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Regular Contributor
hyprble
Posts: 165
Registered: ‎11-05-2008
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HSBC CLD - negative action? access to credit report?

I went online to pay my HSBC card, and was surprised to see my credit limit decreased from $1000 to $650 without notification.  I immediately sent a message online asking why my account limit was decreased so I may request a credit report.  I did receive notification in the mail 5 DAYS LATER that my credit limit was decreased.

 

TWO WEEKS LATER they respond with "We understand your concern with the decrease of your credit limit. We’ve made a business decision to re-evaluate our current credit limit structure to reduce our losses across all Metris accounts and have adjusted your credit limit."

 

My question is - do I get access to a free credit report because of negative action (decrease) on my account limit or do I not get one because they just decided to decrease everyone's limits "just because" (not due to any negative credit report info)?

 

Personally, I think TWO WEEKS is way too long to get a response.  I am going to keep the account open just because I need the account history (I thankfully have a 0 balance on this card), but (just a rant) I hate feeling like I need the account more than they need me.


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Guardian
Posts: 1,148
Registered: ‎04-23-2008
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Re: HSBC CLD - negative action? access to credit report?


hyprble wrote:

I went online to pay my HSBC card, and was surprised to see my credit limit decreased from $1000 to $650 without notification.  I immediately sent a message online asking why my account limit was decreased so I may request a credit report.  I did receive notification in the mail 5 DAYS LATER that my credit limit was decreased.

 

TWO WEEKS LATER they respond with "We understand your concern with the decrease of your credit limit. We’ve made a business decision to re-evaluate our current credit limit structure to reduce our losses across all Metris accounts and have adjusted your credit limit."

 

My question is - do I get access to a free credit report because of negative action (decrease) on my account limit or do I not get one because they just decided to decrease everyone's limits "just because" (not due to any negative credit report info)?

 

Personally, I think TWO WEEKS is way too long to get a response.  I am going to keep the account open just because I need the account history (I thankfully have a 0 balance on this card), but (just a rant) I hate feeling like I need the account more than they need me.


This has been exhaustively discussed in several threads and you might want to keep related topics in the same place. Maybe one of the moderators will move and combine this with an existing thread. Here is One to start.


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PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: HSBC CLD - negative action? access to credit report?

I dont think this thread should be moved because he/she is asking a different question regarding CLDs that has not been addressed ... and includes a rant :smileyhappy:

 

I would think if HSBC specifically stated the reason was due to negative information found in a recently pulled credit report, you may be able to get a free report.  However, since the reason was due to a business decision, I think you will have to pull yourself.  It doesnt necessarily mean you have any adverse (or additional adverse) information in your report.

 

Have you utilized the free reports you are able to obtain from all three bureaus annually?  That may be another option for you if you are just needing a report. Or, take advantage of the 30% off deal from MyFico which gives you a report and score.  Its a fabulous deal.


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Registered: ‎04-23-2008
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Re: HSBC CLD - negative action? access to credit report?


PurpleHaze wrote:

I dont think this thread should be moved because he/she is asking a different question regarding CLDs that has not been addressed ... and includes a rant :smileyhappy:

 

I would think if HSBC specifically stated the reason was due to negative information found in a recently pulled credit report, you may be able to get a free report.  However, since the reason was due to a business decision, I think you will have to pull yourself.  It doesnt necessarily mean you have any adverse (or additional adverse) information in your report.

 

Have you utilized the free reports you are able to obtain from all three bureaus annually?  That may be another option for you if you are just needing a report. Or, take advantage of the 30% off deal from MyFico which gives you a report and score.  Its a fabulous deal.


Actually as stated, the response is identical to what others got and its not based on an adverse action, it seems like an assumption on the OP's part and the other threads have plenty of rants too and would welcome this as well. But to each their own if they feel their issue is unique.


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Regular Contributor
hyprble
Posts: 165
Registered: ‎11-05-2008
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Re: HSBC CLD - negative action? access to credit report?


