Reply
Regular Contributor
Kennie02
Posts: 239
Registered: ‎08-11-2011
0

Re: HSBC Kawasaki Card Nightmare

Watchmann that's a good idea about trying to sell it back to the dealer. We are going to give that a try!! At this point I am willing to take whatever they give me to get this balance down. ILBrian we do not own this bike outright. We don't have the title in hand. HSBC has it because we are still paying for the bike. 

 

I have a part-time job paying minimum wage and working very few hours a week. Let's just say that I make enough just to pay for the gas to get me there pretty much. A big loss from the $18/hr job I had in CA. The DH says hes been looking for a second job and I am looking for a better one. But with two kids not yet old enough for kindergarten and no family in this new state its not easy. And it's difficult for me to send this money to this bike every month. It feels like a waste but like u guys said it will only hurt me more in the long run. I am hoping that with a better paying job I can qualify for a better CC. I am a member of NFCU and if I can get some of this balance down by selling this bike back and then have a lower balance to transfer onto one of their cards I will do it. Might take a few months because I will have to get more income and maybe hope my CC score improves a bit before I would be able to apply. 


In the Garden until July 2015 Last HP 08/26/14

Starting Score: 530 (9/2013)
Current Score: 671 EQ (myfico) 669 TU (Discover) 662 EXP(Lending Club)
Goal Score: 720+ all 3


Take the myFICO Fitness Challengefont>
Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: HSBC Kawasaki Card Nightmare


Kennie02 wrote:

Watchmann that's a good idea about trying to sell it back to the dealer. We are going to give that a try!! At this point I am willing to take whatever they give me to get this balance down. ILBrian we do not own this bike outright. We don't have the title in hand. HSBC has it because we are still paying for the bike. 

 

I have a part-time job paying minimum wage and working very few hours a week. Let's just say that I make enough just to pay for the gas to get me there pretty much. A big loss from the $18/hr job I had in CA. The DH says hes been looking for a second job and I am looking for a better one. But with two kids not yet old enough for kindergarten and no family in this new state its not easy. And it's difficult for me to send this money to this bike every month. It feels like a waste but like u guys said it will only hurt me more in the long run. I am hoping that with a better paying job I can qualify for a better CC. I am a member of NFCU and if I can get some of this balance down by selling this bike back and then have a lower balance to transfer onto one of their cards I will do it. Might take a few months because I will have to get more income and maybe hope my CC score improves a bit before I would be able to apply. 


you should contact nfcu and see if they cant get you a balance transfer. do you have a cc with them? they do have from time to time zero % promos going on with no bt fee so you should look into that. nfcu is flat out the best and if they can they will help you

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: HSBC Kawasaki Card Nightmare

I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.

 

I don't think anyone would refi a dead bike.

 

The best option I see is for DH to get a 2nd job.  Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.

 

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: HSBC Kawasaki Card Nightmare


marty56 wrote:

I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.

 

I don't think anyone would refi a dead bike.

 

The best option I see is for DH to get a 2nd job.  Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.

 


I agree with this, try to do your best in paying it down.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: HSBC Kawasaki Card Nightmare

@OP,

 

Why did DH use your credit to buy the motorcycle?


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Regular Contributor
JaysonT
Posts: 165
Registered: ‎08-13-2009
0

Re: HSBC Kawasaki Card Nightmare


marty56 wrote:

I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.

 

I don't think anyone would refi a dead bike.

 

The best option I see is for DH to get a 2nd job.  Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.

 


I'm not sure I understand why a BT would double the payments?  I don't know the particulars of this type of card but it would seem that a balance transfer would get the bike title transfered to the OP and allow them to sell the bike which would then be money to apply toward the balance.

Regular Contributor
Kennie02
Posts: 239
Registered: ‎08-11-2011
0

Re: HSBC Kawasaki Card Nightmare


drkaje wrote:

@OP,

 

Why did DH use your credit to buy the motorcycle?


He didn't. This CC is soley in his name. Had I been at the motorcycle dealership I never would have agreed to this. But I manage all of our household finances so I know what impact this is having on us. 


