topic Re: Sears Solution Mastercard Payment Hold in Credit Cards

Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 19:31:08 GMT

Got my account last week, charged on it in 1 day to limit and then went online and made payment for entire credit line and balance ELECTRONIC funds transfer. They have now placed those funds on a 14 day hold.

Someone talk me out of closing this worthless card and getting my annual fee back

I'm just kicking myself mad that I even opened such a card with such a bank

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 20:09:18 GMT

@Creditaddict wrote:
Got my account last week, charged on it in 1 day to limit and then went online and made payment for entire credit line and balance ELECTRONIC funds transfer. They have now placed those funds on a 14 day hold.
Someone talk me out of closing this worthless card and getting my annual fee back
I'm just kicking myself mad that I even opened such a card with such a bank

I'm having a hard time understanding what's happening. Are you saying after you charged the account to the max and paid in full, Sears now have your available credit on hold? Has the funds been withdrawn from your checking account?

Is it a Prime or Subprime card? What were you trying to accomplished by charging to the max, and paying in full all within a couple of days it seems?

Message Edited by DI on 10-11-2009 03:09 PM

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 20:12:35 GMT

it's very subprime.

the purpose wasn't to max the account out but I spend more than $300 a day living! I figured since they took the money from my bank account it would avoid holds because they have cash in hand, but they say federal law allows me to dispute payments from your bank account up to 14 days so that's why the hold. They say as they get to "know me" the holds might become shorter or less frequent but they can if they want to

Re: Sears Solution Mastercard Payment Hold

granny031350 — Sun, 11 Oct 2009 20:21:18 GMT

this happened to me with walmart. They held mine about 21 days (from b of a online banking) so then I started paying right at their site online and no hold. So perhaps next time sears will let you pay right from their online site with no hold. Many cc are now holding payments

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 20:23:23 GMT

I did pay on there site! The money was taken from my Checking account in less than 24 hours and from that day they put a 14 day hold

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 20:24:16 GMT

You're spending $2100 a week to live off? Wow!! You need a good rewards card to accumulate a lot of points or cash back.

I guess Sears is thinking you may decide to go to your bank, and fill out an affidavit to get your money back after you paid. That is my only inkling why they would place a hold on your available balance.

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 20:28:09 GMT

I don't know why I do this stuff to myself... I have good cards, all of them!

I just don't carry anything "good" because I tend to overspend... I just want one card with like $2500 limit that gives me rewards and I can't get into trouble with... had that with my Bank of America until they closed it on me.

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 20:30:48 GMT

@Creditaddict wrote:
I don't know why I do this stuff to myself... I have good cards, all of them!
I just don't carry anything "good" because I tend to overspend... I just want one card with like $2500 limit that gives me rewards and I can't get into trouble with... had that with my Bank of America until they closed it on me.

Are you saying you're having a problem with going over the limit with your prime cards you have or had?

Message Edited by DI on 10-11-2009 03:30 PM

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 20:34:18 GMT

oh no I would never go over my limit. I mostly use an amex charge... I just don't really stop spending!

Well I called to cancel this worthless card to me and they won't refund my annual fee... I HATE HSBC.

They will not get a DOLLAR FROM ME

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 20:50:45 GMT

@Creditaddict wrote:
oh no I would never go over my limit. I mostly use an amex charge... I just don't really stop spending!
Well I called to cancel this worthless card to me and they won't refund my annual fee... I HATE HSBC.
They will not get a DOLLAR FROM ME
Before you decide to close it, wait and see if they waive your second AF. If not, close it. Why didn't you apply for a Prime card with Sears?

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 20:53:38 GMT

I did.... and I may have prime cards, but doesn't mean I have not really F' things up and can't get new prime cards. I really just need to disappear for 3 years from credit market and come back clear of my bk and clear of my debt and then try this stuff again, but it's so fun getting approved but then I just hate them all because I'm use to dealing with real people at a real bank like USbank

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 21:03:18 GMT

Now I understand. So you're not kidding about your profile name "Creditaddict". Maybe putting a freeze on all of your credit reports would keep you from getting approve for more credit. You will be able to fill out all the credit applications you want and not have any inquiries. At the same time you won't get approve since the creditors won't be able to pull your reports.

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 21:07:46 GMT

I have thought about it. I had my Experian frozen almost a year and within an hour of unfreezing it, I had applied for Householdbank Mastercard, Sears Marstercard and Best Buy Mastercard all pulling EX. oh and Citi back Sears Card and Sears Mastercard which both pulled EQ which now has about 15 inq.

about the only good thing out of this HSBC Sears card for the next year which I won't charge a $1 on is my Free EX Fico score that comes with it.

