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scottwagnon
Posts: 1,350
Registered: ‎02-07-2010
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Re: can only apply for a secured hsbc product

[ Edited ]

snipet of agreement disclosure:

 

"If based on your creditworthiness, we determine you do not quality for the Platinum Reward Zone MasterCard, you agree we may consider you for an account with the terms and conditions of the Gold MasterCard with Fee. If approved for the Gold MasterCard with Fee, you agree to its terms and conditions."

 

if they are handing out 0 AF RZMC cards, they are only platinum 18 percent apr cards. now if i got a 1500 limit to start and i still couldn't qualify for that card, there must be alot of people out there applying for a RZMC card that have a credit profile that is better than mine.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: can only apply for a secured hsbc product

Well, congrats, I guess. :smileyhappy:

 

But for the life of me, I don't understand why you want this card. The store card is miles better, better starting CL's, better CLI's. It might satisfy your itch for a card from HSBC. Mine started at $4K when my scores were 40 points below yours, and it's up to $5.2K now with absolutely no effort on my part and hardly any usage.

 

But hey, that's cool.

 

Chacun a son gout! :smileyvery-happy:

* 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
Valued Contributor
scottwagnon
Posts: 1,350
Registered: ‎02-07-2010
0

Re: can only apply for a secured hsbc product

[ Edited ]

bank cards have a higher credit quality level than a store credit card. installment loans higher, then mortgage loans being the highest. i might go for bb in the future, but i dont need it right now. i am the kind of person that is investigative, so naturally i couldn't resist the temptation to reapply to find out what would happen. i learned this credit quality from the plus system however. but i much perfer bank cards anyway. it just doesnt completely fulfill my "credit card fix" unless its an actual bank card.

 

 

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: can only apply for a secured hsbc product

 


scottwagnon wrote:

bank cards have a higher credit quality level than a store credit card. installment loans higher, then mortgage loans being the highest. i might go for bb in the future, but i dont need it right now. i am the kind of person that is investigative, so naturally i couldn't resist the temptation to reapply to find out what would happen. i learned this credit quality from the plus system however. but i much perfer bank cards anyway. it just doesnt completely fulfill my "credit card fix" unless its an actual bank card.


 

Sez who? :smileyhappy:

 

Actually, I agree that bank cards carry more weight than store cards, but not that much more. And for scoring purposes, CC's carry way more weight than do installment/ mortgage tradelines, and that's true for store cards as well as bank cards.

 

I guess it gets down to what you want from a credit account. I liked building up my credit profile, but I tried to avoid getting cards just for the sake of getting cards. I want them to do something for my personal finances as well --generally cash rewards.

 

And if you're thinking about the supposed "prestige" of various cards, I'm afraid that HSBC cards won't make many American lenders swoon. In the rest of the world, where HSBC is a real bank, yes, but not here. They got their entree into the US market by buying Orchard's and (I think) Household's portfolios, and they've pretty much stuck with that demographic ever since, greatly contrasting with their rankings on the rest of the planet.

 

And in fact, I wound up with my Best Buy store card out of my own investigative spirit, when a thread was going around about pre-certs on their website. I knew I'd be reading about it for the next month, so I decided to check it out for myself. I never got the screen that allowed me to back out before the app went in, so boom there I was, the owner of a BB store card. Go figure.

* 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

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