HSBC credit line slashed for no reason!!!

[Anonymous]

kjm79:

They more than doubled my credit limit on my Best Buy Rewards MC last week.  I just ordered my reports today and they did a hard inq on 2/15 unbeknownst to me.  That cheeses me off a bit.

[Anonymous]

To "mind if I chime in"......

I was the original post about  " HSBC credit line for no reason..."

Thanks for that information about HSBC being an overseas holder and the astute observation about the credit marketing decision,  I agree with you -- they are amateurs -- and too their decision will cost them -- however, they deserve what they get --  they forget that we are paying their bills and  if you "cut off your nose to spite your face"  will it says it all,  

I do hope they go under --- what we do not need in this credit market is inept amateurs pulling the market down but companies with integrity  making good credit decisions , it is all about substitutability and treating their customers fairly,  if they do not get it and continue doing what they are doing well  then good riddance,  

[Guardian]

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@Anonymous wrote:

To "mind if I chime in"......

I was the original post about  " HSBC credit line for no reason..."

Thanks for that information about HSBC being an overseas holder and the astute observation about the credit marketing decision,  I agree with you -- they are amateurs -- and too their decision will cost them -- however, they deserve what they get --  they forget that we are paying their bills and  if you "cut off your nose to spite your face"  will it says it all,  

I do hope they go under --- what we do not need in this credit market is inept amateurs pulling the market down but companies with integrity  making good credit decisions , it is all about substitutability and treating their customers fairly,  if they do not get it and continue doing what they are doing well  then good riddance,  

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Agreed. They have been acting like complete amatures and with cards like Orchard and Household that don't grow and others that are arbitarily modified and total lack of respect for their customer base, its only a matter of time. Especially that everyone knows they are not major players and the fact that their cards are seen as sub-prime and even when they "officially" are not, they are treated as such, not really helping the holders anyway. They can try to attach themselves and make associations with BofA and Amex and Discover all they want, there is only so much latching will get you in the way of reputation, especially that those creditors are not doing so hot themselves either.

[pattycake]

I just checked my account - they slashed my credit line from $3500 to $300!  

I have a savings account with some actual money in it and I am going to withdraw all of it and put it in my local credit union instead.  This is unbelievable.  Idiotic fools.   

[Guardian]

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@pattycake wrote:

I just checked my account - they slashed my credit line from $3500 to $300!  

I have a savings account with some actual money in it and I am going to withdraw all of it and put it in my local credit union instead.  This is unbelievable.  Idiotic fools.   

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Same here actually, just waiting for the decision on whether to go with PenFed or someone else, still evaluating them (with some help from haulingthescoreup)

[Anonymous]

I had my AMX In LA Card moved from 20k to 600 dollars? I had better credit than when I got the card and I am in the low 700s without so much as one late in over 5 years. My GE went from 10k to 200 dollars and I closed it. I will be paying every credit card I have my year end and I will never put myself in a situation like this?

[Anonymous]

The reason the credit card limits have been drastically dropped is because they credit card companies do a shopping survey and depending on where you have been shopping or even eating says what they think about you.  They say that these people who for instance shop at Wal Mart not only do they use this type of credit card, but they also have difficulties paying their bills.  I saw this on Good Morning America about 2 months ago.  It is illegal and go on abc.com to look it up.  There was a guy who had a credit rating of like 749  and he always paid his bills on time and has a very successful company.  They did this to him and his credit score dropped because it puts you closer to your max on the cards.  And as we all know, they'll report the bad before the good....

I hope this helps!

[Anonymous]

Today when I checked the website I found my account was closed for non-use. I had the same issues with customer service speaking English but not understanding the meaning so I didn’t use the card, and exactly 6 months later it was cancelled. No more HSBC for me!

[fladoc]

Yes--well the same thing happened to my AMEX. They gave me an 80 percent credit cut. I have never been late or over limit and I pay my balance off every month. I heard a rumor that some credit card companies were profiling cardholders who shop certain stores...and slashing the undesirables. Well--sometimes I do my grocery shopping at Target...so I'm wondering if that's why. Regardless--I think it is totally unfair--and I have vowed to not use the card anymore--or use it scarcely. Still..there is an annual fee. So basically, they are charging ME to have my credit negatively affected by their random (see: unfair) decisions.  (Went from a fairly low limit--$2500 to $500).

[Anonymous]

The exact same thing happened to me! I pay my entire balance every month, looked on my online account to make a payment (early) and it tells me that I'm $963 over the limit. WHAT??!! My credit line was $4K and it was slashed to $1,210. No letter, no warning, no email....nothing. I was so pissed. Called them, said it had nothing to do with my credit score or my payment history. Insane. But whatta ya gonna do??

peace