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Frequent Contributor
slarano
Posts: 281
Registered: ‎04-30-2008
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Advice Needed for My HSBC Accounts, Both In Good Standing

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. :smileyvery-happy:


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


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Regular Contributor
Chris_1970
Posts: 104
Registered: ‎08-01-2008
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Re: Advice Needed for My HSBC Accounts, Both In Good Standing

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.
Established Contributor
plasticguy
Posts: 559
Registered: ‎02-21-2008
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Re: Advice Needed for My HSBC Accounts, Both In Good Standing

HSBC have cut limits across the board, my scores are in the lower 800's their reasoning is "It was a business decision and they also mentioned the fact that I had low utilization on the cards.
Frequent Contributor
slarano
Posts: 281
Registered: ‎04-30-2008
0

Re: Advice Needed for My HSBC Accounts, Both In Good Standing

Firstly, congrats on having great scores! :smileyhappy: Secondly, I was wondering why you still have HSBC cards when you're in such a high credit bracket? I would think the optimum goal would be having Prime cards only, and I thought HSBC to be sub-prime and only for those rebuilding or building credit?

myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Advice Needed for My HSBC Accounts, Both In Good Standing

HSBC has some "prime" offerings. 
Member
vision
Posts: 9
Registered: ‎10-17-2008
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Re: Advice Needed for My HSBC Accounts, Both In Good Standing


Chris_1970 wrote:
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. :smileywink:


TU Score: 748
EQ Score: 746
Goal Score: 850


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Frequent Contributor
slarano
Posts: 281
Registered: ‎04-30-2008
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Re: Advice Needed for My HSBC Accounts, Both In Good Standing

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. :smileyvery-happy:


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


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