HSBC cash rewards approval...free equifax fico scores

[DemonHusker]

Hello,

I have the Gold card that I used for the 18 month BT offer. They give EQ Nexgen score (NG1) which I had never heard of. It will be on your statement every month at the bottom. They also do not report to TU, I guess they got into some sort of disagreement.

[sarge12]

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@CreditCuriosity wrote:

Congrats on your approval and not a bad SL for HSBC... Shocked it was an instant approval do you bank with them as well as instant approvals with them are basically unheard of unless you already have some type of account with them.  

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I had never had any business with them ever. Just went to the site and apped. I have no idea why it would not be an instant approval with a very clean credit report and high scores. Every app I have filled out the past 3 years or so was instant approval. CLI requests on existing cards is a different matter, and is usually an instant denial. The "you have not used enough of your existing credit limit with our card" reason gets me every time. I never, and I mean never get a CLI, so I don't even try it anymore. My habit of paying every card, usually even before a statement cuts, is great for credit scores, but not very good for CLI requests. When they see that the highest balance ever on a 10k credit limit card is 800 bucks, they see no reason to increase it.

Congratulations on being approved for the HSBC Cash Rewards Mastercard® credit card.

Here’s what to expect next:

• Your new credit card should mail in 7-10 business days. We’ll send you an email when your card ships.
• Activate your card using the instructions on the activation sticker.
• Your credit card PIN should arrive in the mail in an unmarked envelope a few days after your card.
• To access your account online: In 5-7 business days you’ll receive a letter with an Electronic Banking Number and a separate letter with a 6-digit code. Once you have both, follow the instructions in the Electronic Banking Number letter to register for Personal Internet Banking.
• To access your account by phone: Your 6-digit code can also be used as your Telephone Access Code to verify your identity if you need to call our Customer Relationship Center.

Thank you for choosing HSBC.

Sincerely,

Marcos Meneguzzi
EVP, Head of Cards & Unsecured Lending

[sarge12]

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@DemonHusker wrote:

Hello,

I have the Gold card that I used for the 18 month BT offer. They give EQ Nexgen score (NG1) which I had never heard of. It will be on your statement every month at the bottom. They also do not report to TU, I guess they got into some sort of disagreement.

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I don't have any idea about this, a google search has some sites saying the Fico Nexgen score is used almost nowhere, and then another site says it is another name for Fico 08. Guess I will just have to wait and see.

[CreditCuriosity]

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@sarge12 wrote:

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@CreditCuriosity wrote:

Congrats on your approval and not a bad SL for HSBC... Shocked it was an instant approval do you bank with them as well as instant approvals with them are basically unheard of unless you already have some type of account with them.  

---

I had never had any business with them ever. Just went to the site and apped. I have no idea why it would not be an instant approval with a very clean credit report and high scores. Every app I have filled out the past 3 years or so was instant approval. CLI requests on existing cards is a different matter, and is usually an instant denial. The "you have not used enough of your existing credit limit with our card" reason gets me every time. I never, and I mean never get a CLI, so I don't even try it anymore. My habit of paying every card, usually even before a statement cuts, is great for credit scores, but not very good for CLI requests. When they see that the highest balance ever on a 10k credit limit card is 800 bucks, they see no reason to increase it.

Congratulations on being approved for the HSBC Cash Rewards Mastercard® credit card.

Here’s what to expect next:

• Your new credit card should mail in 7-10 business days. We’ll send you an email when your card ships.
• Activate your card using the instructions on the activation sticker.
• Your credit card PIN should arrive in the mail in an unmarked envelope a few days after your card.
• To access your account online: In 5-7 business days you’ll receive a letter with an Electronic Banking Number and a separate letter with a 6-digit code. Once you have both, follow the instructions in the Electronic Banking Number letter to register for Personal Internet Banking.
• To access your account by phone: Your 6-digit code can also be used as your Telephone Access Code to verify your identity if you need to call our Customer Relationship Center.

Thank you for choosing HSBC.

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It has to do with what i believe to do with some federal violations years back and can't recall what they violated, but basically everyone that isnt already a customer must go through extra scrutiny and has nothing to do with credit scores/profiles. as many excellent credit profiles it usually takes 2-4 weeks from start of process to finally get approved.  Interesting DP none-the-less and maybe they are loosening they over reaction imo of applications and verification.

[M_Smart007]

I believe mine was instant approval (couple of years back) , I would have remembered otherwise.

No prior relationship.

[Anonymous]

It takes an 820 FICO to get a 15% APR?

Sheesh

[gdale6]

Grats on the HSBC card

[sarge12]

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@Anonymous wrote:
It takes an 820 FICO to get a 15% APR?

Sheesh

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No, the truth is cards that have SUB or higher cashback, do not usally have the very low interest rates as well. The issuer has to recoup the extra rewards benefits somewhere. I have the Vital CU card that is 4.9%, and both my MTC FCU accounts are 8.9% even on cash advances. Neither have any cashback rewards. They are strictly for low interest. For a card with 3% cash back for a year, and 1.5% after the first year, and a 10% bonus every year on the earned rewards, 15.24% interest is quite low. Not that I really care what the interest is anyway, because it is always 0% if you PIF. For me, they could add an extra 50% interest if they add a hundred bucks to the SUB. For that card, that is the lowest rate offered.

[MrCreditInternational]

HSBC provides you with your NG1 EQ score in your statement, which is weird because they use FICO8 EQ score when they approve you.

Also the app is useless for credit cards, so you'll have to log in to their website to link and pay from your external bank.

Regarding CLI, for me it was a HP on EQ for my HSBC advance CC after 7 or 8 months of getting the card. I used it for less than 3k and they gave me 7.5k up from 5k while carrying a ballance of 2.7k (using the intro 0% APR).

[sarge12]

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@MrCreditInternational wrote:

HSBC provides you with your NG1 EQ score in your statement, which is weird because they use FICO8 EQ score when they approve you.

Also the app is useless for credit cards, so you'll have to log in to their website to link and pay from your external bank.

Regarding CLI, for me it was a HP on EQ for my HSBC advance CC after 7 or 8 months of getting the card. I used it for less than 3k and they gave me 7.5k up from 5k while carrying a ballance of 2.7k (using the intro 0% APR).

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Now that I have had the card a few weeks, these are my opinions. The website is a pain to navigate, and the NG1 score provided has a max of 950, which is a bit useless. I was also shocked that my fico NG1 score was lower than any fico 08 scores, even the one using the same EQ data. It was 796, and that is a whopping 154 points below the maximum of 950. I would have thought it would be higher considering the extra 100 points over the maximum on fico 08. The fact that it is essentially 3.3% cash back for the first year or 10000 dollars spend, means I will likely use it for a year, and then SD the card. It is far from my favorite card, but it will strike the desired effect of being my everywhere else card. I use BCP at the grocery store for 6% cash back, Chase Amazon Prime for 5% cash back at amazon, and now this card for 3.3% everywhere else for a year. I will likely not come close to the 10k maximum of non-grocery or amazon purchases. My favorite cards are the Amex BCP, and Chase Amazon Prime but I will be putting limited spend on the Citi DC, and State Farm card for insurance 3% cash back. My Barclaycard, TD bank, and maybe Wells Fargo, and BOA cards will likely see very little use, and the TD bank and Barclaycard will likely eventually be closed due to inactivity. After a year this card will be in the same catagory as those 2. I will difinitely keep my Capital One QS card active. It is only 1.5% cash back, but it is a lot simpler with no minimum redemption and almost immediate reward posting, plus it is one of my oldest cards.