topic Re: Oh HSBC. You S*ck !!!!! in Credit Cards

Oh HSBC. You S*ck !!!!!

xchap — Sat, 23 Jan 2010 14:18:57 GMT

Ok i have 3 hsbc cards never been late. Always paid on time. No baddies Fico 750-768-740

cards

union plus-22.99% apr - CL $2600 had for 2 years they just close it because??? "your account was closed because":
1. #'s of account opened recently. yea i did open some accounts But can you blame me with apr that high(22.99%) who wouldn't.
2. #'s of account currently or in the past not paid as agreed. not true Never been late!!! on any of my accounts no derog's, no baddies.Always pay on time 3x more than minimal payment. automatic deduction bill pay.
3. Amount owed on accounts---Well Well Well in order to play the fico game you must owe to pay to owe to pay etc.........
4.#'s of account with outstanding balances . Oh boy here we go again

so i though to myself well ok i wanted to close this account any way...but heres the kicker....... "The closed status of your account will also prevent new cards from being issued in the future."

??@#$ what the hell..........prevent new cards from being issued. boy i did something wrong i think they hate me for having $0.00 balance on my card.Also i havent used the card in about 200 days(yes they send me reminders). so i called hsbc and decided to close my other 2- $0.00 balance cards.

Direct Merchant 4 years old- CL 1,810.00 - apr 22.99 - $0.00 balance

Orchard CC CL 4 years old -CL 1,800.00 - apr 24.99 - $0.00 balance

By the way these are my rebuilder cards. I called for an increase they said not at the moment,also called to lower my apr they said no. ok than.......Bye BYe

same with orchard these cards offer no furture...

!!!!!!All Three Account Closed!!!!! 2 by me 1 by hsbc

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Sat, 23 Jan 2010 15:40:06 GMT

xchap, this is one of those things that really irritates the card holder, but it isn't personal.

I've read throughout these boards that HSBC closes for inactivity quite frequently, so you're not alone. Ignore the reasons they gave you, and just look at it as if your non-use of the cards was your decision to close these accounts. They had once served a purpose, but then outlived their usefulness.

You may be better off without them in the long run.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Sat, 23 Jan 2010 22:56:37 GMT

xchap wrote:
Ok i have 3 hsbc cards never been late. Always paid on time. No baddies Fico 750-768-740
cards

union plus-22.99% apr - CL $2600 had for 2 years they just close it because??? "your account was closed because":
1. #'s of account opened recently. yea i did open some accounts But can you blame me with apr that high(22.99%) who wouldn't.
2. #'s of account currently or in the past not paid as agreed. not true Never been late!!! on any of my accounts no derog's, no baddies.Always pay on time 3x more than minimal payment. automatic deduction bill pay.
3. Amount owed on accounts---Well Well Well in order to play the fico game you must owe to pay to owe to pay etc.........
4.#'s of account with outstanding balances . Oh boy here we go again

so i though to myself well ok i wanted to close this account any way...but heres the kicker....... "The closed status of your account will also prevent new cards from being issued in the future."
??@#$ what the hell..........prevent new cards from being issued. boy i did something wrong i think they hate me for having $0.00 balance on my card.Also i havent used the card in about 200 days(yes they send me reminders). so i called hsbc and decided to close my other 2- $0.00 balance cards.

Direct Merchant 4 years old- CL 1,810.00 - apr 22.99 - $0.00 balance
Orchard CC CL 4 years old -CL 1,800.00 - apr 24.99 - $0.00 balance

By the way these are my rebuilder cards. I called for an increase they said not at the moment,also called to lower my apr they said no. ok than.......Bye BYe
same with orchard these cards offer no furture...
!!!!!!All Three Account Closed!!!!! 2 by me 1 by hsbc

You know why the account was closed. More that 90 days disuse with HSBC is a sure fire recipe for being shown out the back door. Closing your additional accounts was a severe overreaction. Hopefully you have plenty of other revolving TL's to fill the gap.

Message Edited by creditwherecreditisdue on 01-23-2010 05:56 PM

Re: Oh HSBC. You S*ck !!!!!

haulingthescoreup — Sat, 23 Jan 2010 21:41:44 GMT

xchap wrote:

... 2. #'s of account currently or in the past not paid as agreed. not true Never been late!!! on any of my accounts no derog's, no baddies.Always pay on time 3x more than minimal payment. automatic deduction bill pay.

3. Amount owed on accounts---Well Well Well in order to play the fico game you must owe to pay to owe to pay etc.........

Wow, sorry to hear that you got hit for non-use. I figured that the Union Plus card might be immune, but obviously not. Guess I'd better run over to Best Buy and get a stack of blank CD's or something. (Although their store cards seem a bit more forgiving.)