In the Garden until July 2015 Last HP 08/26/14

Starting Score: 530 (9/2013)
Current Score: 671 EQ (myfico) 669 TU (Discover) 662 EXP(Lending Club)
Goal Score: 720+ all 3


Take the myFICO Fitness Challengefont>
Regular Contributor
Kennie02
Posts: 239
Registered: ‎08-11-2011
0

Re: HSBC Kawasaki Card Nightmare


JaysonT wrote:

marty56 wrote:

I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.

 

I don't think anyone would refi a dead bike.

 

The best option I see is for DH to get a 2nd job.  Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.

 


I'm not sure I understand why a BT would double the payments?  I don't know the particulars of this type of card but it would seem that a balance transfer would get the bike title transfered to the OP and allow them to sell the bike which would then be money to apply toward the balance.


Yeah I don't think a BT would double my payments. At least I hope not. I am hoping that if I apply for a CC w/ NFCU I can qualify for a 0% promo and pay it off during the promo. I can't refi the bike because it is charged to a CC. From what I was told at NFCU I can't refi a bike from a CC to a motorcycle loan. 

 

Spoke to HSBC this past week again. They said I would have to wait until I can request a lower payment. That would do horrible things to my balance I am sure but I don't want to fall behind. Like everyone said it will only make matters worse. 


In the Garden until July 2015 Last HP 08/26/14

Starting Score: 530 (9/2013)
Current Score: 671 EQ (myfico) 669 TU (Discover) 662 EXP(Lending Club)
Goal Score: 720+ all 3


Take the myFICO Fitness Challengefont>
Regular Contributor
Kennie02
Posts: 239
Registered: ‎08-11-2011
0

Re: HSBC Kawasaki Card Nightmare


rootpooty wrote:

Kennie02 wrote:

Watchmann that's a good idea about trying to sell it back to the dealer. We are going to give that a try!! At this point I am willing to take whatever they give me to get this balance down. ILBrian we do not own this bike outright. We don't have the title in hand. HSBC has it because we are still paying for the bike. 

 

I have a part-time job paying minimum wage and working very few hours a week. Let's just say that I make enough just to pay for the gas to get me there pretty much. A big loss from the $18/hr job I had in CA. The DH says hes been looking for a second job and I am looking for a better one. But with two kids not yet old enough for kindergarten and no family in this new state its not easy. And it's difficult for me to send this money to this bike every month. It feels like a waste but like u guys said it will only hurt me more in the long run. I am hoping that with a better paying job I can qualify for a better CC. I am a member of NFCU and if I can get some of this balance down by selling this bike back and then have a lower balance to transfer onto one of their cards I will do it. Might take a few months because I will have to get more income and maybe hope my CC score improves a bit before I would be able to apply. 


you should contact nfcu and see if they cant get you a balance transfer. do you have a cc with them? they do have from time to time zero % promos going on with no bt fee so you should look into that. nfcu is flat out the best and if they can they will help you


I don't have my own CC w/ them. We have one joint but not enough to be able to transfer the entire balance. I know we wouldn't get a CLI because we only have one solid income. My part time job isn't enough. They also already denied DH req for a debt consolidation loan. Don't want to make another attempt with them until I have a better job, more income and hope they approve me at that time. I wonder if I would have to be at my employer for a certain amount of time first? 


In the Garden until July 2015 Last HP 08/26/14

Starting Score: 530 (9/2013)
Current Score: 671 EQ (myfico) 669 TU (Discover) 662 EXP(Lending Club)
Goal Score: 720+ all 3


Take the myFICO Fitness Challengefont>
Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: HSBC Kawasaki Card Nightmare


Kennie02 wrote:

drkaje wrote:

@OP,

 

Why did DH use your credit to buy the motorcycle?


He didn't. This CC is soley in his name. Had I been at the motorcycle dealership I never would have agreed to this. But I manage all of our household finances so I know what impact this is having on us. 


I see.

 

It stinks but even with a BT, one of you will probably need another job to fix things. FWIW, with it paid off he may be able to recoup something after a sale. As others have said, the interest rate wouldn't be terrible if the card didn't appear maxed-out.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}