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In need of advice.

Established Contributor

In need of advice.

I have been reading all the posts on HSBC (for the record I am not a fan either) and I am trying to decide if i should close the account or leave it active.  The account has been active since 03' and no baddies, but the limit is only $500 and the AF is $99 a year.  I just called to ask about the AF, to which the CR responded with the usual "there is nothing i can do" and then I asked for a CLI and there was no immediate response.  He said it could take up to 10 days for a response, so I will wait and see what they come back with.  However my other 5 cards don't have an AF and are all 1,000+ limits.  Do I keep it because its been open and active for 4 years or do I cancel it if they don't give me the CLI?
Message 1 of 17
16 REPLIES
Valued Contributor

Re: In need of advice.

How old are your other cards?
 
What is your Util?
 
The answers to these questions can affect your overall picture(FICO).  What about changing cards with HSBC if they will keep your account info on the new card?


Message Edited by Lady_Scarlet on 11-07-2007 12:14 PM
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 2 of 17
Established Contributor

Re: In need of advice.

Card breakdown:
Citi - 07'
Citi - 07'
B of A - 04'
Target - 02'
Cap 1 - 02'
 
Overall util is 38.7% (kinda high, but working on it)  its down from 58% last month.
 
The CR asked if I wanted to apply for another HSBC card and see what the terms would be, but I said no for now, just applied and got two citi cards.  I may ask if I can transfer the account over.  This was a starter card back when my credit was in the high 5's.
Message 3 of 17
Frequent Contributor

Re: In need of advice.



chiwiseguy wrote:
Card breakdown:
Citi - 07'
Citi - 07'
B of A - 04'
Target - 02'
Cap 1 - 02'
 
Overall util is 38.7% (kinda high, but working on it)  its down from 58% last month.
 
The CR asked if I wanted to apply for another HSBC card and see what the terms would be, but I said no for now, just applied and got two citi cards.  I may ask if I can transfer the account over.  This was a starter card back when my credit was in the high 5's.


That is just ridiculous.  Apply and see?  They really need to have more authority than being slave to the system to "see" what it would approve.  They should be able to grant simple requests like switching to a card with no annual fee.
 
And my HSBC said the annual fee was decided based on my credit as well as the apr and limit...so basically, it's not the card product I chose, it's my credit profile.  That is just wrong.  I soooo am tempted to cancel.  Every day that passes I wanna close it.  But I'm so paranoid about closing accounts.
Time is credit's best friend...it can heal any wound.
Message 4 of 17
Valued Contributor

Re: In need of advice.

You have a Cap1 older than the HSBC which will anchor your card age -  personally, if they don't get nice to ya, I would close it and take a short term FICO hit (f you have no major purchases planned).  But that is me...
 
I have an HSBC card and unless  things get better with them they will be gone at the end of the year
 
 
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 5 of 17
Frequent Contributor

Re: In need of advice.



Lady_Scarlet wrote:
You have a Cap1 older than the HSBC which will anchor your card age -  personally, if they don't get nice to ya, I would close it and take a short term FICO hit (f you have no major purchases planned).  But that is me...
 
I have an HSBC card and unless  things get better with them they will be gone at the end of the year
 
 



I think you're an actually intelligent consumer.  Rather than closing it blindly or just taking whatever they throw at you....you're waiting to see what type of service you get.  I wish more people did that.
Time is credit's best friend...it can heal any wound.
Message 6 of 17
Valued Contributor

Re: In need of advice.

chiwiseguy,
 
I say close it you have two other cards that is older. Put that $99 on other CC's.
 
On the other hand, do those other 2 older cards have good history?
If at first you don't succeed... hang up and try again!!
Message 7 of 17
Established Contributor

Re: In need of advice.

Both cards have a good history, I got an upgrade from target to there Visa card which came with a cl bump to 1,000. Cap1 just gave me an increase to 1,000 yesterday. I guess my Util would only go up to 40% if I closed it. Anyone know if they will transfer to another card?
Message 8 of 17
Valued Contributor

Re: In need of advice.

If you get them to upgrade you to another card let me know. So far I have only heard of only one person being about to do that but it came with a lot of work.
If at first you don't succeed... hang up and try again!!
Message 9 of 17
Established Contributor

Re: In need of advice.

If its a lot of work its probably not worth it. HSBC doesn't seem to be a great cc company anyway. I will let you know what I find out, I will give them one last month before I cancel.
Message 10 of 17