Credit Cards

[debtfree09]

Does anyone know if HSBC pre-qualification is a hard or soft inquiry on your credit report.  ALso which one does it pull?  Thanks.

[nothingman02]

Their pre-qual is a soft.  Both their soft and hard are Experian. Again, YMMV.

Mind you if you have 2 of their cards already or have had one of theirs in the last 18 months. In that case you'd be pre-approved online and then denied per some hidden rules. I still dont understand their motive but thats the way it is.

ETA: If the above is true, you would have to wait for a prequal/invite from them. Thats how, most people have obtained 2 or more cards in recent times within 18 months. This wasn't the case years back apparently.

Message Edited by nothingman02 on 04-04-2009 08:54 PM

[debtfree09]

Thanks for the info.  We don't have any HSBC cards, just Household Bank which is a division of HSBC, does that count?  I have one and dh has one but both since 2006, never missed a payment.

[nothingman02]

Yep! Household, Orchard, Best Buy et al. Anything and everything issued by HSBC counts.vBut since that was in 2006 and thence, more than 18 months, it should not matter.

[scorechaser]

if you get "pre-qualified" that is no guarantee of actual qualification is it. i have a closed account in dispute (household bank) for listing a balance when it is paid off. wondering of it would be worth it to apply for what they prequalified me for.

[nothingman02]

'IF' you have only one account and it IS closed, then yeah, you are eligible to get another card if you are pre qualified.

But thats with the 2 cards and 18 months rule. Personaly, I dont trust pre-quals that much. I particularly am suspicious about HSBC pre-quals. They could pre-approve you and just as easily deny you on the basis that you have an unpaid balance with one of the HSBC cards even though its closed and that the pre-qual process does not take that into consideration just as it doesn't the number of HSBC cards an individual has and all that.

I would certainly call and check before I apply or I would simply wait for the dispute to be resolved. 

[hobojon]

Forget HSBC. If you need a card that bad get a secured card.

[Anderson]

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hobojon wrote:
Forget HSBC. If you need a card that bad get a secured card.

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Not necessarily. My HSCB card is a keeper. It may have begun life as a $300 CL with an AF, but it is now at $5k+, no AF, and 2% Cash Back on all purchases.

[debtfree09]

We've never had any problem with our HSBC either and it has no AF and cashback rewards.

[Lyythine]

I have absolutely no problem with HSBC, their credit card has been great for me. I have the weekend card as well as their regular rewards card and both have great limits (9k and 6.5k).  I got the first one about 2 years ago and app'd for the weekend card about 6 mmonths ago.  Ive never had a problem with the CSR's either.  Not sure if the problems people in this forum have are for the Orchard/Household cards, but for me, the ACTUAL HSBC cards have been fine - no AF, apr of 13.9%  (at least the weekend card) and 0% for the first 6 months.