Two years ago, I refinanced with HSBC. They were able to lower my rate from 13.99 to 10.13 so I made the move, of course. I've had two 30-day lates with them that I hope they will remove at some point. All is well so far.
It's really weird b/c last year I went to trade in my 2004 Honda Civic and purchased a used Acura TL. upon doing so I filled out the credit application with the dealer. I knew I wasnt going to get approved through Honda Financial b/c I was late twice and they hold it against you forever!!
Well I got approved through Citi Financial. About a month later I went back and checked my credit report and saw that the dealership ran my credit through several different lenders which I wasn't aware of. One of those lenders was HBSC. well if anyone has ever been denied credit, you know those letters you get two weeks later from the lender thanking you and then politely saying "no you did not get approved". Well they did not approve me. It's been about a year since I have had this same car. and now I am getting Pre-approval letters from HBSC to refinance my auto loan??? What the hell??
You turned me down last year, now you want me to refinance. And the funny thing, is that the letter tells me they know how much Im paying with my current lender and if I refinance with them I can lower my payment a whopping $20/month and skip one payment.. Whoopty doo. My credit has dramatically changed for the better and I would not go with them even to refinance.
I dont understand how HBSC even has the knowlege of that information?
I financed my current vehicle with them when my credit scores were really poor. Since then, i have significantly improved my credit scores and HSBC refuses to re-finance the vehicle. So i have to look for a credit union to get a rate that reflect my current credit scores.
Binnes22 Working for a refinance company myself I can tell you that what HSBC knew about your loan is available to all refinance institutions. The info is never sold to the companies, we don't get lists with your name, SSN, and all that. They process the ppl we want to talk to and send the list with the right people to a mail house without personal data. It's the only way to keep your info safe and also make sure that we are marketing to people who need our help. Pretty good deal actually. The refinance companies know nothing about YOU until you call and give them permission to pull your credit. Then they get the true details and start the process. Just wanted you to know how the marketing pieces you are getting came to be, and to let you know that HSBC doesn't "know" that about you, but rather get the assistance of credit companies to help people like you. Make sense? It's a very locked down process to ensure your privacy. Cheers!