topic Re: Closing BBuyRewardZone Right After Opening in Credit Cards

Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 03:25:44 GMT

Just got approved for Best Buy Reward Zone Gold Mastercard with a 100 credit line a few days ago. At first, I thought I would accept this card, allowing good usage to bring the credit line up. But after speaking with multiple supervisers from HsBc who were either very rude or who had little knowledge about the card, I decided that the small limit of 100 in comparision to all of my recent approvals, would actually look more negative then positive overall, since my future goals are to get more prime cards with better credit lines. I tried everything I could do, yet they wouldnt budge, even asking them to add the toy limit of 100 to the Direct Rewards Platinum Discover thatI just got approved with by them for almost triple the amount, three days prior. Still, no budging and still very rude service and no, Im not surprised, lol

Im working on rebuilding and after all of this action (ie., inquiries,) I am taking a much needed break to focus on my current accounts and to wait for the rest of my baddies to fall of my reports next year. When I called to canel the measouly 100 credit line folks, there was no hesitation, no , let me get my supervisor to see if we can give you an extra 20 bucks or something-nothing. These people are ruthless.. But the sweetest revenge, besides the wasted inquiry, is not wasting my time spending money on that card trying to get cli's when there may or may not ever be one .

The following cards I have acquired in the last 4 months from a 6 year break ;-):

JcPenney-Instore instant credit 200, just got on the phone cli up to 500 (extra 300 to replace the canceled best buy card for utilization) I got the cli under 4 months by calling, not bad and I love this store!

Walmart 1200 , my biggest by far and my favorite, I use and PIF monthly. Couldnt believe I would have a 1200 walmart card, yet a 100 Best Buy card-lol.

Chevron/Texaco 350, instant online

Paypal Buyer Credit 500 (Got this 3 days after applying for Best buy and Best buy inquiry was reported both to Transunion, weird)

Capital One started at 300, now at 500 credit steps, increases every 90 days, 0% apr for first year

Direct Rewards Platinum Discover 300 69 AF 18%APR $0Over the limit fee

(And then of course the Best Buy RewardZone Gold MasterCard for 100, which I have just cancelled before it has had a chance to hurt my score... Also I cancelled a First Premier card that was charging me 79.9%apr with a 300 cl, they would not give cli's until 13 months and you had to pay for them, but I waited till I had the credit to replace it.

Neal Suzuki Sub Prime Car Loan for 1 1/2 on TU only, Affiliated finance 10,324 car loan paid in full on Equifax only....

I just dont want to waste a year on a 100 credit card , when I have a good amount in much better places to worry about. Now, if you are literally just rebuilding, just beginning and you dont have any other options, then I would truly recommend looking into this card. But if you are thinking of closing like I did, or any card like I did, please read sticky above, and make sure you have the credit to replace the money on the card you are closing,. For instance. I just got a cli of 300 today, I am closing a 100 account, so hopefully I wont feel the effects too bad and also make sure any balances are paid before closing. Just some food for thought , hope if you have this card, they treat u better and u have a much better limit, if not, please research it better then I did before accepting and applying-it might save u an inquiry,

Good Luck Shannon

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 03:38:51 GMT

If I were you I would hold onto this card. You already got it so its going to show on your credit whether you close it or not. The $100 limit will still be visible. As far as for the help you received the overseas people are useless. You have to call during regular business hours and get someone here in the US. But even they cant help you right now. HSBC has a CLI freeze. No one can get them. The reps couldnt give you one even if they wanted to. They are planning to start again by the end of the fall is the good news. I got my RZMC in Dec. By the beginning of the summer I had went from $300 limit to $650. More than doubled in less than 6 months. Not to shabby. The like ALOT of usage. I would advise you to try to run $250-$300 a month through the card paying it off a couple of times. Then when they allow CLI's again you should be in a position to get a nice increase. I love the rewards on this card as well. Just my opinion but for what its worth I would at least wait it out until they allow CLI's again. Then call. If they give you a nice increase keep it if not close it then.

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 03:41:23 GMT

whats the best places to use this card for the rewards? aside from best buy..

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 03:45:36 GMT

You get .5 point for every dollar spent no matter where

You get 1 point for every dollar spent on groceries and restaraunts ***

You get 2 points for every dollar spent at Best Buy or bestbuy.com

***The key here is how the retailer is coded. They have to be coded as a grocery retailer or a restaraunt to get the full 1point per dollar. As a tip Wal-Mart stores are coded for grocery so if you use it at Wal-Mart it doesnt matter what you are buying it thinks you are buying groceries. Now this is based on my experience at the two Wa;-Marts in town. I assume all Wal-Marts are coded the same but I am not 100% so YMMV but it works for me.

