HSBC Overdraft declined?

[Bosieb]

Re: HSBC Overdraft declined?

Oh dear it said sorry! Must be because my income is going through HSBC mainly!

[Never-In-Doubt]

Re: HSBC Overdraft declined?

Oh dear it said sorry! Must be because my income is going through HSBC mainly!

Its fine, that means you're up to your limit so pointless applying for anything as it will decline you.

When you have an OD with them, they only calculate acceptance on the last feed they received. That means, to you, that for this month don't apply for another increase, then around 16th April, do the same and you should get a yes.....

As you have an OD with them they have already assessed your limits for March and as it won't let you increase by £200 then nothing will approve you right now. Its not bad, it could be that your using a lot of your CC limit which brings the internal score down. Don't worry, but basically you can assess your limits with the OD limits they give you - as I say wait till April and do the same again, and only ask for £500 OD and tell me what it says - if it declines, let me peek at a screen print of your credit file and i'll tell you exactly what's wrong..... (blank out personals of course)....

[Bosieb]

Re: HSBC Overdraft declined?

Sorry, we can't approve your planned overdraft

We appreciate that our decision maybe a disappointment so we'd like to explain how the Bank reaches its lending decisions and the steps you could take if you think our decision is unjustified.
To help us reach a decision, we use a ‘credit scoring’ system along with our lending rules. Our credit scoring system gives a continuous credit score for a customer based on the performance of their account and on monthly information provided by the credit reference agencies.

When you apply for credit, we consider:

• personal circumstances, to ensure the commitment isn’t too large
• our own financial risk.

The points that make up your personal credit score are based on:

• what you’ve told us
• our customer records
• information provided by credit reference agencies.

If the information about you that is available to us sets this score at a level of risk that we’re unable to accept, we refuse the application.

We consider a number of factors when making a lending decision:

• your employment status, e.g. if you’re unemployed or you’ve only been in your job a short time
• your residential status, e.g. the length of time that you’ve lived at your current address
• whether you’ve kept up with loan or credit card payments
• the length of time that you have held a current account
• your current level of borrowing and financial commitments.

So what are your options?
If you think that we‘ve based our decision on wrong information, we’ll be pleased to look at any different information that you have. You can write to us at:
Halifax
Personal Lending Department
Secured and Specialist Lending
New England Street
Brighton
East Sussex
BN1 4GU


Please include:

• the new information you would like us to consider
• details of your sort code and account number
• details of the application you want us to review.

Credit Reference Agencies

Experian Credit Report Services
PO Box 1135
Warrington
WA55 1EP
Tel: 0844 481 8000
www.experian.co.uk
Callcredit Limited
Consumer Services Team
PO Box 491
LEEDS
LS3 1WZ
Tel: 0870 060 1414

www.callcredit.co.uk

Contact us


Help & support

• There's a transaction on my statement that I don't recognise. What should I do?
• A transaction hasn't shown up on my account. What should I do?

[Never-In-Doubt]

Re: HSBC Overdraft declined?

Oh dear it said sorry! Must be because my income is going through HSBC mainly!

I have my income go into coventry - I literally move £3000 per month into HBOS, filter it around for 2-3 days then move £2k back out and spend £1k across the three accounts..... look at my limits. Its not salary reliant like HSBC

[Never-In-Doubt]

Re: HSBC Overdraft declined?

Sorry, we can't approve your planned overdraft

I see that all the time cos I always go to the limits

Don't worry, thats standard wording...

[Bosieb]

Re: HSBC Overdraft declined?

My net income is roughly about £1200 a month net so put it all into HSBC then put so much into Halifax? I know a lot of folk move their money around especially with the Reward accounts.

So Halifax are not as bothered it being your actual salary?

[Never-In-Doubt]

Re: HSBC Overdraft declined?

So Halifax are not as bothered it being your actual salary?

No, not at all. BUT the fact you have a loan with them and a card may go against you especially if your card is within £100 of the limit..... if so work to get that limit to less than 80-90% or you'll struggle to get a lot of lending from HBOS as they like to see cards have 10-20% left at the end (I guess it must be their logic that it allows the interest to get added without putting you overlimit? god knows!)......

To beat this, pay the same amount you'll usually use on your debit card per month, off the CC around the 10th of the month and by the time they update it'll look quite good for you.... it increases the feed score and thus you get more offers

[Bosieb]

Re: HSBC Overdraft declined?

I have about £1100 owing on the card, they did offer an extra £500 on the card but I didn't bother.
I will try and get my file up but how do I blot things out, not done that. It's quite long LOL I will try and do it tomorrow.

[Never-In-Doubt]

Re: HSBC Overdraft declined?

I have about £1100 owing on the card, they did offer an extra £500 on the card but I didn't bother.
I will try and get my file up but how do I blot things out, not done that. It's quite long LOL I will try and do it tomorrow.

Why didn;t you take it

Listen it seems you may have stuff on your file, don;t worry about sending it - best thing is to stop applying for anything for a few months

The HSBC searches won't be helping and to be honest as you have spare cash on the CC give it a while and you'll be fine if you ring and ask what you're pre-approved for...

Did they offer an extra £500 when you took the card, ie you spoke to underwriting who said you can have £2500 but you only asked for £2000 or was this an offer since then?

[Bosieb]

Re: HSBC Overdraft declined?

Regarding the card a few month's ago they sent me a letter saying ''Good News'' an increase but I didn't ring to go a head.
Then I removed a lot of my income when I went to HSBC.

[Bosieb]

Re: HSBC Overdraft declined?

Well will say good morning, deffo time for my Horlicks, thanks Niddy really good info, will head for my bed

[SXGuy]

Re: HSBC Overdraft declined?

You can see from Niddys example, that everything is set up to favour those who dont use cash.

Paper trail, great for credit, rubbish if you want to be off the grid. But then again, if you wanna be off the grid, you wouldnt want credit, so swings and roundabouts. lol