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HSBC Soft Pull - Pre Approved Hard Pull Denied

Frequent Contributor

HSBC Soft Pull - Pre Approved Hard Pull Denied

At a very weak moment I went to the HSBC website.  They offer you an option to be pre approved for their card.  During the pre approval they submit a soft pull to the CRAs.  So I completed the online application and consented to the soft pull.  I got a message indicating that I was pre approved for their Platinum card.  They also asked if I wanted to submit my application.  I submitted the ap figuring that I was pre approved so I would be willing to take the hit with the inq.  Surprise surprise - I was denied!Has anyone else had that experience?  Is that even legal?
 
W
TU 670
EQ 670
EX 617
JFCU $5,000
JFCU AUto Loan $11,000
Jet Blue Amex $2,000
BOA 3,500
Best Buy Store Card $2,200
Kay Jewlers $3,200
Message 1 of 20
19 REPLIES
Established Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied

That doesn't make sense, I would for BOA ,cause their pre-approval form doesn't ask for HHI , but HSBCs does, score and income is all the need to make a decision



Message Edited by rbbyrbsn on 08-16-2007 02:50 PM
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Message 2 of 20
Moderator Emeritus

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied

Pre Approved does not = Approved. Smiley Happy
Message 3 of 20
Frequent Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied



WBLAKE wrote:
At a very weak moment I went to the HSBC website.  They offer you an option to be pre approved for their card.  During the pre approval they submit a soft pull to the CRAs.  So I completed the online application and consented to the soft pull.  I got a message indicating that I was pre approved for their Platinum card.  They also asked if I wanted to submit my application.  I submitted the ap figuring that I was pre approved so I would be willing to take the hit with the inq.  Surprise surprise - I was denied!Has anyone else had that experience?  Is that even legal?
 
W


Do you currently have an HSBC card of any kind, including Orchard Bank? HSBC only allows one card unless they send you the preapproval solicitation in the mail for the second card. I got burned the same way and called them to say "what gives." They explained that the preapproval system does not account for your other card?
FICO SCORES 10/13/2007: TU 661 / EQ 637 / EX 617)
FICO SCORES 11/11/2007: TU 669 / EQ 637 / EX 623 (Looking for 700)
Fico Scores 01/04/2008: TU 667 12/23/2007 / EQ 628 / EX 617
Message 4 of 20
Frequent Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied

That may be it.  I have a Best Buy branded HSBC.
TU 670
EQ 670
EX 617
JFCU $5,000
JFCU AUto Loan $11,000
Jet Blue Amex $2,000
BOA 3,500
Best Buy Store Card $2,200
Kay Jewlers $3,200
Message 5 of 20
Frequent Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied



sleigh17 wrote:


WBLAKE wrote:
At a very weak moment I went to the HSBC website. They offer you an option to be pre approved for their card. During the pre approval they submit a soft pull to the CRAs. So I completed the online application and consented to the soft pull. I got a message indicating that I was pre approved for their Platinum card. They also asked if I wanted to submit my application. I submitted the ap figuring that I was pre approved so I would be willing to take the hit with the inq. Surprise surprise - I was denied!Has anyone else had that experience? Is that even legal?
W


Do you currently have an HSBC card of any kind, including Orchard Bank? HSBC only allows one card unless they send you the preapproval solicitation in the mail for the second card. I got burned the same way and called them to say "what gives." They explained that the preapproval system does not account for your other card?





Not true. I have had three different kinds of HSBC cards. The Best Buy cards and two HSBC Platinum cards. Cancelled the other two and kept the one with 2% cash back. And yes, I did have them all open the same time at one point. I've never had any pre-approval offers from HSBC in the mail.
Message 6 of 20
Frequent Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied



jizoe182 wrote:



Not true. I have had three different kinds of HSBC cards. The Best Buy cards and two HSBC Platinum cards. Cancelled the other two and kept the one with 2% cash back. And yes, I did have them all open the same time at one point. I've never had any pre-approval offers from HSBC in the mail.

Kinda strange how the phone reps don't know what they are talking about. But my denial actually stated that it was because you are only allowed to have one type of HSBC card open at one time. I wish they would at least be consistent.  
FICO SCORES 10/13/2007: TU 661 / EQ 637 / EX 617)
FICO SCORES 11/11/2007: TU 669 / EQ 637 / EX 623 (Looking for 700)
Fico Scores 01/04/2008: TU 667 12/23/2007 / EQ 628 / EX 617
Message 7 of 20
Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied

I have 2 HSBC cards, that where both preapproved. I still get preapproved offers from them all the time.
Message 8 of 20
Frequent Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied

I did another prequalify on the HSBC site because it had been a while since I was denied with the bogus "no two cards" rule. Then I read the fine print and found where it said you could have a maximum of two HSBC cards, which is a contradiction of what they told on the phone yesterday morning. So I swallowed hard and pulled the trigger only to get shot down again. Took a hit on my CR for that mistake, I am sure. Makes me want to close my Orchard card if it wouldn't make things worse by messing with my utils.
FICO SCORES 10/13/2007: TU 661 / EQ 637 / EX 617)
FICO SCORES 11/11/2007: TU 669 / EQ 637 / EX 623 (Looking for 700)
Fico Scores 01/04/2008: TU 667 12/23/2007 / EQ 628 / EX 617
Message 9 of 20
Frequent Contributor

Re: HSBC Soft Pull - Pre Approved Hard Pull Denied

 
I applied a couple of months ago on HSBC's website for another card to go along with my HSBC Cash and Fly Card.  The preapproval said I was eligible for either a HSBC Platinum Mastercard or a HSBC Cash Card.  Well I applied for the Cash Card thinking that my current card was already being acknowledged.  I was denied. Smiley Surprised   I received a letter in the mail stating I already had a card of this type!!  Well why tell me I was eligible for it??  Anyway, long story short, I received an email from Scorewatch that my points from Equifax were returned and I wasn't going to be charged for the hard inquiry.  So evidently HSBC contacted Equifax and had them erase the points that were taken.  The inquiry still exists though. 
 
SandyK
Message 10 of 20