Rejected for First Direct
Comments
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This is what I said above. I have a lowish income , but my husband's is good and we have a good savings cushion, besides owning our house so are not prospective buyers, but this did not affect the other banks (I was surprised in the first instance, with TSB).ValiantSon wrote: »That's fine, but it doesn't necessarily mean that First Direct should wish to have you as a customer. Each application is assessed in the round and some are considered to be potentially profitable, using their definition of what constitutes profitable, and some are not. One of the things that affects profitability is income. A low income makes you potentially less profitable if their aim is to up sell premium products.0 -
However they will reject you if your stated salary is not at or close-to the salary which would yield a £1750/month payment each month.However HSBC do not require an income of £1750/month for the Advance account, they have a requirement for monthly pay-in (or equivalent) which is not the same thing. Neither does HSBC state that the £1750 has to be "after tax".
Their internal processes might include a minimum income requirement, but it is important to bear in mind the two things are separate.0 -
However they will reject you if your stated salary is not at or close-to the salary which would yield a £1750/month payment each month.
No, they might decline an application, but it is not a certainty.
There is also no requirement to be employed to have an Advance account, so therefore you do not have to have any 'stated salary'.
It might sound picky, but there is a mythology which occasionally gets repeated on here about what HSBC require as a minimum wage/salary etc. This is unfortunate as it may put people off applying who might be sucessful in getting the account and access to better interest rates.
The same goes for First Direct, they might be applying similar rules, but none of us know for sure.
People need to be realistic about their chances, but not put off trying by mythology. We are all moneysavers after all.
"In the future, everyone will be rich for 15 minutes"0 -
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Replace 'salary' with 'income' in my previous post then. You will get rejected if you don't have a means of having £1750 paid in to your account each month, and they're not interested if you have the ability to flip some money out of one account and back again.No, they might decline an application, but it is not a certainty.
There is also no requirement to be employed to have an Advance account, so therefore you do not have to have any 'stated salary'.
It might sound picky, but there is a mythology which occasionally gets repeated on here about what HSBC require as a minimum wage/salary etc. This is unfortunate as it may put people off applying who might be sucessful in getting the account and access to better interest rates.
The same goes for First Direct, they might be applying similar rules, but none of us know for sure.
People need to be realistic about their chances, but not put off trying by mythology. We are all moneysavers after all.
Whether or not you actually have that source of income paid in to the account or not is another matter altogether.0 -
Replace 'salary' with 'income' in my previous post then. You will get rejected if you don't have a means of having £1750 paid in to your account each month, and they're not interested if you have the ability to flip some money out of one account and back again.
Again, it is 'might' not 'will'. People have been successful in getting Advance accounts with incomes significantly below the suggested level.
However the internal scoring processes used by HSBC work, they do not (always) reject potentially profitable customers based solely on an income threshold. It would be very silly for them to do so."In the future, everyone will be rich for 15 minutes"0 -
I don't work (early retired) and yesterday applied for a FD account and was told immediately that I had been accepted. I did it solely for the £125 and the 5% regular saver account.
There has however been no email to confirm anything, and despite the FD customer services being open 24/7/365, no response to my email asking for confirmation.
We'll see ...0 -
I don't work (early retired) and yesterday applied for a FD account and was told immediately that I had been accepted. I did it solely for the £125 and the 5% regular saver account.
There has however been no email to confirm anything, and despite the FD customer services being open 24/7/365, no response to my email asking for confirmation.
We'll see ...
They don't send an e-mail as confirmation, but you should receive something in the post in the next few days asking for a copy of your signature.0 -
Just a bump up.
I have failed the credit check as well, not sure why.
I have also applied for RBS and they say they may need more paperwork.
So I was planning to transfer two accounts but both may not go through for some reason.0 -
I had notification yesterday that my FD account is now open (switching one of my Tesco accounts). My annual income is around £11,200 company pension - retired early so do not draw state pension for another 2 years. My mortgage is paid off and I have a Tesco credit card which I use for clubcard points and pay off each month. So I can't see that a refusal would be just on income alone. So far I have not been refused any account/credit card I have tried to open but am planning on switching my other Tesco account to RBS in the next few days so will see what transpires with that. I just want the First Direct one up and running before I do it but have diarised it for this week.0
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