Money Tips: Denied Application for New HSBC Credit Card!

Posted On: September 20, 2006

Guest: Sporty
Post subject: Denied Application for New HSBC Credit Card!
Posted: Wed Sep 20, 2006 10:59 pm

Score 790, low utilization (<1%), few inquiries, many aged accounts. Nothing negative on CR, and I got denied instantly online. One thing they seem to dislike is too many accounts, seems 15 might be too many.

Reasons given for denial: “Insufficient number of inactive credit card accounts” BS — I have several of these. “Too many bankcard accounts recently opened” — only 2 new within the past year, opened 6 months ago. “Lack of mortgage accounts….” — true. “Insufficient average length of credit history” — Average is somewhere around 3 years, oldest accounts are 9-10 years.

This was my only denial so far in my recent round applications, other issuers gave $20-30k lines. Their denial letter ends with a promo “You may be eligible for a Western Union Prepaid MasterCard” What class!

Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Thu Sep 21, 2006 12:07 pm

Mmmmmm….wonder if we will get any actual cardholders to respond to this post.

One would think cash advances and high fee transactions would make more money for HSBC!

Well perhaps someone has been approved and will say what their qualifications were that got them approved.
_________________
J~J

“You may never know what results come from your action. But if you do nothing, there will be no result.” Mahatma Gandhi

Guest: legitimate user
Posted: Thu Sep 21, 2006 12:21 pm

I was denied with a mid 700’s FICO. Haven’t received the letter yet. There is a Fat Wallet thread with some more information. Approvals and denials seem pretty random at this point. The only trend they noticed was that people with few other credit card accounts were being approved.

edit: I may try sending a reconsideration letter. It’s been a long time since I was denied for a credit card.