Credit Cards

[caliking]

Yesterday, I sent HSBC discover executives a scathing drop-dead letter!  I did everything BUT close the acct out in the letter!  I did this because last month they sent me a letter saying that my $3,000 credit line was being reduced to $390.  I've had the card since 2006.  Never once been late on a payment, typically paid in full each month, and I've never charged more than $1500 on the card in the history I've had with them.  At the time of the CL reduction I had a $0.  I charged my tax prepartion payment on the card last month of $360.  I paid it yesterday and wrote in the letter that that would be the LAST payment, they'd ever get from me!  I also called them, sharing my disgust.  Just got some B.S. that was scripted about it not being my fault & that they were just trying to limit their liabilities or something.  That's just customer NO-service!  I won't close the acct because I've read that will harm my credit score.  But cut the card up and never intend to use it again!

[Pappy214]

Almost everyone here with an HSBC card got the same treatment from them. In fact my guess is they want people to close the cards so that their books look even better. I'd keep it open, and buy some Taco Bell once every three months to keep it active. Don't give them the satisfaction of closing your account.

[YoungEntrepeneur]

I agree, keep the account open and use it every now and then just to keep it active. When you keep it open and use the card for small purchases, they don't like it since it costs them to keep an account open and they're not profiting from your purchases.

[caliking]

I like the fact that I don't have to RELY on this card, so it doesn't hurt me immediately about the reduced CL.  I rarely ever used it anyways.  I'm NOT gonna close it, I just hope the low CL doesn't affect my FICO score because a $2700  decrease in my total available credit.  I recently got a new car loan so hopefully it'll off-set the hsbc acct.

[jahmal]

I agree. if no annual fee attached just keep it open and let them close it.. who cares. I just closed household after they refuse to give me a CLI after a year but charged a $39 annual fee. I even try to bargain to pay them $20 instead and they refused so I just told them to F-O and to just close it and remove all the charges.

[YoungEntrepeneur]

They need to work on their people skills.

[Pappy214]

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YoungEntrepeneur wrote:
They need to work on their people skills.

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Ain't that the truth.