07-20-2010 12:19 AM - edited 07-20-2010 12:20 AM
I got my first unsecured credit card for a total credit line of 100 dollars! Lol.
My equifax has three accounts in collections and had three hard inquiries but my score was a 0 for lack of history. My applied bank card only reports to the other two.
I am still happy that I got something. I had no intention of doing this today. I was over at creditboards and was reading the pre-approved posts. I soon realized it would be neat to see if I pre-approved for an HSBC Best buy card. Everyone said they hard pull equifax. I had 4 on TU and Exp and only 3 on Equifax. I figured why not.
Well my HSBC Best buy mastercard is on the way :-)
What should my strategy be for this card? I was thinking about using it for a small purchase <10 every month and PIF. If I never use it at best buy will they not give me an increase? Should I hit the luv button after three months of payments or should I call?
I would love to hear from people with this same card and how you went about it. That would be awesome. I'm just glad I didn't waste a hard pull! Nite guys :-)
07-20-2010 07:29 AM
Congrats, that was my first card as well to rebuild with.
Make sure your balance is zero at the end of the month so it won't report a balance. Use it and PIF as much as you'd like during the month especially if you like BB rewards. Make sure to use your bank account's billpay to PIF it because if you pay via their website, it can sometimes take up to 14 days to clear.
The luv button on these accounts is disabled and don't expect this card to ever grow. They are using the new credit card laws as an excuse to never grant credit line increases on their subprime products. Once your scores improve you can apply again for the platinum card if you'd like (best to be pre-approved for it via the website) and close the Gold card. However, I'd just advise you to acquire better cards elsewhere because HSBC is one of the worst financial instutions imo, try credit unions for example if you want more luv.
07-20-2010 07:43 AM
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