HSBC credit line slashed for no reason!!!

[bamagirl1]

Yep I'm in the same boat as all of you..A month or so ago they lowered the cash advance line (which was not biggie bc I never use it)

NOW after reading prev posts I check my HSBC MC from $3400 to $300 and my HSBC DISCOVER from $1000 to $300..I have had no AA no recent inquiries..I've just been paying my accounts in full as usual and this is how they reward me..

Well I will probably close the accts now...They made the decision easier..I have going from $3400 to $300 that's really the only reason I kept it and the card has an annual fee..

sssssssssssssssooooooooooooooooooooooooo bite me HSBC

[Anonymous]

Don't close the card, thats what they secretly want!  Use it for something super tiny, and PIF well before the statement hits. That way they get no interest, the card is active, and it still shows on their books.

[bamagirl1]

why so they can charge me an AF again? I just paid their stupid fee in NOV and NOW they lower my limit..Why should I keep it???  I can't think of a good reason except to maybe scrape dog crap off the bottom of my shoe (it's been a craptastic day)

[bamagirl1]

and I never carry a balance with them except once just to see what would happen..and well look what I get in return!

[Anonymous]

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@bamagirl1 wrote:
why so they can charge me an AF again? I just paid their stupid fee in NOV and NOW they lower my limit..Why should I keep it???  I can't think of a good reason except to maybe scrape dog crap off the bottom of my shoe (it's been a craptastic day)

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Wait til Nov. (maybe this credit crisis will turn around by then) and if they won't waive the AF then close them. Keep it open for now. Somebody better might take over HSBC, you never know in this economy.

 !  

[ChesterPDexter]

Ow.  I have a $5400 limit card with them.  I am genuinely afraid to log on and check on it now.  I just made a big charge to it recently, too, so the limit was intact as of a few days ago, but it's very close to the limit.

Nope, no changes.  Just checked.  I keep thinking that because mine are sub-prime-type cards, and because I keep some of them charged up, they have not targeted me yet.  But really, I have no idea.  I also think they may be targeting homeowner, and I am not one.  Or homeowners in certain states.  I am baffled.

[GovtGal]

 I also think they may be targeting homeowner, and I am not one.  Or homeowners in certain states.  I am baffled.

I don't think that's it because I'm not a homeowner either and they slashed me from $5,000 to $300.  I was upset about it because I just began the pre-approval process to buy a home so I thought this would hurt me.  Apparetnly because it's paid off I'll be fine.  I don't have an annual fee on my card so I'm going to hold on to it until after I buy a home.  Once that's done, I'm cancelling.

[Changingmantra]

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@oracles wrote:

Hi Changing

I would not cancel the payment.

Even if they slash your credit limit, a 0 util% is better than a 80% util% for scoring purposes.

Yes your limit may be slashed but in scoring, it is util% and not the limit itself that helps your scoring.

Also you will save on interest fees.

Hope this helps

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Yes,... I had paid them off and one of my capital one cards... I canceled the 1500.00 payment to capital one and instead put 1100.00 on hsbc m/c.  So the mc and discover should have zero balance late tomorrow...I decided that I would much rather deal with Cap 1.. than HSBC.  If HSBC chops up the CL.. oh well... they have not given any cli the entire time I have had the cards... .whereas I have gotten a total of 4 from cap 1 in the past year.  Paying them 100.00 a month on both cards.. has been good enough to have them give me CLIs so... I do not need to rush and pay them off now... and with the two HSBC cards now gone... I can double my payments to cap 1.  Crappy GEMB cut my Walmart from 575 to 100.  I jsut saw that today too.

[Guardian]

Wow, this is disturbing especially that I was feeling lucky until I saw all this. About three weeks ago out of the blue they took my $3500 credit limit and increased it to $4500 and I didn't ask them for anything. The only thing they have done to piss me off was they went from the 0% intro which was in effective for a full 12 months to 16.49% instead of the 9.99% they had originally promised when they cut my 2/16/09 statement which charged me $46.90 in finance. That was unexepcted and got me really upset and I came to look for backdoor numbers to call and find out what the heck but now seeing all this I am thinking maybe I should just let it go.

[Anonymous]

I just checked my account online with HSBC and my credit line is still intact.  I never had a CLI on it either but at this stage of the game, I am not going to ask.