Y No Luv here 4 HSBC?

[Anonymous]

  Unemployed and prequalified and instantly approved for no AF platinum cashback MC.  CL 1000+

  Friend declined by others for debt ratio  but also approved with no AF

[JoeBJay20]

Welcome to the forums!

I wouldn't say that they're no love here for HSBC, but most of us recognize their are better options available.  HSBC is a subprimer lender and their accounts don't tend to grow with you.  In most cases, people trying to rebuild are better off going with a secured CC account with a prime lender that will automatically convert to unsecured down the road. 

[Anonymous]

Welcome to the forums. I really would not be to concerned about what anyone says regarding CC issuers as frankly, almost all issuers have GOOD and BAD products.

Experience has shown me that when I see a lot of complaining about a company and the slamming of them by people, I bear in mind we are only getting one side of the story.

This will irritate a lot of people, but the fact is, a person with a $500 CL card form say "Orchard or First Premier" whopays their bill on time every month, doesn't miss a payment and handles their acccount in a responisble manner, is a far better customer then one who has a $10,000 limit, has late payments, goes over their credit limit, etc.

Personally, I have discovered that it is often a case of "sub-prime" borrowers rather then sub-prime lenders.

CONGRATULATIONS on your new card.

[Anonymous]

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@Anonymous wrote:

Welcome to the forums. I really would not be to concerned about what anyone says regarding CC issuers as frankly, almost all issuers have GOOD and BAD products.

Experience has shown me that when I see a lot of complaining about a company and the slamming of them by people, I bear in mind we are only getting one side of the story.

This will irritate a lot of people, but the fact is, a person with a $500 CL card form say "Orchard or First Premier" whopays their bill on time every month, doesn't miss a payment and handles their acccount in a responisble manner, is a far better customer then one who has a $10,000 limit, has late payments, goes over their credit limit, etc.

Personally, I have discovered that it is often a case of "sub-prime" borrowers rather then sub-prime lenders.

CONGRATULATIONS on your new card.

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Why would anyone get irate by your statement, these are facts you speak about. Me personally I hate HSBC products because they are sub-prime and don't grow with you among other things well documented in this forum.  But welcome too the forum meonFICO it's good to have you here as this place has a wealth of information for everyone who comes here.


King

[Anonymous]

"One man's trash is another man's treasure."

At one point many people are elated to receive HSBC, especially when that is the only thing they can qualify for (unsecured). 

But as time passes, and credit improves, HSBC begins to lose its luster as other lenders are willing to extend credit with higher limits and better rates, until eventually HSBC is looked down upon.

The point is there are many needs in the credit market, like all markets, and there isn't one product to fit all.

[Anonymous]

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@Anonymous wrote:

"One man's trash is another man's treasure."

At one point many people are elated to receive HSBC, especially when that is the only thing they can qualify for (unsecured). 

But as time passes, and credit improves, HSBC begins to lose its luster as other lenders are willing to extend credit with higher limits and better rates, until eventually HSBC is looked down upon.

The point is there are many needs in the credit market, like all markets, and there isn't one product to fit all.

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I agree with txjohn, his assessment is laid out in a much better fashion then my own listed. I share this similar position. Nice post.... 

King

[Anonymous]

DickC.

Good point.  I have to say, though, that I was happy Orchard would help me rebuild but would not consider the outrageous fees that First Premier charges.  Two very different animals.

Message Edited by utah2009 on 07-10-2009 05:27 PM

[creditwherecreditisdue]

Congratulations! Be happy to have your new HSBC issued card. Just treat it right and never be late.

That being said, do not go HSBC crazy. Make sure you pursue a diversified portfolio of credit products and try to limit yourself to one HSBC card. (HSBC, Orchard, Household, Direct Merchants, etc.) I have one and have been oh so grateful to Direct Merchants Bank for issuing me that MasterCard lo those many years ago. I have long since outgrown that card, but keep it largely due to the success of my efforts to browbeat them into turning it into something that meets my current basic requirements for retention and also due to its age.

Times change and I don't think anyone can give you an exact picture of what the credit landscape will look like five or ten years from now. Be thrilled with what you have currently been offered and do your best to insure that each day is better than the last!

[Anonymous]

I was very happy when I got my Orchard card. They sent me an HSBC card at the same time.  But it's true that HSBC does not grow with you.  Orchard gave me two unsolicited clis but would not drop the AF..  I closed Orchard when I was able but kept low limit HSBC because there is no fee.

[Anonymous]

Wow.  That's cool that they sent you an HSBC card at the same time.  I have an Orchard, went online for HSBC and was preapproved.  Applied and was denied because they want 12 (or 18?) months between new accounts with them.  Thanks for the info - and I'm glad they had that policy before.  Maybe they'll go back to it - of course by the time they do, I'll probably meet their timing requirements, anyway!