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Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007

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

Hello :smileyhappy: 
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
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

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

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.
 
 
Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007

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

...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
Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007

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

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?
 
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

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

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?
 



Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

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

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



Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007

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

Okay.  Thanks for all your help Timothy.  :smileyhappy:
 
 
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007

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



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.
 
Regular Contributor
MsRN2000
Posts: 236
Registered: ‎07-21-2007

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

Should I apply online first and after being approved ask for a conversion?
 
And, (??) this still results in a hard pull right
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007

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



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?

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