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  • HSBC Flexi-Loan

    I opened a HSBC Advance account 9/4/2010, was given a £250 overdraft in June & £1000 HSBC Credit Card

    Am I correct in thinking after 6 months, 10/10/2010 I will have a behaviour score

    Would like to apply for a flexi-loan to consolidate all my credit cards (4K) into 1 monthly payment with the ability to overpay etc..

    How harsh is the credit scoring for a loan....do they not like granting credit for debt consolidation?

  • #2
    Re: HSBC Flexi-Loan

    Originally posted by telecomengineer
    I opened a HSBC Advance account 9/4/2010, was given a £250 overdraft in June & £1000 HSBC Credit Card

    Am I correct in thinking after 6 months, 10/10/2010 I will have a behaviour score

    Would like to apply for a flexi-loan to consolidate all my credit cards (4K) into 1 monthly payment with the ability to overpay etc..

    How harsh is the credit scoring for a loan....do they not like granting credit for debt consolidation?
    After 6mth your score will be too low to get a loan, they will decline you and say wait 12mth so pointless applying cos sometimes they say do not reapply for 6 months so it could backfire....

    best way to beat the system is to go in after 6mth to branch and request an account review - this does a soft search on Experian and CallCredit and tells the advisor everything you've been pre-approved including loans and the amounts, overdraft amount and credit card limit.....

    That's what I recently done - however after 6mths my score was still high (bear in mind i am debt free and at the time earned a lot of dosh) and I was pre-approved for all sorts and a loan for £12k if i remember....

    My recent account review was fruitless cos they have blocked my account for credit (additional only) as a result of the damn incorrect link showing again but right now i'm not bothered too much - lol - i'll sort it one day - I need to go into branch to prove i'm not the other person, and true to form my attitude says why should I? You prove to me that I am him! lol... so they blocked me from additional borrowing. Muppets - but I still love em!
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

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    • #3
      Re: HSBC Flexi-Loan

      Thanks for the advice...

      when asked about "loan purpose" what is the best thing to say on the form

      car
      home improvements (not home owner)
      debt consolidation
      wedding
      holiday

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      • #4
        Re: HSBC Flexi-Loan

        Not good to say 'debt consolidation' because lenders will have the experience of people doing that and then racking up all the original credit all over again.

        Personally, I can see see arguments in favour of debt consolidation to get a lower rate of interest, but I cannot see that 'making just 1 payment' is all that big a deal. The downside of a consolidation loan is that you are then tied to paying it back on a relentless schedule.
        No longer a mod.

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        • #5
          Re: HSBC Flexi-Loan

          any update here.....?
          I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

          If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

          Comment

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