Credit Cards

[IKnowDoYou]

Good afternoon, everyone.

So I have two credit cards - one with HSBC and one with Capital One.  My Capital One card is relatively new (December) with a limit of $7,500.00, whereas my HSBC card is ~2 years old and (had) a limit of $600.00.  I received a letter from HSBC last week that due to the economic times, my limit has been cut to $300.00.

I keep both cards under 10% at the time of the monthly statement (I use them a lot more, though).  I'm curious as to whether it would be better to keep both cards, or if the low limit of the HSBC is dragging me down, should I dump it.

Any advice?

Thanks!

Ryan

[Donks3369]

My recommendation would be to leave it open.  It isn't hurting you any to have it open and could end up hurting you by closing it.  Especially only having 2 credit cards you should keep it open.  Is it charging you any kind of annual fee?

[Creditaddict]

If those are your only 2 credit cards, I might apply for 1 more visa/mastercard or discover card and 1 store card and then close the HSBC which does not seem to offer the level of cl you seem to qualify with other creditors.

[iwantbettercredit]

If I were in your shoes, I would apply for a better MC, Visa or Discover and dump HSBC. There is one thing people should remember, HSBC and Orchard are rebuilder cards, once you rebuild you should move on. It is great that they let people rebuild, however,people do pay the price when re-building they do not give us something for nothing. We pay high interest, AF's, and for the most part alot of humiliation goes along with it, thanks to companies like HSBC. They enjoy degrading us and making it known that we are only deserving of them. (Even if we are, we pay the price for that through are own faults)until we are able to turn it around. some of us do and some of us can't.  I think if you can change the coarse of your credit worthiness you should be able to change the coarse of your creditors without it hurting you.  HSBC improved my credit initially and also improved my credit after I dumped them. They know when your credit has improved as much so that you have outgrown their products.  They won't treat you any better for it, and in fact they might treat you worse...like pushing you into cancelling your account, maybe they do it to help you..I doubt it but hey anything is possible.