HSBC Closed My Account

[RiseandShine7907]

I got a letter in the mail today from HSBC stating that after a thorough review of my account history that my account had been closed for the following reasons:

(1) TOO MANY ACCOUNTS RECENTLY OPENED

(2) TOO MANY INQUIRES( I thought it was spelled "inquiries" but the letter says inquires) IN THE LAST 12 MONTHS

This was one of the HSBC cards that is offered when you app and are denied for a Discover product.  I opened the account in Aug 2011 with a $400 limit. The last time I used the card was in October 2011 at that time I had a balance of $286.  I have been paying double the minimum payment every month. I have opened some store cards (@ stores I shop @ frequently) and I do have inquiries from where I did some auto loan shopping. This is just a heads up for those who have HSBC backed cards.

[Anonymous]

Sounds like they're trying to shed some of their CC portfolio before Cap One takes it over.

[dalebb]

they did u a favor,, now u dont have to close it

[RiseandShine7907]

It felt like a slap in the face at first, but I'm over it now....

[Anonymous]

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@RiseandShine7907 wrote:

It felt like a slap in the face at first, but I'm over it now....

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It's really no loss anyway. I'm pretty sure it's due to Capital One taking over their cards, so they're shedding what they can now before they transfer them over.

[Anonymous]

That's scary because I have one of those cards too.  I wonder if I will get a letter.

What is going on with these banks just closing accounts lately? 

[pizzadude]

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@dalebb wrote:

they did u a favor,, now u dont have to close it

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+1.   You will be better off without it.

It's somewhat ironic that they are taking AA on accounts with $400 CLs.    I mean why would they be surprised that you have to open other accounts when all they give you is a toy limit ??

[RiseandShine7907]

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@Anonymous wrote:

That's scary because I have one of those cards too.  I wonder if I will get a letter.

What is going on with these banks just closing accounts lately? 

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Hopefully you won't get a letter.  AndyK maybe be on to something about them closing accounts before Cap One takes over.

[Ron1]

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@Anonymous wrote:

That's scary because I have one of those cards too.  I wonder if I will get a letter.

What is going on with these banks just closing accounts lately? 

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Last week, it was BofA and now.... HSBC.  My prediction was right.

Ron.

[Anonymous]

I've heard many accounts that HSBC tends to AA cardholders with 90 days of inactivity.