people about the source of funds. Though they dropped this min deposits some time ago, and only chase you if there is no money going in for longer than 6 months. Being able to meet the min deposits were never a guarantee that you would get the account - there were always other, unpublished, criteria.

Nowadays they keep their qualification criteria for new applicants secret.

k_man

I knew it had 75 in it somewhere!
Think I was confusing this with Barclays Premier current.

Davis2012

Well I will always be cautious now when it comes to banks and advance accounts.. My score 800 and dropped 75 points .. never again will I apply when I building credit for a good mortgage rate .. the comments have been informative.  Thanks everyone 

MattMattMattUK

Davis2012 said:

Well I will always be cautious now when it comes to banks and advance accounts.. My score 800 and dropped 75 points .. never again will I apply when I building credit for a good mortgage rate .. the comments have been informative.  Thanks everyone 

Your score is a pointless number and means nothing, no lender ever sees it. 

Alex9384

Daliah said:

IIRC, the previous qualifiers were deposits of min £1,750/mth, or min £10,500 every 6 months, and they used to interrogate people about the source of funds. Though they dropped this min deposits some time ago, and only chase you if there is no money going in for longer than 6 months. Being able to meet the min deposits were never a guarantee that you would get the account - there were always other, unpublished, criteria.

Nowadays they keep their qualification criteria for new applicants secret.

When I opened the Advance account a year ago, the website only asked me if I can pay in at least £1,750/mth and where it will come from. I said it will come from my other account. My monthly income is lower than the minimum pay in amount, and I was still eligible, they even gave me a 2k overdraft and a credit card during the same application.

born_again

Davis2012 said:

Well I will always be cautious now when it comes to banks and advance accounts.. My score 800 and dropped 75 points .. never again will I apply when I building credit for a good mortgage rate .. the comments have been informative.  Thanks everyone 

Forget the made up no by the CRA.
Lenders do not see it. 
Credit history & income to expenditure are what counts.

A good mortgage rate is more defined now by the LTV.