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HSBC cash rewards approval...free equifax fico scores

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Contributor

Re: HSBC cash rewards approval...free equifax fico scores

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.

 

 

Message 11 of 19
Valued Contributor

Re: HSBC cash rewards approval...free equifax fico scores


@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.

Sincerely,



Marcos Meneguzzi
EVP, Head of Cards & Unsecured Lending

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 12 of 19
Valued Contributor

Re: HSBC cash rewards approval...free equifax fico scores


@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.

 

 


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.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 13 of 19
Moderator

Re: HSBC cash rewards approval...free equifax fico scores


@sarge12 wrote:

@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.

 


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.

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | 5/3rd | Synovus | Commerce | FNBO | Union Bank | Regions
Message 14 of 19
Valued Contributor

Re: HSBC cash rewards approval...free equifax fico scores

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

No prior relationship.

Message 15 of 19
Valued Member

Re: HSBC cash rewards approval...free equifax fico scores

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

Sheesh
Message 16 of 19
Moderator

Re: HSBC cash rewards approval...free equifax fico scores

Grats on the HSBC card Smiley Happy
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 17 of 19
Valued Contributor

Re: HSBC cash rewards approval...free equifax fico scores


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

Sheesh

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.

TU fico08=823 08/20/19
EX fico08=813 08/10/19
EQ fico08=826 08/04/19
EX fico09=818 08/03/19
EQ fico bankcard08=849 07/23/19
Message 18 of 19

Re: HSBC cash rewards approval...free equifax fico scores

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).

Amex Gold (NPSL); Charles Schwab Investor (23.6k); PNC CR (12.5k); HSBC Premier WEMC (11K); HSBC Advance (7.5k); B&H Payboo (6k); Amazon Store (5k); AEO Visa (5k); GAP Visa (5k); Discover It (4.2k); Apple Card (2.5k); Delta Platinum (1.4k); BofA CR (1k); Citi TYP (1k); Deserve Edu (0.5k); Macy's Store (0.5k)
Started collecting cards: Oct/2018
Apr/2019 (first FICO): EX 713; TU 703; EQ 730
Inquiries: EX (22); TU (22); EQ (14)
Message 19 of 19
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