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HSBC Advance Account

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  • adamp87
    adamp87 Posts: 900 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    I think you can ask HSBC if you are a customer for your internal score or products they’d offer you. I’m sure I saw a post about it before.

    Halifax/Lloyds have done for me before in the past (years ago now) - I also had to get a SAR from Halifax which showed a category/score for me in the paperwork I received which also had a section on how much overdraft and credit I internally would be pre-approved for. 
  • eskbanker said:
    My partner applied before the deadline (but after the deadline was announced) and he received a communication saying he has been refused due on account of his credit score! 
    This was a huge surprise, it is a high score (900+), never been refused anything, and nothing bad to flag up. We were wondering if they are simply shaving numbers of applications down and using this as an excuse. Would be interested to hear if others had the same experience, and if there’s any grounds for appeal?
    dommers said:
    I've had the same experience about being turned despite having a high score. Am putting it down to too many applying but would be interested in others experiences
    It's complete unfounded speculation that declined applications are because of volumes, but any references to credit scoring relate solely to HSBC's own internal proprietary scoring mechanism rather than the 'scores' invented by the credit rating agencies - they're renowned for being quite picky about who they accept for the Advance account but don't even see those 'scores' never mind take them into account....
    It's not unfounded speculation when they closed the offer earlier than anticipated due to the unexpected popularity of it. Suggests they slightly miscalculated.

    I too am in the same boat of having been turned down despite having a very high credit score. High 900s. It's logic to suggest the weight of applications put them off.
  • eskbanker
    eskbanker Posts: 37,354 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 21 November 2023 at 2:11PM
    eskbanker said:
    My partner applied before the deadline (but after the deadline was announced) and he received a communication saying he has been refused due on account of his credit score! 
    This was a huge surprise, it is a high score (900+), never been refused anything, and nothing bad to flag up. We were wondering if they are simply shaving numbers of applications down and using this as an excuse. Would be interested to hear if others had the same experience, and if there’s any grounds for appeal?
    dommers said:
    I've had the same experience about being turned despite having a high score. Am putting it down to too many applying but would be interested in others experiences
    It's complete unfounded speculation that declined applications are because of volumes, but any references to credit scoring relate solely to HSBC's own internal proprietary scoring mechanism rather than the 'scores' invented by the credit rating agencies - they're renowned for being quite picky about who they accept for the Advance account but don't even see those 'scores' never mind take them into account....
    It's not unfounded speculation when they closed the offer earlier than anticipated due to the unexpected popularity of it. Suggests they slightly miscalculated.

    I too am in the same boat of having been turned down despite having a very high credit score. High 900s. It's logic to suggest the weight of applications put them off.
    I don't recall seeing anything authoritatively stating that "they closed the offer earlier than anticipated due to the unexpected popularity of it", where did HSBC confirm that?

    However, the point remains - whenever HSBC have these offers, threads on here fill up with indignant applicants who believed that their high 'credit score' entitled them to one of the Advance accounts, and such declined applications occur throughout the offer rather than only towards the end, hence the early complaints on threads like this one, from the day after it was launched:

    https://forums.moneysavingexpert.com/discussion/6481031/hdbc-advance-gutted/p1
  • dommers
    dommers Posts: 14 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    eskbanker said:

    I don't recall seeing anything authoritatively stating that "they closed the offer earlier than anticipated due to the unexpected popularity of it", where did HSBC confirm that?

    However, the point remains - whenever HSBC have these offers, threads on here fill up with indignant applicants who believed that their high 'credit score' entitled them to one of the Advance accounts, and such declined applications occur throughout the offer rather than only towards the end, hence the early complaints on threads like this one, from the day after it was launched:

    https://forums.moneysavingexpert.com/discussion/6481031/hdbc-advance-gutted/p1
    Not indignant at all, just a little surprised that I was rejected given the I'm in a better position than 5 years ago when I had an Advance account. If it's purely random that I was declined then that's fine and I guess I'll never know the real reason.

  • eskbanker
    eskbanker Posts: 37,354 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dommers said:
    Not indignant at all, just a little surprised that I was rejected given the I'm in a better position than 5 years ago when I had an Advance account. If it's purely random that I was declined then that's fine and I guess I'll never know the real reason.
    It won't be purely random, but will be determined by algorithms that HSBC calibrate according to the profile they're looking for - as above it may be possible to get hold of the data supporting their decision via a SAR.
  • It would certainly be interesting to see how they select customers. It certainly doesn't seem to solely take credit ratings or income into consideration.
  • MeteredOut
    MeteredOut Posts: 3,114 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 1 December 2023 at 4:18PM
    It would certainly be interesting to see how they select customers. It certainly doesn't seem to solely take credit ratings or income into consideration.
    What do you mean by "credit ratings"? No bank uses the made-up marketing numbers provided to consumers by credit agencies such as Credit Karma etc.

    Each bank will have its own internal algorithms to determine suitability, using, amongst other things, the data from the credit agencies, and its own data. And, those criteria will change across the different products each offers.

    I have found the reaction of many who did not get accepted for the account to be quite interesting; many seem to have taken it quite personally, almost as if it is an insult to their financial health.
  • It would certainly be interesting to see how they select customers. It certainly doesn't seem to solely take credit ratings or income into consideration.
    What do you mean by "credit ratings"? No bank uses the made-up marketing numbers provided to consumers by credit agencies such as Credit Karma etc.

    Each bank will have its own internal algorithms to determine suitability, using, amongst other things, the data from the credit agencies, and its own data. And, those criteria will change across the different products each offers.

    I have found the reaction of many who did not get accepted for the account to be quite interesting; many seem to have taken it quite personally, almost as if it is an insult to their financial health.

    "Credit ratings" as per the above conversation. I realise all that already, and it makes sense. I am just generally interested in how those algorithms would work, and what data they look at to make their decision. Purely out of interest.

    Yes, I agree with your final point, it certainly sounds that way for some. It would be interesting to see if income was one of the points they look at, but can't see how it'd be relevant for a current account, other than the fact you have to be pre-approved for the £1000 overdraft to be eligible for the account. 
  • MeteredOut
    MeteredOut Posts: 3,114 Forumite
    1,000 Posts Second Anniversary Name Dropper
    It would certainly be interesting to see how they select customers. It certainly doesn't seem to solely take credit ratings or income into consideration.
    What do you mean by "credit ratings"? No bank uses the made-up marketing numbers provided to consumers by credit agencies such as Credit Karma etc.

    Each bank will have its own internal algorithms to determine suitability, using, amongst other things, the data from the credit agencies, and its own data. And, those criteria will change across the different products each offers.

    I have found the reaction of many who did not get accepted for the account to be quite interesting; many seem to have taken it quite personally, almost as if it is an insult to their financial health.

    "Credit ratings" as per the above conversation. I realise all that already, and it makes sense. I am just generally interested in how those algorithms would work, and what data they look at to make their decision. Purely out of interest.

    No bank is going to make that information public.
  • ytfcmad
    ytfcmad Posts: 387 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Wee update..no email yet , but they have texted..
    ...."Great news! Your HSBC account is open, your card and PIN are on their way. If you're new to HSBC, you'll also get a telephone banking security number. You can use this, along with your sort code and account number, to register for mobile and online banking."

    Stage 1 feels like its done...
    Do they send out the telephone banking code? Had the card and account details but no tele banking security number.
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