06-10-2009 10:05 AM
I have two HSBC CC's, the Direct Rewards Platinum Discover and the Best Buy RewardZone MC. I reluctantly opened both August '08 to continue to build my credit after graduating from college May '08 (I'm still on time with my ~$50K owed in student loans). As of today, the DR Discover hasn't risen from its initial $300 cl. The RZ MC sits at $320. Both have annual fees, and both customer service lines I've tried (not the backdoor #, perhaps that would be better?) informed me I can't consolidate one card's limit into the other (is that true?). I would like to dump the RZ MC, but was wondering if that's the best move? I don't mind having the DR Discover, despite its low cl, because, regardless of its wannabe-like Discover status and $59 annual fee, it's still connected to the Discover Network. With Circuit City failing, my store card from there has since been converted to a Best Buy store card backed by Chase (w/ a $1K limit), and regardless that gives me another reason to dump the RZ MC.
Both cards have $0 balances and were just both recently paid off (should show up on my reports at the end of the month). Should I hang in there, or should I cut and run before the AF kicks in again in August?
Gotta love myFICO and its products. A 40 point boost yesterday on my new TU report has motivated me to get on top of things even more.
06-10-2009 11:19 AM
06-10-2009 01:08 PM
06-10-2009 03:29 PM
06-11-2009 02:55 PM
I myself was in the same boat as you having my circuit city convert to best buy by chase and also owning a BB RZ MC backed by HSBC. Well I can tell you I obtained the RZ card in Nov. 2006 with an initial CL of $300. When I closed the account last week after having been denied a CLI (soft pull), my CL was $300. Maybe it was just my scores, or maybe the starter card is never gonna grow beyond infant status, but I closed mine. Keep us informed whatever you decide to do. Your scores are a little better than mine but apparently that card is a sinking ship.IMO.
I app'd for the BB Store card back in Dec of '08 and was denied, but got the BB RZ MC at $300 CL. I've put at least $100 on the card every month since and PIF each month as well. Logged in a couple days ago, and saw they gave me a CLI to $600. Only took the card originally because I figured I took a hit on the INQ, I may as well take the card...but they did give me a CLI this week without my having to ask. It was a nice, albeit small, surprise.
A sinking ship? Not entirely.
I still don't expect much from the card, but I'd liken it more to an inflatable raft.
07-24-2009 08:30 AM
so decided to give in a call today to the BB RZ MC customer service people, as my AF is due next month. quickly got past the tier 1 customer service and got a real nice person who was a Credit Analyst. first he offered to cut my AF in half, as i kept asking about consolidating my two HSBC cards, or canceling one outright. he then came back and offered to keep my BB RZ MC open without an AF for this year, and raised my limit another $100. while it's nothing to brag about, i'll be able to keep the card for another year without having to worry about it much. and this time around next year, i'll place another call in to see what they can do at that point.
i still have to call my DRP Discover, to see if anything can be done on their end.
my HSBC cards are still my lowest CL cards, but having them sit on my CR for a year w/o an annual fee wouldn't hurt. one down, one to go.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.