I highlighted the two points above to try to avoid any confusion by anyone else reading this:

It is NOT necessary to carry balances to help your FICO score. In fact, it hurts your score to do so.

The best scenario for most of us is to have ALL accounts reporting a $0 balance every month, except for one that reports a minimal balance ($20-$50, etc.) Then after that payment posts and reports, pay it off before you have to pay interest.

This is accomplished by paying your cards in full before their statement dates, or before the last business day of the month in the case of HSBC/ Orchard bank cards, as well as US Bank cards. That way you can use the cards all you like during the month, and they will report as having been used, but they will also report a $0 balance. This shows that you have revolving credit, and that you use it responsibly, and that you don't have any real debt.

Again, sorry that you got bit. Without a doubt, HSBC is ridiculously impatient about non-usage of its cards.

eta: OK, why the heck do I have bullets on the quote... Lithium must be playing with the forums again.

Message Edited by haulingthescoreup on 01-23-2010 01:41 PM

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Sun, 24 Jan 2010 22:27:35 GMT

I've found that the "reasons" given for adverse action or for not granting a new account are totally bogus. I think they are randomly chosen from a list and don't reflect reality.

Re: Oh HSBC. You S*ck !!!!!

MarineVietVet — Sun, 24 Jan 2010 22:36:39 GMT

@Anonymous wrote:
I've found that the "reasons" given for adverse action or for not granting a new account are totally bogus. I think they are randomly chosen from a list and don't reflect reality.

That's as good a possible explanation as any other I've read.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Sun, 24 Jan 2010 22:38:27 GMT

Well I use my HSBC issued credit card once every 90 days so they don't have a reason to send me the bogus reasons...

Re: Oh HSBC. You S*ck !!!!!

xchap — Mon, 25 Jan 2010 21:48:34 GMT

Before all this i called HSBC. asked about combining all 3 accounts into one..........Dam* it they refused...........hum.............

at the time of closer this is what they said.... !!!Orchard Bank!!!!!

.We are writing to you regarding your request to close your Account issued by

HSBC Bank Nevada, N.A.

We regret that you wish to close your Account and hope that you will
reconsider. To show you how much you mean to us and to ensure you have
sufficient buying power available, we would like to increase your credit limit
by $800.00.

If you would like to accept our offer to increase your credit limit and keep
your Account open, please reply to this email to indicate your acceptance of
this offer. If you would like to continue with the closure of your Account,
please reply to this email with ?Close Account? as your response.

You are important to us and we appreciate your business.

Sincerely,

Problem # 1. I have 11 total account 5 have balances 4-CC +1- loan

2010 game plan is to reduce unnecc. accounts no more apping

yes i do carry a balance.

11 was total -3 close hsbc CC = 8 total acount 7 credit card and 1 loan sound better and more manageable

utiliy 30% 80k total account limit...... i have really good credit cards 3 of them are single digit aprs % with generous credit limit

and................I have all you guys(MyFico) to thank for making this possible........................credit gardening...right now...........

!!!!!!!!!Boa world point signature your next!!!!!!!!!!. I need to speak to you..

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Mon, 25 Jan 2010 22:31:48 GMT

I would try to get them to waive the AF and accept the CLI keeping the account open. Your UTIL and number of accounts with balances are both really too high right now to permit the closure of accounts without repercussions.

Re: Oh HSBC. You S*ck !!!!!

DI — Mon, 25 Jan 2010 22:37:48 GMT

They sure do sucks! I hate their online payment site. I like for my payments to post that same day and not days from now. That's why I rarely use my GM card.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Mon, 25 Jan 2010 23:01:50 GMT

I'd rather accountcentralonline.com did not require the extra day to post a payment, but it's not the end of the world that it does. I only use my HSBC issued card for minor charges and immediately PIF. As a result I'm not jammed for time when making my payments. I have no idea why they do that. Seems to me to smack of an unfortunate subprime mentality.

Re: Oh HSBC. You S*ck !!!!!

DI — Mon, 25 Jan 2010 23:15:49 GMT

@Anonymous wrote:
I'd rather accountcentralonline.com did not require the extra day to post a payment, but it's not the end of the world that it does. I only use my HSBC issued card for minor charges and immediately PIF. As a result I'm not jammed for time when making my payments. I have no idea whythey do that. Seems to me to smack of an unfortunate subprime mentality.

They may do it so that people can have enough time to cancel the transaction. Someone may realize the next day they paid too much or an emergency come up and they need to free that money for it.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Mon, 25 Jan 2010 23:37:25 GMT

DI wrote:
creditwherecreditisdue wrote:
I'd rather accountcentralonline.com did not require the extra day to post a payment, but it's not the end of the world that it does. I only use my HSBC issued card for minor charges and immediately PIF. As a result I'm not jammed for time when making my payments. I have no idea whythey do that. Seems to me to smack of an unfortunate subprime mentality.
They may do it so that people can have enough time to cancel the transaction. Someone may realize the next day they paid too much or an emergency come up and they need to free that money for it.

