topic Re: Orchard Bank / HSBC Platinum Unsecured Credit Card in Credit Cards

Orchard Bank / HSBC Platinum Unsecured Credit Card

Eddie24CO — Sat, 23 Apr 2011 15:26:27 GMT

Hello Everyone,

I wanted to see if anyone had any suggestions on this or have gone through this experience. I am rebuilding my credit and I have had an HSBC Orchard Bank Platinum Unsecured Credit Card since March 2010. The Credit Limit is $300.00, i pay on time every single month and in FULL. When i got my credit card from them last year, they charged me a $29.00 Annual Fee. Well this morning i go and check my account (have a small balance now on it) and they charged me a $74.00 Annual Fee for 2011. This is completely ridiculous especially when my CI is $300.00 and they refuse to give me any CLI due to it being a "HSBC Business Decision (apparently for the last year) to not give automatically or grant any requests for CLI".

I called in and complained about the in annual fee, because i think it is highway robbery that they are charging me $74.00 for a card they don't give an increase on, and the fact that i made my payments on time every month for a year and i've done more than my part to help me "rebuild my credit" and they haven't done anything to help me.

After about an hour on the phone speaking with supervisors and agents they finally decided to waive this $74.00 AF this year only.

Anyone have any similar problems with them? I was thinking of closing the card completely, but i don't know if that is wise because it may hurt my credit.

Currently in the last 3 years I have been able to get 2 other cards with very low limits, one through Capital One.

Current FICO

Transunion: 587

Experian: 554

Equifax: 592

Re: Orchard Bank / HSBC Platinum Unsecured Credit Card

JayRizzo — Sat, 23 Apr 2011 16:10:04 GMT

Wow! I just posted this very same topic yesterday that my sister resolved with HSBC-Household here at http://ficoforums.myfico.com/t5/Credit-Cards/2-Pts-for-my-Baby-Sis-vs-HSBC/td-p/902022

Re: Orchard Bank / HSBC Platinum Unsecured Credit Card

Anonymous — Sat, 23 Apr 2011 17:06:21 GMT

@Eddie24CO wrote:
Hello Everyone,
Anyone have any similar problems with them? I was thinking of closing the card completely, but i don't know if that is wise because it may hurt my credit.

Currently in the last 3 years I have been able to get 2 other cards with very low limits, one through Capital One.

Current FICO
Transunion: 587
Experian: 554
Equifax: 592

Closing Orchard won't, in and of itself, hurt your credit. It will continue to report on your CR's for about ten years - helping your Length of Credit History and your AAofA for the entire time it is on your reports (whether it is open or closed). If you have balances, loss of this open credit line could affect your utilization. So, as long as your utilization is low, you're fine. Here's fused's excellent post on closing credit cards.

Congrats on getting the AF waived. Maybe consider keeping it open until you are up against an annual fee that they will not waive.

In the meantime, keep all your open cards happy. Remember they watch your account with them, and they soft you to watch your other accounts as well.

The standard recommendation is to keep all your revolving accounts except one reporting a zero balance; let the remaining one report less than 9%. That'll keep your FICO scores happy and keep you in the good graces of your creditors.

Re: Orchard Bank / HSBC Platinum Unsecured Credit Card

Anonymous — Sat, 23 Apr 2011 17:50:53 GMT

Good work on getting the annual fee waived.

At this point, I would keep it open and use it. Then evaluate the card a couple months before the next annual fee. Things might be different then, HSBC is planning major changes to its US operations. .