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 21:13:25 GMT

@Creditaddict wrote:
I have thought about it. I had my Experian frozen almost a year and within an hour of unfreezing it, I had applied for Householdbank Mastercard, Sears Marstercard and Best Buy Mastercard all pulling EX. oh and Citi back Sears Card and Sears Mastercard which both pulled EQ which now has about 15 inq.
about the only good thing out of this HSBC Sears card for the next year which I won't charge a $1 on is my Free EX Fico score that comes with it.

Good luck! If you think you have enough credit you should seriously put a freeze on all of your reports. You don't want those inquiries to cause you to have subprime FICO scores. I have a freeze on all of my reports. This time next year, I will have only 10 inquries on my EQ, and 0 on my EX and TU reports.

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 21:16:48 GMT

I have to move in a couple months, I will freeze them after that fact... moving was a real pain with my Ex froze... all apts seem to pull it

Re: Sears Solution Mastercard Payment Hold

DI — Sun, 11 Oct 2009 21:20:57 GMT

@Creditaddict wrote:
I have to move in a couple months, I will freeze them after that fact... moving was a real pain with my Ex froze... all apts seem to pull it

You can always temporarily remove the freeze. I recently temporarily removed my EQ freeze for free for one month while I went on a mini app spree. I needed to replace some cards. Now the freeze is back active with all 4 CRA's.

Re: Sears Solution Mastercard Payment Hold

TangMeister — Sun, 11 Oct 2009 21:47:39 GMT

CreditAddict, HSBC does this to many customers at one time or another, and may have nothing to do with your account being new, etc... They put a hold on releasing my available credit after making an electronic payment on their site a couple years ago as well. It only happened one time, and I'd been with them for years, and the card was prime (Visa Elite). The payment wasn't even that much...I'd charged and paid 5x that in prior billing cycles, but I was sporadic in my spending with them, so that could have been an issue. I think it was a $300+ payment or something like that. Just something quirky they do, and is NOT personal. It actually freed up after about 5 days at most...was not a full 14 day hold as they told me it might be.

By the way, don't you get a real TransUnion bank-enhanced FICO score with that HSBC issued Sears card, as a perk? I'd definitely keep it just for that, and if you've closed it already, maybe call them back and reopen it.

edited to change: It's a TransUnion bank-enhanced FICO score I believe; not Experian. Oops.

Message Edited by TangMeister on 10-11-2009 02:47 PM

Re: Sears Solution Mastercard Payment Hold

haulingthescoreup — Sun, 11 Oct 2009 23:08:05 GMT

TangMeister wrote:

CreditAddict, HSBC does this to many customers at one time or another, and may have nothing to do with your account being new, etc... They put a hold on releasing my available credit after making an electronic payment on their site a couple years ago as well. It only happened one time, and I'd been with them for years, and the card was prime (Visa Elite). The payment wasn't even that much...I'd charged and paid 5x that in prior billing cycles, but I was sporadic in my spending with them, so that could have been an issue. I think it was a $300+ payment or something like that. Just something quirky they do, and is NOT personal. It actually freed up after about 5 days at most...was not a full 14 day hold as they told me it might be.

By the way, don't you get a real TransUnion bank-enhanced FICO score with that HSBC issued Sears card, as a perk? I'd definitely keep it just for that, and if you've closed it already, maybe call them back and reopen it.

edited to change: It's a TransUnion bank-enhanced FICO score I believe; not Experian. Oops.
Message Edited by TangMeister on 10-11-2009 02:47 PM

It's a TU credit-card-enhanced FICO score.

CA, it might be time to buy a pair of heavy-duty scissors. You're doing well on your snowball! Don't screw it up now!

Re: Sears Solution Mastercard Payment Hold

Creditaddict — Sun, 11 Oct 2009 23:11:22 GMT

TU Enhanced... I wish I still had a credit card machine, I would charge .01 Each month to make them send me a statement all year. I want them to have to spend money on my account for that annual fee that they do not deserve. I think I will add it to my paypal and do it!!

I can't wait until my USBank Signature is paid off and I can carry that as my every day use card but I told myself I could not carry it until it had a $0 balance!

Re: Sears Solution Mastercard Payment Hold

Anonymous — Mon, 12 Oct 2009 05:01:01 GMT

HSBC really ought to be barred from issuing silly cards like Sears Solution MC and DM Discover. Subprime solutions for problems they otherwise offer solutions for. Why don't they use the money they are plowing into these cobranding agreements and do something semi-nice for their cardholders? I know, I know, that's entirely too much to ask for! Sorry!