I was being somewhat facetious. I know exactly why they do it. They do it to milk fees from those who forget about the extra day and need to get a payment posted so as not to be late. It is not for the customer's benefit - it is totally for their benefit. It is subprime treatment for all from one of the world's largest banks to the U.S. cardholder. Nice.

Re: Oh HSBC. You S*ck !!!!!

hyprble — Tue, 26 Jan 2010 01:39:31 GMT

@Anonymous wrote:

I was being somewhat facetious. I know exactly why they do it. They do it to milk fees from those who forget about the extra day and need to get a payment posted so as not to be late. It is not for the customer's benefit - it is totally for their benefit. It is subprime treatment for all from one of the world's largest banks to the U.S. cardholder. Nice.

I just wanted to jump on the HSBC not-a-fan bandwagon. I do appreciate the interest-free offers I sometimes get from my Best Buy card, but I do not like that it takes them several business days to post a payment. Sure, the solution is to pay in advance, and they do want to milk money off customers who forget until the last minute, but it reeks of sneakiness as none of the other big banks seem to pull the same stunt. I also had a card closed due to non-activity. Once again, from a business standpoint, it makes sense as to why they'd randomly close non-profitable cards, but it makes me not want to use HSBC when the time comes for me to choose which card to make a purchse with.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Tue, 26 Jan 2010 07:38:44 GMT

I have had three cards through HSBC, one Best Buy, one Guitar Center, and one Musician's Friend. The GC card was closed after about a year and a half of inactivity. I never charged anything to it. My BB and MF cards are constantly charged up then paid off, so I'm certain they love me. lol

I've never had any sort of issue with the way HSBC acts. I pay all of my accounts online though, and I pay my bill as soon as it arrives so I don't even have to think about getting close to my due date. If you can get yourself in a position to pay your bill before it's even in your mailbox even the worst CC company is powerless.

Re: Oh HSBC. You S*ck !!!!!

haulingthescoreup — Tue, 26 Jan 2010 11:38:27 GMT

I have my CC accounts bookmarked in order of their statement dates (this is how I keep track of them; weird, I know, but it works for me.)

So it goes

...
BofA: 3rd - 5th
Home Depot: 6th - 9th
Best Buy/ HSBC: 19th --pay by 16th!!

Few things irritate me more than paying before the statement date, but they sit on posting the payment, and the balance reports anyway. Grrrr.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Tue, 26 Jan 2010 14:51:56 GMT

@haulingthescoreup wrote:
I have my CC accounts bookmarked in order of their statement dates (this is how I keep track of them; weird, I know, but it works for me.)

So it goes
...
BofA: 3rd - 5th
Home Depot: 6th - 9th
Best Buy/ HSBC: 19th --pay by 16th!!
Few things irritate me more than paying before the statement date, but they sit on posting the payment, and the balance reports anyway. Grrrr.

Now that's bad and I can't say I've had that happen since I started paying everything online. It used to annoy me endlessly though with Providian, who were masters of chicanery!

I like the idea of setting up bookmarks (favorites) for all accounts. I might have to do that for myself.

Re: Oh HSBC. You S*ck !!!!!

haulingthescoreup — Tue, 26 Jan 2010 19:04:26 GMT

I can't verify that the Photobucket link works, due to the computer that I'm (ahem) currently using, but if it is, this is what the list looks like:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=170526#M170526

Sears is gone, though, thank goodness.

I'd be in deep trouble without visual cues. At the age of 55, I still write things on my left hand that I don't dare forget.

Re: Oh HSBC. You S*ck !!!!!

Anonymous — Wed, 27 Jan 2010 02:29:29 GMT

I thought I was the only one who did that! I have the same bookmark folder and it looks identical; different card, though, and more of them.

Re: Oh HSBC. You S*ck !!!!!

xchap — Thu, 25 Feb 2010 21:32:36 GMT

Update: After 3 hsbc credit card closure........... something happened..............

1. lost about 42 points..that sucks i'm now @ EQ 708 / TU 720 (reason AAOA) took me from 9.5 years to about 5 years average age of accounts.

well thats sucks. i have all the credit i need for now. Time for the rebuilding process again. = points lost

2.Utilization went from 31% to 32% yes even that matters. = points lost

and i was looking to hit 780 sometime this year ..hummm.. must restart

ok rebuilding started :

3. Got the love button on my cu credit card +$1500 yoo hoo

4. payed 3500. on my CC yoo hoo

.....lesson learned.......

confussed about this though. hsbc reset one of my closed account credit limit from 2600 to now $5.00

should i complain or should i leave it alone since its closed already???