Hsbc switch

IanE3

Hi

I am thinking about taking up the HSBC switch offer. If I do this will it shut my barclays current account. I was hoping to be able to switch two DD and keep my barclays account 

cymruchris

Yes - a switch is just that - a switch. The originating account will be closed. If you want to keep the Barclays account - you'll need to switch from another account. Some people open accounts purely for switching purposes. Add on a couple of low value direct debits, and a few pounds, and then use the account to switch for a reward.

IanE3

cymruchris said:

Yes - a switch is just that - a switch. The originating account will be closed. If you want to keep the Barclays account - you'll need to switch from another account. Some people open accounts purely for switching purposes. Add on a couple of low value direct debits, and a few pounds, and then use the account to switch for a reward.

Right I get you, I already have 2 Barclays accounts with DD which isn't my main account, so I will use this account for the switch.

Do you knownif I need to keep the account open for a certain period of time or can I do another switch once the first has paid out

blobby123ff

Anyone else experiencing trouble opening the account? I have tried but apparently failed the credit check, despite having perfect credit score and no hard searches recently.
Website says to call them to discuss it further but impossible to speak to someone, suppose its a sign that their customer service is bad and to stay away. Anyone else had similar problems?
Annoyed as really could have done with the £170!

cymruchris

blobby123ff said:

Anyone else experiencing trouble opening the account? I have tried but apparently failed the credit check, despite having perfect credit score and no hard searches recently.
Website says to call them to discuss it further but impossible to speak to someone, suppose its a sign that their customer service is bad and to stay away. Anyone else had similar problems?
Annoyed as really could have done with the £170!

There's no such thing as a perfect credit score - even if you have 999 or whatever number they think of this week.... HSBC will be looking at your overall profile as a potential customer. Repayment history, existing debt, risk, income, credit utilisation - in other words a list of criteria as long as your arm. They don't even see the 'score' as it's a marketing gimmick just for your benefit. For whatever reason they've decided that at this time you don't meet their criteria (and there are many that don't - HSBC isn't known for taking on every customer that applies).  Have you checked your CRA files for all three major agencies just to make sure there's nothing untoward showing there that you weren't aware of? None of us know the exact criteria each bank looks for - but it could be you don't have enough income, too high a percentage debt utilisation, balances on credit cards carried without paying down, paying only minimum payments as some of the potential reasons they might decline. 

Wolves51

I am tempted to take advantage of these switch offers but was wondering if this might affect my credit rating when I come to re-mortgage next year

Bea63

Hi, I switched successfully as of 22 July to HSBC but need to transfer over 1500 to get the 'free money'..however, I cannot find the date in which i need to do this transfer on any of the paperwork,,can someone advice me or ?do I need to contact bank