HSBC Pre-qualification Denial Letter

[Anonymous]

I was playing around the other night and trying all of the prequalification links. I did HSBC just to see and got the no-go message. Then in the mail yesterday I got a letter telling me why, which is odd cause it was just pre-qualification. Either way, I figured I'd add the DPs for anyone who may need them.

I'm in Florida and they pulled my Equifax which they show as 734. That doesn't match up to any of the FICO score cards I have but I'll go with it. Reasons for no-go as follows with explanation:

-Bankcard proportion of recently opened trades to open trades with balance; I'm guessing because of the new truck loan and Home Depot Card I just opened within the last 6 months.

-Number of inquiries within last 6 months; definitely pushing 10 or more in the last 6 months thanks to the truck loan. 
-Length of time since last inquiry; I had literally just had an inquiry for the Home Depot Card a day maybe 2 days before running the pre-qualify.

[Jnbmom]

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@Anonymous wrote:

I was playing around the other night and trying all of the prequalification links. I did HSBC just to see and got the no-go message. Then in the mail yesterday I got a letter telling me why, which is odd cause it was just pre-qualification. Either way, I figured I'd add the DPs for anyone who may need them.

I'm in Florida and they pulled my Equifax which they show as 734. That doesn't match up to any of the FICO score cards I have but I'll go with it. Reasons for no-go as follows with explanation:

-Bankcard proportion of recently opened trades to open trades with balance; I'm guessing because of the new truck loan and Home Depot Card I just opened within the last 6 months.

-Number of inquiries within last 6 months; definitely pushing 10 or more in the last 6 months thanks to the truck loan. 
-Length of time since last inquiry; I had literally just had an inquiry for the Home Depot Card a day maybe 2 days before running the pre-qualify.

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If they pulled a HP from Equifax then you applied................................................

[Brian_Earl_Spilner]

Discover sends a letter when declined through prequal.

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@Jnbmom wrote:

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@Anonymous wrote:

I was playing around the other night and trying all of the prequalification links. I did HSBC just to see and got the no-go message. Then in the mail yesterday I got a letter telling me why, which is odd cause it was just pre-qualification. Either way, I figured I'd add the DPs for anyone who may need them.

I'm in Florida and they pulled my Equifax which they show as 734. That doesn't match up to any of the FICO score cards I have but I'll go with it. Reasons for no-go as follows with explanation:

-Bankcard proportion of recently opened trades to open trades with balance; I'm guessing because of the new truck loan and Home Depot Card I just opened within the last 6 months.

-Number of inquiries within last 6 months; definitely pushing 10 or more in the last 6 months thanks to the truck loan. 
-Length of time since last inquiry; I had literally just had an inquiry for the Home Depot Card a day maybe 2 days before running the pre-qualify.

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If they pulled a HP from Equifax then you applied................................................

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It's a SP. 

[Jnbmom]

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@Brian_Earl_Spilner wrote:

Discover sends a letter when declined through prequal.

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@Jnbmom wrote:

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@Anonymous wrote:

I was playing around the other night and trying all of the prequalification links. I did HSBC just to see and got the no-go message. Then in the mail yesterday I got a letter telling me why, which is odd cause it was just pre-qualification. Either way, I figured I'd add the DPs for anyone who may need them.

I'm in Florida and they pulled my Equifax which they show as 734. That doesn't match up to any of the FICO score cards I have but I'll go with it. Reasons for no-go as follows with explanation:

-Bankcard proportion of recently opened trades to open trades with balance; I'm guessing because of the new truck loan and Home Depot Card I just opened within the last 6 months.

-Number of inquiries within last 6 months; definitely pushing 10 or more in the last 6 months thanks to the truck loan. 
-Length of time since last inquiry; I had literally just had an inquiry for the Home Depot Card a day maybe 2 days before running the pre-qualify.

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If they pulled a HP from Equifax then you applied................................................

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It's a SP. 

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Oh ok

[Ficoproblems247]

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@Jnbmom wrote:

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@Anonymous wrote:

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If they pulled a HP from Equifax then you applied................................................

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I had a mini heart attack when I received my denial letter from them for simply running their prequal check. Checked and rechecked everything 10 times to make sure I didn't actually apply. That's just too "extra" as the kids say. 😂

[Anonymous]

@Ficoproblems247: Right? I sure did have a mini heart attack too. My wife about had my head because when she looks at mail, she skims and only saw my credit score so she thought I had my credit ran AGAIN. Calm down girl, they are being over the top. 

[Anonymous]

@Jnbmom: Nope, I didn't apply. As I noted, I have WAYYYYYY too many inquiries as is, unless I know I have at least a 75% chance sure approval I'm not applying for anything. Apparently, HSBC just goes above and beyond to tell you why you don't even pre-qualify. LOL. Either way, it helps me because it confirmed my suspicions as to why I got no-go on the pre-qualify. I use the pre-qualify to figure out if I even have a chance at this point since I have so many inquiries and new accounts in the last year. I haven't maxed any of my new accounts and continue to pay off my old accounts but I think banks are still worried that with all the new accounts I'm a risk. Overall, my monthly payments have gone down but they still see new accounts, especially my brand new $40k truck loan and aren't too keen on me. I'm fine with that cause I need to chill before I go off the deep end and this is just helping me sit in the garden for awhile.

[Wavester64]

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@Anonymous wrote:

I was playing around the other night and trying all of the prequalification links. I did HSBC just to see and got the no-go message. Then in the mail yesterday I got a letter telling me why, which is odd cause it was just pre-qualification. Either way, I figured I'd add the DPs for anyone who may need them.

I'm in Florida and they pulled my Equifax which they show as 734. That doesn't match up to any of the FICO score cards I have but I'll go with it. Reasons for no-go as follows with explanation:

-Bankcard proportion of recently opened trades to open trades with balance; I'm guessing because of the new truck loan and Home Depot Card I just opened within the last 6 months.

-Number of inquiries within last 6 months; definitely pushing 10 or more in the last 6 months thanks to the truck loan. 
-Length of time since last inquiry; I had literally just had an inquiry for the Home Depot Card a day maybe 2 days before running the pre-qualify.

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Funny, I got this too. I had wanted to post about it but never got around to it. Very nice of HSBC to send a letter on strictly a pre-q SP.

To add my DPs to yours, here is what they said on mine:

• Too many accounts opened in recent years (that's right, years, not months lol)
• Date of last inquiry too recent.

My score at the time was 748

[Meanmchine]

The good news is that you are now eligible to receive a free copy of your EQ credit report.

[PicoFico]

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@Meanmchine wrote:

The good news is that you are now eligible to receive a free copy of your EQ credit report.

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You're eligable to get all 3, once a week through April 2021 at annualcreditreport.com.