I wonder if there is some bizarre new standard they are using and so many people are just falling into it without knowing it and getting hurt. Does anyone mind sharing some things about their credit and usage that they think MIGHT be causing this beside the obvious that HSBC is just a freakin !@#$%^&* because I have worked hard to maintain this card, as I do any card I have really and to hear that someoen can just jerk me around like this without cause leaves me feeling vulnerable to say the least, there has to be some standard to prevent them from taking adverse action without cause. The law prohibits them from taking adverse action without cause, so if they are, at least in some way they are justifying something we are doing as adverse and I am interested to find out what that might be.
@timber wrote:I got hit by the HSBC drive-by slasher today also. I have HSBC American Express card, almost 2 years old, started with $2500 CL, never late or over limit, use card about every other month at Costco and always PIF. Just logged in and CL reduced to $1000. Nothing negative on any other account and my scores have been gradually increasing to around 700-705.
Also, I have always paid this account out of my Chase bill pay and it was paid electronically and posted in 2-days. Then 2 months ago I received a message from Chase saying the my HSBC Amex payment failed and would have to be paid via paper check. How odd... they stop accepting electronic pymts and now take forever to post the payment to your account. Why would they do this? My guess is pure greed! They want you to use their payment system and charge extra to insure timely payment or send pymt using snail mail and take their good ole time posting in hopes it will be late and then they hit you with a late charge and up your APR. Another now defunct CC issuer (Providian) used these sleazy practices and found themselves on the end of a class action lawsuit.
Just used the card this past weekend at Trader Joes for $50. Will be paying this off and closing account. I'm done with HSBC... they are absolutely the scumbags of the financial industry and I hope all of this comes back to their own misery and demise. These big banks taking our tax dollars in bailout money and then pay huge executive bonuses and treat their "paying" by the rules customers this way disgusts me. I hope HSBC is in trouble and they fail... seriously!
Thank God for credit unions like NFCU, PenFed and Alliant. This is where I'm investing my money. These big banks caused this mess and don't deserve our bailout money or our business. I must end my rant now before I blow a vein.
I have noticed that their payment processing is taking much longer as well. In the past they used to post the payment in 2 days tops and then it would come through my account and get deducted about 1-2 days later. Now, it gets deducted from my account 2-3 days later and then 3-4 days AFTER that, it shows up posted on my account. I can only imagine that this is done to intentionally keep your average daily balance higher so that they can assess more finance charges to it and increase the chance that you will go over your limit, miss the payment deadline or whatever else they can use to hit you with fees. I find it dispicable actually and eventhough companies gets sued over this unethical business practices left and right, there is always someone still doing it thinking they can get away with it, its ridiculous.
@Anonymous wrote:I got an alert that my balance was within 500 of my CL. Shocking, since I hadn't used it. Sign in to find my 7.6K CL is now $300. This is an old Direct account that I have had for years, never late. PIF for the last year or so. Kept active monthly with auto payments. In other words, I did everything right. They just woke up on the American Express side of the bed today. They will never get out of the sock drawer like that.
@Anonymous is writing the code these places are using to reevaluate credit needs his @Anonymous kicked.
Agreed, its ridiculous. I did however get slashed by Juniper where they took my limit from 2700 and reduced it to 2100 and their excuse was that we adjust CLs based on usage pattern and need and since you don't use the card heavily, you don't need the credit so we are taking it back. I was shocked but they are right in the sense that its one of my worst cards and I use it for like 200 a month and then pay in full and be done with it, so I guess they wised up. SO maybe they are trolling these forums and know what we are doing and they are fighting back by taking the CLs away for cards that are not being actively or consistently fully used, I don't know just a thought.