PurpleHaze wrote:

I dont think this thread should be moved because he/she is asking a different question regarding CLDs that has not been addressed ... and includes a rant :smileyhappy:

 

I would think if HSBC specifically stated the reason was due to negative information found in a recently pulled credit report, you may be able to get a free report.  However, since the reason was due to a business decision, I think you will have to pull yourself.  It doesnt necessarily mean you have any adverse (or additional adverse) information in your report.

 

Have you utilized the free reports you are able to obtain from all three bureaus annually?  That may be another option for you if you are just needing a report. Or, take advantage of the 30% off deal from MyFico which gives you a report and score.  Its a fabulous deal.


 

Thanks for the info!! :smileyhappy:

When I sent the message to HSBC asking why and if the action was negative so I may get a free credit report their response (2 weeks later - had to add that again - ha) was simply

 

"We understand your concern with the decrease of your credit limit. We’ve made a business decision to re-evaluate our current credit limit structure to reduce our losses across all Metris accounts and have adjusted your credit limit."

 

HSBC didn't answer my question directly, and they never stated my CLD was specifically due to adverse action on my credit report, so I guess I am not entitled to the credit report.  I previously thought CLDs occurred only happened when negative stuff on an individual's credit report instigated their decision, but judging from everyone's comments it seems like now CLDs based on "overall business decisions" are the norm.

 

I check my free credit reports yearly but may take advantage of the 30% off deal from MyFico :smileyhappy:  Thanks again!


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Guardian
Posts: 1,148
Registered: ‎04-23-2008
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Re: HSBC CLD - negative action? access to credit report?

Yes two weeks was actually a good turnaround, most us never got a reply or got our replies much much later. I personally wrote them on 2/20 when my limit got cut, they didn't reply to me until 3/8. What are they going to say, they know they are screwing people and they know they are doing it intentionally, what do you expect them to tell you differently? Nothing. The only thing anyone of us can do is pay it off, put it aside or close it and move on.

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cartercorp
Posts: 851
Registered: ‎07-01-2008
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Re: HSBC CLD - negative action? access to credit report?

Sorry to hear about the cld. HSBC got me also about 8 months ago. BUT my wife used it for a cash advance and they slashed me from $2500. to $1206. And about 3 weeks ago they increased it back to $2500. I dont know why they increased it back And i was never told they were going to increase me back.

HSBC is just weird.

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Guardian
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Re: HSBC CLD - negative action? access to credit report?


cartercorp wrote:

Sorry to hear about the cld. HSBC got me also about 8 months ago. BUT my wife used it for a cash advance and they slashed me from $2500. to $1206. And about 3 weeks ago they increased it back to $2500. I dont know why they increased it back And i was never told they were going to increase me back.

HSBC is just weird.


They put it back because you sent money their way with the cash advance and painted a bullseye on yourself for them to milk you for a while, so the increased it so you would extend yourself more and end up more indebted to them. I would be careful, they are not a good company, trustworthy or even worth your business. Pay off as soon as you can and cut them loose.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
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Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008
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Re: HSBC CLD - negative action? access to credit report?

They put it back because you sent money their way with the cash advance and painted a bullseye on yourself for them to milk you for a while, so the increased it so you would extend yourself more and end up more indebted to them. I would be careful, they are not a good company, trustworthy or even worth your business. Pay off as soon as you can and cut them loose.


 Well i would agree that HSBC is a little shady But its a Best Buy card and i have tons of use for this card.

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Re: HSBC CLD - negative action? access to credit report?


cartercorp wrote:

 Well i would agree that HSBC is a little shady But its a Best Buy card and i have tons of use for this card.


Well as long as it serves YOU, then its good but try to avoid the cash advances, they are a slippery sucker and could hurt you in the long run if it gets out of hands. Just looking out for you. Imagine if you have a high util and they decide to sink you like some of the others, then you are stuck with a high util and balance chansing with a huge interest rate. Anyway, good luck.


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Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
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