11-02-2012 10:07 AM
I was just doing my weekly CC payments, and I saw that HSBC closed my card (must have been in the last month, because it still showed open on 10/5 when I updated my PM123).
I'm really irritated since there was no warning... Sure the card had no balance, but it was helping with my Util since most of my limits are pretty small. It was also my 3rd highest limit, 3rd oldest card and it didn't have an AF. I really planned to keep it indefinitely because of the lack of AF on it and was going to cancel my BofA (which is a lower CL and has an AF) in March - but now I might have to keep it around for the util help (not that I carry a high Util, but I like the extra cushion).
Has anyone had any luck getting them to reopen an account after they close it? I know most people will say it's not worth the effort, but I really did want to keep it around since there's no AF and it was about 12% of total credit limit across the board.
I've seen threads about them closing it with inquiries as the excuse, but all my inquiries are 6+ months old so it'd be silly for them to do it now lol
11-02-2012 11:24 AM
Thanks... I sent an email to customer service. If that doesn't work, I'll try calling on Monday. I know it's not a huge deal, it's just irritating. Drops my total available credit from 7.3K to 6.35k, not a lot numerically, but quite a bit percentage wise.
Looks like I'll be apping for 1-2 cards in late November to try to make up my lost ground. Doing that was just a "maybe" not it's more of a "probably" lol
11-02-2012 01:38 PM - edited 11-02-2012 05:21 PM
11-02-2012 04:27 PM
They closed some of mine about two months ago when I was doing car shopping. Called them up and they didn't care if the inquiries were caused by auto shopping. When capital one took over they reviewed some hsbc accounts and closed accounts if there were recent inquries or new credit. They closed my orchard, discover direct rewards and sears solutions. I replaced them with better cards.
11-02-2012 05:20 PM - edited 11-02-2012 05:26 PM
That's what I very much dislike about banks when it comes to credit cards. They close and/or decrease your credit limit for the dumbest reasons. No wonder credit unions keep growing at a fast rate....people are getting tired of being treated as only a number (not a member).
11-02-2012 05:54 PM - edited 11-02-2012 05:56 PM
Funny enough, I got the letter explaining the decision today... It was dated 10/27 and postmarked 10/31 and said that my account would be closed at the end of the month of October (lol so much for any warning!) when the card expired due to their internal review process and score which is based on EQ:
Your score: 586 (lol)
Reason: Derogatory public record or collection filed
Number of accounts currently or in the past not paid as agreed
I find it funny since when they offered and approved me for the card I had 6 COs and 3 collections on my reports with scores that are probably 80-100 points lower than they are now... Yet now they've decided that these things matter when I have a third of the derogs (1 CO and 2 collections) left on my report that are all due to fall off in 6-18 months. I haven't actually been delinquent on anything in over 5 years, including this card. I even pulled my EQ just to make sure nothing new popped up, and no nothing new was there.
I even got a Cap1 pre-approval (which I accepted) back in March/April before a couple other old baddies fell off lol.
I'm actually more annoyed now since the letter is so late and the reasoning is so lame, but I also find the reasoning a little humorous in the grand scheme. I'll still be waiting for their email response and will still try to call and get it reopened if the email isn't satisfying.
11-02-2012 06:03 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.