Re: Closing BBuyRewardZone Right After Opening

Creditaddict — Mon, 16 Aug 2010 03:49:59 GMT

@Anonymous wrote:
whats the best places to use this card for the rewards? aside from best buy..

it earns 2% on all outside best buy purchases

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 04:05:12 GMT

I got the same 100 dollar card as well. I am okay with it. My plan is to have it for 6 months to a year than see if I can qualify for the platinum with a higher limit.

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 23:35:18 GMT

Everyone has been talking about the Best Buy card so i decided to go check it out, I filled out all the information and it said I was prequalified for the platinum card. I waited about a week not sure if I wanted another $100-300 card. I finally just did it and to my suprise I got a limit of $3000. All my cards are less than that except my Cap one at $3500. Not sure of my current scores but they have been in the mid 600's, I guess I'm more shocked than suprised.

Anyway I just set up the online account and there is already a love button, does anyone think there is any chance that it would work at this point?

Re: Closing BBuyRewardZone Right After Opening

Creditaddict — Mon, 16 Aug 2010 23:37:56 GMT

As far as I know, HSBC is on a CLI Freeze... the talk is hopefully before xmas they will release this and start giving some love

Re: Closing BBuyRewardZone Right After Opening

haulingthescoreup — Mon, 16 Aug 2010 23:38:30 GMT

@Anonymous wrote:
Everyone has been talking about the Best Buy card so i decided to go check it out, I filled out all the information and it said I was prequalified for the platinum card. I waited about a week not sure if I wanted another $100-300 card. I finally just did it and to my suprise I got a limit of $3000. All my cards are less than that except my Cap one at $3500. Not sure of my current scores but they have been in the mid 600's, I guess I'm more shocked than suprised.
Anyway I just set up the online account and there is already a love button, does anyone think there is any chance that it would work at this point?

Hmmm, do you really want to rock this boat?

Did you have to give a lot of financial info when you applied? If not, you might just want to use it a lot at first, build up a good history, and hit it in six months.

But then, I'm chicken.

Re: Closing BBuyRewardZone Right After Opening

Datx — Mon, 16 Aug 2010 23:39:53 GMT

Not sure if you have tried that luv button, but I have it too and when I click on it...it no worky...

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 23:40:48 GMT

The platinum has nice limits. If your luv button is like mine when you click on it the next page says "sorry we are not accepting credit limit increase requests at this time. Thank You". Click the button and see what happens but if it gives you a form to fill out I wouldnt unless you dont mind another inquiry.

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 23:41:07 GMT

Yeah, that's a good point, maybe I will hold off for awhile. I gave them my house payment, where I worked and how much I was making.

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Mon, 16 Aug 2010 23:43:58 GMT

@haulingthescoreup wrote:

Hmmm, do you really want to rock this boat?

Did you have to give a lot of financial info when you applied? If not, you might just want to use it a lot at first, build up a good history, and hit it in six months.

But then, I'm chicken.

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Tue, 17 Aug 2010 15:29:20 GMT

I became eligible for BBRZ platinum card a week after I got my $100 gold card (bummer, right?), but I'll probably be closing my account tomorrow after 5 months of suffering (wish best buy sold potato chips to justify my CL). I'm not sure platinum card has decent limits though, I know somebody that has one with $100 CL.

Re: Closing BBuyRewardZone Right After Opening

Pushto700 — Tue, 17 Aug 2010 16:10:23 GMT

@Creditaddict wrote:
As far as I know, HSBC is on a CLI Freeze... the talk is hopefully before xmas they will release this and start giving some love

Unsure as a whole. I have an Orchard in which I got in Nov of 09 (w/a ridiculous AF) and I recieved a 200 bump from 300 to 500 (without requesting) last month. They just sent an email informing me of such. I don't think it's a "freeze" per se, it probably is more likely a cust initiated block at CLI requests.

Re: Closing BBuyRewardZone Right After Opening

Anonymous — Sun, 29 Aug 2010 02:46:18 GMT

Becuase I closed it so soon, I have no info on any of my CRA reports.... Well other then the inquiry. ;-(hehe