Strange - HSBC just reported mid-month

[ScoreBooster]

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@JonStur wrote:
This has to somehow be related to their impending sale...

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Could be.

Hopefully, they transfer my account and keep it open. I just opened this TL with them in January to rebuild my credit. An "account closed by grantor" wouldn't be too "helpful"..

[haulingthescoreup]

I was sorta joking when I said that they might be pumping up their accounts receivable, but not really.

Maybe their valuation depends on statement balances or something.

I agree that this is too close to the sale news to be coincidental.

For anyone trying to do anything complicated with their cards, I'd advise some serious documenting of anything you're doing, whether it's changing APR's, increasing CL's, getting a late forgiven <-- especially that sort of thing. No telling what might get lost in the shuffle with a transition.

[haulingthescoreup]

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@ScoreBooster wrote:

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@JonStur wrote:
This has to somehow be related to their impending sale...

---

Could be.

Hopefully, they transfer my account and keep it open. I just opened this TL with them in January to rebuild my credit. An "account closed by grantor" wouldn't be too "helpful"..

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It might be annoying, but there's no effect on score, and there's no indication that any other lenders would look at it oddly, especially since the whole industry would be aware that HSBC had sold off (is selling off) its portfolio.

[Uborrow-Upay]

Not a lot of buyers out there for their US portfolio, but the potential (and, IMO, most likely) buyer would be Cap One.

HSBC has always done weird-duck reporting.  "Gettin' with the program" would help make the sale of the portfolio a bit easier for the transitioning of the accounts.

Just a guess. 

P.S.  Looks like I'm no guru-psychic-financial wizard after all.  I see Cap One has already bid on HSBC...as in yesterday? 

Sorry for my own pat on the back IMO posting.  Maybe I'd heard it already, and then thought it was my own brilliance.  It happens.

Jeez.  This is embarrassing!

[p-]

Headline:

UPDATE 3-HSBC to wind down U.S. card unit if no buyer found

They say the credit card porfolio is less valuable because it is comprised of mostly subprime borrowers, making it difficult to cross market products like mortgages.  But when I improved my score and wanted better terms or a CLI, they refused.  Why wouldn't they take the subprime customers that become better credit risks and put us into a better product?  We would be more likely to stay with HSBC and improve the value of their portfolio, while reducing the overall risk.

Watch your statements close, especially if you carry a balance, because they can raise your rate any time.  If you don't notice and refuse it is an automatic acceptance of the changes.  I see a likely scenario where they sell us off, and the new creditor gives us terrible terms like a super high rate.  If that's the case I will either pay it off and stop using it, or cancel it altogether.

When Chase decided to raise us from 11% to 24.5%, we refused the terms, closed the account, and paid it off at the old terms.  I was sorry to see a 5k trade line go, but we had almost a 3k balance and didn't want to pay that high an interest rate.  When Sears did the same thing we paid the card off in full, and moved it to the back of the wallet.  They responded by reducing our CL by 85%.  So **bleep** them, I'll take my business elsewhere.  If HSBC goes all wonky on me I'll do the same.

(lol @ auto bleep - a threaded fastener tightened by a screwdriver is a **bleep**)

[Uborrow-Upay]

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p- wrote:   (lol @ auto bleep - a threaded fastener tightened by a screwdriver is a **bleep**)

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[ficofox]

That's funny, I didn't know there was an auto-bleep feature. How **bleep**y!

After reading about the possible sale of HSBC, I've decided to play it safe and cash out my meager rewards. My 0% interest offer ends in August, so I was going to put the card into semi-retirement anyhoo.

[ficofox]

Ok, how does it censor screwy but not screwdriver? Must be the punctuation...

[ScoreBooster]

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@haulingthescoreup wrote:

It might be annoying, but there's no effect on score, and there's no indication that any other lenders would look at it oddly, especially since the whole industry would be aware that HSBC had sold off (is selling off) its portfolio.

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That's true. It would only be annoying that one of the TLs you "dedicated" to rebuild your credit would be gone after just a few months. Fortunately, I opened a few new TLs after my discharge so I needn't open a "replacement-account". My CL is only $300 and I pay it off regularly so the impact of an APR-adjustment wouldn't be "fatal".

[CS800]

I got a scorewatch today that my BestBuy MC (HSBC) reported to my EQ after 10 months of not reporting. I fould it strange to that HSBC reported in the middle of the month.

But I got a 14 point boost from that )))