Credit Rating & Halifax

suniil

Hi all,

Sorry if posting in wrong forum

I've been in this country since mid 2002 (3 years altogether) on contineous employment with £40k annual salary and primary bank account with HSBC (current account+credit card+mortgage)

Also have Tesco CC, Barclays CC with balanace paid off every month.

Today my halifax current account application declined, as i did'nt scored well on their credit search. I've just purchased online credit report, but not much helpful.It's just showing all running accounts, electrol history etc etc. Also my hsbc CC and mortgage is missing from credit report (!!)

Looking for suggestions to improve rating & other good current accounts please (most of you back A&L, but not sure i'll get thru credit search hurdle)

Many Thanks
Sunil

grumbler

suniil wrote:

I've just purchased online credit report, but not much helpful.It's just showing all running accounts, electrol history etc etc. Also my hsbc CC and mortgage is missing from credit report (!!)

This is because HSBC did not share credit information with CRAs. Possibly it will do this soon:

HSBC to share credit records...

Looking for suggestions to improve rating & other good current accounts please (most of you back A&L, but not sure i'll get thru credit search hurdle)

Easy-to-get CCs are Barclaycar Initial, Capital One Classic, Vanquis, Aqua :
Poor crediting rating credit cards
They have bad APR, but this does not matter if you pay balance in full - and you can add something to your credit files.

EDIT: missed that you have barclaycard and Tesco CCs. There is no point in applying for above poor rating cards!

Regarding current accounts it is better to tell what you want or what you don't like at HSBC. My main account is with Nationwide. I like it and will never swithch, although I have a lot of other current accounts.

suniil

grumbler wrote:

Regarding current accounts it is better to tell what you want or what you don't like at HSBC. My main account is with Nationwide. I like it and will never swithch, although I have a lot of other current accounts.

Never been any problem with HSBC, but last week a new direct debit appeared in my account without my knowledge. Asked them and they advised me to contact the company (given the printout) and they are helpless (!!). Company is CENTRICA TELECOMMUNICATIONS (one tel group) and spent half day to call them. :rotfl: really funny, they can't do anything without customer number or the telephone number registered with them.

After some research i found out info (from HSBC website!!) on direct debit guarantee, which ensures immediate refund on errors. Also this mandate has been setup by AUDDIS (automated DD). Went back to HSBC again and asked very politely and again they refused. Next day spoke to them with printout of their website and BACS, detailing direct debit guarantee and consumer rights with bit harsh tone. Quick result and immediate refund.

But i'm not happy with them. The way they handle difficult situation. Also i've 300k relationship with the bank (including mortgage), but never got any advantage (mortgage interest rate - 5.75% var, Flexiloan int rate - 12.75% never used.. etc etc)

Looking for

a. An account which gives more interest rate on in-credit
b. Less overdraft interest rate
c. CC with better incentives / cashback

grumbler

suniil wrote:

Looking for

a. An account which gives more interest rate on in-credit
b. Less overdraft interest rate
c. CC with better incentives / cashback

There is no point in having all financial products from one bank.
(a+b):
Cahoot - 4.35/4.25% in credit rate, 5.1% instant access savings, 12%(typical) overdraft, first £250 free;
Nationwide - up to 3% in credit rate, 5% e-savings, 7.75/7.25% overdraft (lowest on the market);

For best credit cards read Martin's Articles (link in the green bar above)

suniil

Thanks for the tips

Update: New credit score obtained from equifax (thanks to MSE voucher forums - halfprice)
One good thing is that all my HSBC relationships are reflecting now.

My Credit Score is 391 and noted Danger in Credit agreement.

Couple of queries

Danger signal in Credit agreement: - is this because of unused loans / credit cards?
Unused Flexiloan showing arrears in credit statement - is this right?

All rest looks fine

Thanks
Sunil