Questions Re: asking a CC company to lower interest rate / remove annual fee

[Anonymous]

Hello  

Can anyone help?  I am seeking suggestions on how to manage this issue.  I have an HSBC CC with an annual fee that I've had for 11 months.  I have requested a credit limit increas once (3 months after receiving the card) and was denied.  The next week someone phoned me from the company asking about the service and I told them that I was not happy with it. Well, I was granted a $250. increase at that time without reviewing my credit report. So, today I phoned and asked if I could have the interest rate decreased and / or the annual fee terminated.  HSBC told me no and that it could not be done.  I know that these things can be done and I am seeking advice on how to go about doing this.  Would a letter be the answer?  I am concerned with keeping this card b/c it is the oldest revolving account that I have.

My FICO Scores now range from 670 - 735 which is a totally different issue from when I initially received the card.

Thanks

[Anonymous]

Someone may sugest to open a new card (higher limit and lower APR) with them and then try to combine getting the old history.  It would cost an INQ and a few phone calls.

[Anonymous]

...So, I can do that?  Just call and request another card with HSBC and let them know of the old card and ask if I could keep the origin date of the 1st card - Is it possible that they'd do a soft pull on my report? (I have 3 inq already for the last 12 mo). I didn't know that a bank would do a hard inq when opening a savings accout.

If so, I'll definitely try. I'd like to get away from the annual fee (and the high APR) but, I make every effort to pay the card out each month.

Thank you

[Anonymous]

Hey,

Sorry to be such a pest.  But, in the following link it says that HSBC does system inq only.  Does that mean that requesting another card through them would not show up as a hard inquiry?

CreditBloggers: Credit Reports and Checking Accounts: Do Banks Place Hard Inqu

[Anonymous]

HSBC in my experiance will pull a HARD INQ anytime they offer new credit.

---

MsRN2000 wrote:

Hey,

Sorry to be such a pest.  But, in the following link it says that HSBC does system inq only.  Does that mean that requesting another card through them would not show up as a hard inquiry?

CreditBloggers: Credit Reports and Checking Accounts: Do Banks Place Hard Inqu

---

[Anonymous]

I wouldn't call- Get the card approved online and then call.

If you don't get the results you want cancel it.

They will do a hard pull if you do it online or on the phone.

---

MsRN2000 wrote:

...So, I can do that?  Just call and request another card with HSBC and let them know of the old card and ask if I could keep the origin date of the 1st card - Is it possible that they'd do a soft pull on my report? (I have 3 inq already for the last 12 mo). I didn't know that a bank would do a hard inq when opening a savings accout.

If so, I'll definitely try. I'd like to get away from the annual fee (and the high APR) but, I make every effort to pay the card out each month.

Thank you

---

[Anonymous]

Okay.  Thanks for all your help Timothy. 

[Anonymous]

---

MsRN2000 wrote:

I have an HSBC CC with an annual fee that I've had for 11 months.

...

today I phoned and asked if I could have the interest rate decreased and / or the annual fee terminated.  HSBC told me no and that it could not be done.

...

My FICO Scores now range from 670 - 735

---

The HSBC Platinum MCs have no annual fee and with your scores you should qualify. Try asking for a conversion.

http://www.us.hsbc.com/1/2/3/personal/cards

[Anonymous]

Should I apply online first and after being approved ask for a conversion?

And, (??) this still results in a hard pull right

[Anonymous]

---

MsRN2000 wrote:

Should I apply online first and after being approved ask for a conversion?

And, (??) this still results in a hard pull right

---

Don't apply online for a new CC. Call and ask for a conversion. If they give you the conversion, you'll keep the age of the existing CC (which you want) and lose the annual fee (also a good thing).

If they won't do it, you might try to "softly" lean on them. Are you currently carrying a balance?