HSBC platinum MC 2% rewards

[Guardian]

Unfortunately no way to know for sure but yes it will take a bit of a hit. But no more than the fact that your account history is pretty young already. So you may actually get lucky and not hurt any more than you are already. Maybe a little lower but hopefully not too huge. Remember that getting your house in order now will have a better long term effect than trying to walk on eggshells now and end up taking that hit later when you have worked so hard.

[nothingman02]

Would the hit because of AAoA be comparable to that of an inquiry? From what I understand now, even if I cancel the orchard secured and opt for HSBC MC, its a typical $300 card and will not grow atleast in the first year and perhaps not remarkably after that either. I am a little skeptical about it reaching 1500 in a couple of years. If so, it is definitely worth it. Otherwise, it seems to be no better than the orchard secured and instead of taking a hit for this card, I could save it for something else if I keep going the way I am right now.

The way it is that both the cards are similar now and if the HSBC can grow siginificantly,I could take the hit with the AAoA now. Else I could save it for a another card. I only have 2 cards orchard and FP 3 months old and 2 derogs, a chase card and its buyer AAC. I am expecting some pre approvals to start in another 3 months. Scores are 576 and TU 602 ficos.Thanks for the help.

[Guardian]

The hit should hover around that of an inquiry most likely. Maybe a bit more but not enough to cripple you. Expectation of $300 is reasonable and you are right, its skeptic but accurate that it might not grow to $1500 in two years but keep in mind that when you don't have alot of revolving and you are with a credit company, generally speaking when you do good and show good, they will grow it with you. It might not get super big super fast, but it will grow. Now given HSBC's recent shenanigans, I am hard pressed to think they will suddenly grow a conscience and act accordingly but you never know. You are welcome and I hope it has given you some perspective and I wish you all the best no matter what you choose to do and will keep my fingers crossed for the best outcome for you. Good luck.

[nothingman02]

Thanks guardian. I am gonna play again with the excel sheet and then give them a call and probably opt for the HSBC. Will post back about how it goes and how my scores changed.They said they would not do an another inquiry if it is within 60 days so the hit would be for the AAoA.

Would you mind looking at another question of mine? It is about a Collection account. The only one I have. If so, this is the link.

 http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&message.id=56006#M56006

Thanks for the help.

Message Edited by nothingman02 on 03-24-2009 02:03 PM

[Guardian]

You are welcome and I wish you the best. Please do keep us updated, I always like to know, it helps improve and update the experience and what we know to be true or not. For me its knowledge in practice. Thank you.

I will now go and look at your other post and see if I can help. Unfortunately have lots of dealings with collections (thank my wife) so I will see if anything I know can help.