topic Re: In need of advice. in Credit Cards

In need of advice.

Anonymous — Wed, 07 Nov 2007 17:11:01 GMT

I have been reading all the posts on HSBC (for the record I am not a fan either) and I am trying to decide if i should close the account or leave it active. The account has been active since 03' and no baddies, but the limit is only $500 and the AF is $99 a year. I just called to ask about the AF, to which the CR responded with the usual "there is nothing i can do" and then I asked for a CLI and there was no immediate response. He said it could take up to 10 days for a response, so I will wait and see what they come back with. However my other 5 cards don't have an AF and are all 1,000+ limits. Do I keep it because its been open and active for 4 years or do I cancel it if they don't give me the CLI?

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 17:14:29 GMT

How old are your other cards?

What is your Util?

The answers to these questions can affect your overall picture(FICO). What about changing cards with HSBC if they will keep your account info on the new card?

Message Edited by Lady_Scarlet on 11-07-2007 12:14 PM

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 17:23:06 GMT

Card breakdown:

Citi - 07'

B of A - 04'

Target - 02'

Cap 1 - 02'

Overall util is 38.7% (kinda high, but working on it) its down from 58% last month.

The CR asked if I wanted to apply for another HSBC card and see what the terms would be, but I said no for now, just applied and got two citi cards. I may ask if I can transfer the account over. This was a starter card back when my credit was in the high 5's.

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 17:29:32 GMT

chiwiseguy wrote:
Card breakdown:
Citi - 07'
Citi - 07'
B of A - 04'
Target - 02'
Cap 1 - 02'

Overall util is 38.7% (kinda high, but working on it) its down from 58% last month.

The CR asked if I wanted to apply for another HSBC card and see what the terms would be, but I said no for now, just applied and got two citi cards. I may ask if I can transfer the account over. This was a starter card back when my credit was in the high 5's.

That is just ridiculous. Apply and see? They really need to have more authority than being slave to the system to "see" what it would approve. They should be able to grant simple requests like switching to a card with no annual fee.

And my HSBC said the annual fee was decided based on my credit as well as the apr and limit...so basically, it's not the card product I chose, it's my credit profile. That is just wrong. I soooo am tempted to cancel. Every day that passes I wanna close it. But I'm so paranoid about closing accounts.

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 18:01:51 GMT

You have a Cap1 older than the HSBC which will anchor your card age - personally, if they don't get nice to ya, I would close it and take a short term FICO hit (f you have no major purchases planned). But that is me...

I have an HSBC card and unless things get better with them they will be gone at the end of the year

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 18:19:03 GMT

Lady_Scarlet wrote:
You have a Cap1 older than the HSBC which will anchor your card age - personally, if they don't get nice to ya, I would close it and take a short term FICO hit (f you have no major purchases planned). But that is me...

I have an HSBC card and unless things get better with them they will be gone at the end of the year

I think you're an actually intelligent consumer. Rather than closing it blindly or just taking whatever they throw at you....you're waiting to see what type of service you get. I wish more people did that.

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 18:21:20 GMT

chiwiseguy,

I say close it you have two other cards that is older. Put that $99 on other CC's.

On the other hand, do those other 2 older cards have good history?

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 18:44:51 GMT

Both cards have a good history, I got an upgrade from target to there Visa card which came with a cl bump to 1,000. Cap1 just gave me an increase to 1,000 yesterday. I guess my Util would only go up to 40% if I closed it. Anyone know if they will transfer to another card?

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 19:13:08 GMT

If you get them to upgrade you to another card let me know. So far I have only heard of only one person being about to do that but it came with a lot of work.

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 19:25:09 GMT

If its a lot of work its probably not worth it. HSBC doesn't seem to be a great cc company anyway. I will let you know what I find out, I will give them one last month before I cancel.

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 19:30:06 GMT

Ok thanks. itried and they told me they will send me a response in 10 days. I don't think it is that hard to say yes or no. Everything is ran by computer anyway, right? Just click a button. I am so over HSBC, with their "conservative banking."

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 20:27:00 GMT

No doubt. I called Cap1 yesterday and asked about a CLI. The CR responded immediately and said I see we can get you a $500 increase. The whole phone call took 2 minutes! I have a ZERO balance on the HSBC card and they cant give me any info!

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 22:23:26 GMT

I'm in the same boat, y'all. Just went through all of my cards (spotless history on all) looking for CLI's, with awesome results. Cap1 went from $750 to $3750. Chase went from $400 to $600 (not much, but hey), Target RedCard was upgraded to $10K Visa, and BofA Plat Plus went from $1,000 to $2,000. Then I call HSBC, and got the stupid 10 day answer, after commenting about my excellent payment status. Apparently they aren't empowering their overseas overflow (is it just me getting folks that are difficult to understand?). Frustrating, but I guess I don't really need the CLI, I can be patient. I just get tired of getting the 'your low limits are keeping your scores down', so am trying to up my limits...doesn't hurt the old uti, either!

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 23:04:00 GMT

**bleep**, I wish I could get increases like that. Oh well start small.

Re: In need of advice.

Anonymous — Wed, 07 Nov 2007 23:26:25 GMT

Yikes!!! A $99 AF and only a $500 cl?? Oh! That's just pure silly!

I remember the first week I came to this forum, I was complaining about my old Applied Bank card. Some wise person said to me "if it's costing you money, and loosing the credit line will not hurt you, then by all means close it!"

guy, I say the same thing to you.

I took their advice and closed it last week. The first card I've ever closed. And it felt good.

I have no hesitation at all to close the little HSBC card I have now. After all, if closed in good standing the history will remain on my CR's for another 7 years. And I've never had one late on that HSBC(wish I could say the same for the other cc's I have).

There are MUCH better cards out there. Even starter/rebuilder cards. Cap1 has several. You might want to consider trying them.

Re: In need of advice.

Anonymous — Thu, 08 Nov 2007 02:31:41 GMT

I have really enjoyed my Chase. Never been declined. Even going $150 over limit...haha.

The only card I've ever been declined on is my amex.

I was so upset. I *had* available credit too. Ooh, did I yell at the CSR.

Re: In need of advice.

Anonymous — Thu, 08 Nov 2007 03:50:08 GMT

How much fun is it yelling at the crs!!!!!!!