topic Re: Y No Luv here 4 HSBC? in Credit Cards

Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 15:30:09 GMT

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

Re: Y No Luv here 4 HSBC?

JoeBJay20 — Fri, 10 Jul 2009 15:59:14 GMT

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.

Re: Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 21:26:43 GMT

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.

Re: Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 21:41:17 GMT

@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.

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

Re: Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 22:09:41 GMT

"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.

Re: Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 22:16:38 GMT

@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.

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

Re: Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 23:27:08 GMT

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

Re: Y No Luv here 4 HSBC?

Anonymous — Fri, 10 Jul 2009 23:24:36 GMT

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!

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 01:24:41 GMT

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.

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 01:37:59 GMT

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!

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 04:33:04 GMT

I've got "luv" for HSBC. they gave us a $500 card when no one else would. Only thing is, mine has $59AF and spouse's has a $49. His is due again in December, and we are preparing to close it if they won't waive the fee. Same with mine. We have big limit/low interest cards in our pocketbooks now, so don't *need* HSBC anymore. BUT having said that, they have been good to us. Oh, except for the time they tried to report on me that I had been 30 days late in Feb of 07 or some such stupid date which is a lie of all lies. We have been absolutely **bleep** about paying on time and never going over limit. It's true though that they don't grow with you much. In all this time (4 years now), we are both only up to an $800 limit apiece. Maybe it would have been more had we called more often, but we didn't want all those hard inquiries. We now have close to 30k in available credit, so HSBC will have to go jump in a lake if they won't waive that AF. Too bad, too, because my husband still uses his HSBC for all his work expenses and pays it in full every month with his expense check. So, they are making money on us.

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 04:34:44 GMT

PS...I disputed that 30 day late bullcrap and they took it off immediately. Somebody else told me that HSBC is notorious for doing that crap.

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 04:44:59 GMT

@Anonymous wrote:
I've got "luv" for HSBC. they gave us a $500 card when no one else would. Only thing is, mine has $59AF and spouse's has a $49. His is due again in December, and we are preparing to close it if they won't waive the fee. Same with mine. We have big limit/low interest cards in our pocketbooks now, so don't *need* HSBC anymore. BUT having said that, they have been good to us. Oh, except for the time they tried to report on me that I had been 30 days late in Feb of 07 or some such stupid date which is a lie of all lies. We have been absolutely **bleep** about paying on time and never going over limit. It's true though that they don't grow with you much. In all this time (4 years now), we are both only up to an $800 limit apiece. Maybe it would have been more had we called more often, but we didn't want all those hard inquiries. We now have close to 30k in available credit, so HSBC will have to go jump in a lake if they won't waive that AF. Too bad, too, because my husband still uses his HSBC for all his work expenses and pays it in full every month with his expense check. So, they are making money on us.

Well said!

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 12:54:29 GMT

yes they were appreciatedat the time. I also had a BK.

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 13:48:33 GMT

It is for these reasons:

1. High interest

2. Low CL's

3. No CLI or very little CLI (won't grow)

4. AF

that I recommend going with a savings secured credit card through a good credit union INSTEAD of going with a builder card such as HSBC. In this way you build savings, build a solid relationship, the card will eventually unsecure and grow and you will now have a relationship that grows and provides you all the credit you will need down the road: Auto, CC, LOC, Checking, Savings, HELOC, Home.....and so on.

Builder cards are really not builder cards, IMO. They are, "I want credit now....I don't have savings/I don't want to post savings" cards.

You can do everything and more with a good credit union secured card. Your credit will rebuild much faster, it will cost you less, it will grow, you will be happy long term and have a solid credit/financial partner.

But, patience is a virtue that we all struggle with, when it comes to credit. LOL

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 14:46:08 GMT

Good point TXJohn. You can actually do both. We work with our C.U. (inc. overdraft protection from them and savings and automatic deposit). And we have a builder card from Orchard - the only thing we paid Orchard is the annual fee - don't pay interest because we don't carry a balance. Plus enjoyed a nice score bump when we added the Orchard CC. They're not mutually exclusive - they just each serve a purpose. Think of them as tools -- in my tool box I have a screwdriver AND a hammer (unless the kids take them, but that's a different story). Our CU serves us well and helps us rebuild, as does our builder cc from Orchard. I'm assuming that the Orchard tool will not fit our needs as time goes by, but it's helpful in our beginning phases. Our CU tool will serve us for many years.

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 14:56:46 GMT

@utah2009 wrote:
Good point TXJohn. You can actually do both. We work with our C.U. (inc. overdraft protection from them and savings and automatic deposit). And we have a builder card from Orchard - the only thing we paid Orchard is the annual fee - don't pay interest because we don't carry a balance. Plus enjoyed a nice score bump when we added the Orchard CC. They're not mutually exclusive - they just each serve a purpose. Think of them as tools -- in my tool box I have a screwdriver AND a hammer (unless the kids take them, but that's a different story). Our CU serves us well and helps us rebuild, as does our builder cc from Orchard. I'm assuming that the Orchard tool will not fit our needs as time goes by, but it's helpful in our beginning phases. Our CU tool will serve us for many years.

Agreed, that many people do use them as a "tool." However, very few express happy relationship years later.

I "recommend" going with a second CU and secured card, for long term benefits and satisfaction. HSBC gets your foot in the door. But I don't know anybody that is "happy" with them after they have rebuilt credit. And while they "acknowledge" the initial benefits, they also complain of the long term limitations and cost.

Thus it is good that people have this option. For me, I recommend a little more patience, build up savings, go secured routes (multiple CU's, BoA, Amalgamated Bank of Chicago) and have better long term TL's, limits, relationships.

The point is this: You know going in that HSBC is a limited, short term benefit. They do not have long term benefits, not even the open date, because you can have the same open date with secured cards.

And the savings doesn't cost much, as HSBC usually only starts people out with a few hundred dollars.

So, with all things being equal, if you have the ability to put some savings in place, then continue to build savings, I personally (IMO) recommend not going with builder cards, but go with long term relationships, which builder cards will never be. "Looking for love in all the wrong places." LOL

For those who have, seek, will apply for or want an HSBC card, this post is in no way designed to offend, only to offer information and perspective to which you may find value or you may not.

Good luck to all in your endeavors!

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 15:28:37 GMT

Well noted. However, it's not patience - or a lack of it - that motivates my decision. It's simply a different viewpoint. Go gently!!

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 17:41:35 GMT

Got my velvet gloves on! LOL

Re: Y No Luv here 4 HSBC?

Anonymous — Sat, 11 Jul 2009 18:25:16 GMT

Building a solid relationship is what I thought I had with B of A. Checking, savings, cc. Tlll they raised my CL to $19,500 in Jan then cut it to 8k in March due to the economic conditions and not enough usage. CSR told me 20% of their customers had CLDs the same day. Later when I hit the luv button with a lower income than previously, not only no CLI but another cut to $500. Called backdoor and was asked about my liquid savings and home paid for. Wow was the response. And oh yes I see you have some savings with us. The month before I had PIF over $3000 but the rep could only see the $11 balance I had paid in the current mo. Wouldn't restore CL. So much for relationships. No one should kid themselves into thinking any bank is your friend. As a result I closed the card and they are losing a checking and savings customer too.