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Should i kick HSBC RETAIL SVC to the curb?

Valued Contributor

Should i kick HSBC RETAIL SVC to the curb?

I was approved for a high interest installment @22.95% but i have only paid on it since DEC 07-JAN08
so my question is should i have my CU payoff HSBC Retail or should i build atleast 6 months of history with HSBC? The interest is a killer!
 
Ive heard alot of bad things with HSBC anyway!

I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
5 REPLIES
Moderator Emeritus

Re: Should i kick HSBC RETAIL SVC to the curb?

saving $ is more important-
Could just pay it way down and make 4 more payments on it-
 
This could also be a CFL-

Schoolbuskid wrote:
I was approved for a high interest installment @22.95% but i have only paid on it since DEC 07-JAN08
so my question is should i have my CU payoff HSBC Retail or should i build atleast 6 months of history with HSBC? The interest is a killer!
 
Ive heard alot of bad things with HSBC anyway!



Valued Contributor

Re: Should i kick HSBC RETAIL SVC to the curb?

Hey Tim what you mean by CFL?  Sorry im learing!

I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Moderator Emeritus

Re: Should i kick HSBC RETAIL SVC to the curb?

consumer finance loan -
FICO does not like these- if it is, it should show up in your
Understanding Your Score
 
You have a consumer finance account on your credit report.  

Schoolbuskid wrote:
Hey Tim what you mean by CFL?  Sorry im learing!



Established Contributor

Re: Should i kick HSBC RETAIL SVC to the curb?

I am thinking opening another account for the same amount this close together would actually drop your score more then you would care for.
 
HOWEVER And I know saving money is better, I would have HSBC deduct the payments out of my account for 1 year (so they would NEVER be late). 12 mos established is a good enough pay hist on a new account. After a year I would then seek the CU and pay it off, then work on the CU acct for a year.
This is just me thinking, I have a odd way of thinking, LOL.
 
While you mean well, openeing one and closing the other might have adverse effects on your scores for a few months.
 
This is just my opinion and I approve that statement LOL
Valued Contributor

Re: Should i kick HSBC RETAIL SVC to the curb?

Thanks Tim and gdtobefree i like the idea of paying for it 12 months!  I feel that it will look good on my credit report and atleast i would have built some history with HSBC just in case i ever need them again! After having the loan transferred to my CU i would likely pay it off through them. Just to note that i always pay it 1-2 weeks before its due! Thanks once again!

I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016