OK im spooked with HSBC right now

LS2982 · ‎07-31-2011

THIS IS THE UPDATE THREAD GUYS!!!! ANY NEW INFO POST IT HERE!!!!

Im gonna be SO mad I lose my new BB acct.

EQ FICO 548 3/3/16

haulingthescoreup · ‎07-31-2011

For any confused readers of your post, what are we talking about here? The expected sale of the HSBC CC portfolio to someone else?

(just checkin')

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

LS2982 · ‎08-01-2011

@haulingthescoreup wrote:
For any confused readers of your post, what are we talking about here? The expected sale of the HSBC CC portfolio to someone else?

(just checkin')

Yes.

EQ FICO 548 3/3/16

smc733 · ‎08-01-2011

If you have the store card, I'm sure you won't lose it. If it is sold, Best Buy will definitely want to make sure that all their private label card holders still have access to financing offers, they could simply reset their agreement with Chase, and begin taking new Chase apps.

Switch2007 · ‎08-01-2011

I got the email too... not sure how I feel about it. Does this mean that they will be (possibly) offering more perks to their Orchard card holders? What are the effects? (Please excuse my ignorance of it all, I'm just so over them right now)

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spankyspanky · ‎08-01-2011

Hey guys, don't be worried. They will simply sell your account to somebody.

By the way, they just released earnings and HSBC profited (yes, profited) $11,500,000,000.00 in the first two quarters this year.

Yes, 11.5 Billion dollars.

And I wouldn't be surprised to see Barclays buy up HSBC in the US.

jmcmillan · ‎08-01-2011

What do you guys think the minimum time is on this sale?

I want to get an HSBC card before it's sold, but I want to get a couple more things cleared up before I apply (even though I've already been "preapproved," i want to make sure I'm "approved). Do you think I have at least a month before they sell?

If they sold today, would we still be able to apply as the sale goes through regulatory approval?

spankyspanky · ‎08-01-2011

I'm not expert on this transaction, or sale, but these type of things happen all the time and the consumer never notices until they receive a letter telling them to send payments ot another bank.

rickjames8692 · ‎08-01-2011

I just applied for an orchard card and was approved today so who know?

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Wolf3 · ‎08-01-2011

@jmcmillan wrote:
What do you guys think the minimum time is on this sale?

I want to get an HSBC card before it's sold, but I want to get a couple more things cleared up before I apply (even though I've already been "preapproved," i want to make sure I'm "approved). Do you think I have at least a month before they sell? My guess is yes.

If they sold today, would we still be able to apply as the sale goes through regulatory approval? My guess is yes.