HSBC Flexi-Loan

[telecomenginee]

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?

[Never-In-Doubt]

Re: 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?

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!

[telecomenginee]

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

[DVardysShadow]

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.

[Never-In-Doubt]

Re: HSBC Flexi-Loan

any update here.....?