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Valued Member
Posts: 31
Registered: ‎08-05-2008
0

AXING HSBC

WELL I BIT THE BULLET AND APPLIED / APPROVED FOR A DISCOVER CARD TO REPLACE  ( BALANCE TRANSFER ) MY HSBC / ORCHARD CARD.  IT WAS THE ONLY CARD I HAD WITH NO REWARDS.  WOULD HAVE KEPT IT; THEY HAVE BEEN GOOD TO ME AND HELPED ME BUILD CREDIT IN THE VERY BEGINNING.  NOT PLEASED WITH THE CAPITAL ONE TAKE OVER AND THE LOSS OF TOO MANY JOBS OF HSBC EMPLOYEES BECAUSE OF IT.  SO...FIGURED WITH FICO SCORE ONE POINT SHY 800 ( JUST 1! ) NOW WAS A GOOD TIME.  HSBC WILL BE SITTING IN THE SOCK DRAWER TO AGE GRACEFULLY.  THAT IS UNLESS CAPITAL ONE AXES IT!

Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: AXING HSBC

Congrat man

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Member
Posts: 30
Registered: ‎09-21-2007
0

Re: AXING HSBC

Congrats on the discover card. I'm debating if I should axe HSBC too. They were my first card after BK, but they have not given any CLI's in years. It did its job in the beginning, but now its my lowest CL and no rewards. There is no AF, but I just don't use it anymore. Decisions decisions....
8/2012 TU 693 EQ 698
9/14/2012 TU 718 (Discover's score included in welcome letter)
9/14/2012 EX 717 (Amex Score)

Discover More $4000, Chase Freedom $6000, Amex BCP $6000, Barclays/Juniper $3600, Care Credit/GEMB $5000, Orchard Bank $1850
Frequent Contributor
Posts: 311
Registered: ‎07-08-2012
0

Re: AXING HSBC

I'm in the process of dumping my HSBC/Capital One card (GM Flexible Rewards) card too. It's just not great compared to other rewards cards.

 

One minor point though: HSBC is the one who wanted to sell and pull out of the personal banking market in the US, and they're the ones responsible for the job losses. Capital One didn't "take over", they  just happened to be the one to agree to buy up most of the HSBC credit card products. There are plenty of other reasons not to do business with Capital One, but this isn't one of them. :smileywink:

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Valued Member
Posts: 31
Registered: ‎08-05-2008
0

Re: AXING HSBC

I STAND CORRECTED.  ALL THE MORE REASON TO AXE THEM.  FURTHERMORE; CAPITAL ONE PLANS ON RETAINING SOME OF THE EMPLOYEES.......BUT NOT ENOUGH AS FAR AS I AM CONCERNED.

Frequent Contributor
Posts: 262
Registered: ‎03-07-2009
0

Re: AXING HSBC

Congrats to you! I axed my Orchard Bank card today and it's a great feeling. They just won't grow with you, and the fact that you can get prime cards now says that the card has served its purpose.


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


Take the FICO Fitness Challenge
Contributor
Posts: 85
Registered: ‎08-29-2012
0

Re: AXING HSBC

I plan on axing mine soon, but wanted to get another card to transfer the balance...my husband and I plan to buy to a house by 2013, so now I have to wait until that is done..they have been good to me, everytime i ask for an increase i was given at least 200 more but since Capital One has taken over I am afraid of how they will start reporting..i also have a normal cap one with a CL MC of 500 for years trying to get an increase....My intention is to get rid of both and get a good prime one, but I am thankful to them for helping me but I got to end the relationship, lol

My Wallet: AMEX Gold NPSL, AMEX BCE 1K, Express 1350, Victoria Secret 2050, Macy's 2000, Kay's 7600, Capital One 1400, Capital One 4000, Quicksilver One 3500; Quicksilver 3000; QVC 1600, Walmart 5000, Pier 1 1250, Kohl's 1500, JCrew 1550, JCPenny 3600, Discover 1500, Lowes 12000, Amazon 1200

Lender Pull: 2/16/13 TU: 672 EX: 681 EQ: 671
Current Scores: 2/6/15: TU 696 EX: 679 EQ: 658
Goal Score: 700
Valued Member
Posts: 31
Registered: ‎08-05-2008
0

Re: AXING HSBC

I can tell you that it no longer reports as hsbc- now reports as cap 1. Didn`t get many significant clis from them. But like we say ......they helped get us all started.
Established Member
Posts: 33
Registered: ‎08-23-2012
0

Re: AXING HSBC

Given the sock drawer comment: is that a safe thing to do in general? If a creditor closes an account due to inactivity, does it hurt your credit at all (other than the reduction of overall credit)? Should you do that, or actively close it if you have no plans to use it anymore?

Valued Member
Posts: 31
Registered: ‎08-05-2008
0

Re: AXING HSBC

ACTUALLY WILL WAIT AND SEE WHAT KIND OF CREDIT LINE I GET FROM DISCOVER.  I AM NOT SURE; BUT I THINK IT TAKES THEM QUITE A WHILE BEFORE THEY CLOSE DUE TO INACTIVITY.  OTHERS MAY HAVE MORE INSIGHT INTO THAT THAN I CAN OFFER.  IT'S GOING TO BE A WAIT AND SEE. 

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