06-20-2010 11:15 AM
I applied for the Best Buy store card today and was declined, but offered a Gold Mastercard with a $59 AF. It doesn't specify a credit limit (which I think is odd). What do you think I should do in this situation? Does anyone have any experience regarding these two cards?
06-20-2010 11:44 AM
It's the HSBC Mastercard. It didn't specify a credit limit. I suppose that will make or break my decision. There's no sense in paying $59 for a $100 limit (if they offer that).
06-20-2010 11:46 AM
IIRC, the Bestbuy HSBC Mastercard is the "Gold MasterCard". Personally, I don't think the $59 AF is worth it.
06-20-2010 11:46 AM - edited 06-20-2010 11:48 AM
So...for Best Buy how it works is if you apply for the Store card and are denied (it has the best financing options...0% interest deals, etc.) you will be offered the mastercard instead. The mastercard has two different tiers: the platinum (better interest rate and no annual fee) and the gold (which has a pretty bad interest rate, and an AF of 0-75). I applied for the mastercard a year ago and got a card with a $39 fee, then just re-applied recently for a new card and they approved me for the gold with $0 fee....but HSBC doesn't typically budge on the fee except to maybe halve it if you threaten to close the card.
If you check application status on the HSBC website it should list your starting credit limit.
06-20-2010 07:58 PM
I just apped the same card with the same result- and I took it. I got a $500 Cl.
06-21-2010 09:53 AM
I think I'm going to pass on this one. I just got off the phone with Barclay for the Airtran Visa and they told me that if I paid some of my balances down, I would probably be approved.
06-21-2010 09:57 AM
I got the same 300 limit when i was rebuilding my credit. I got my scores to over 700+ with no baddies and 1 30 day late that was 6 years old and they still wouldnt up my CL. They waived the fee, i kept the card for a few more months but never used it and then finally closed it.
If you dont need the card to rebuild then dont get, its not worth it.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO