HSBC has a division called Household Retail Services which provided me with what I thought was a motorcycle loan. Turns out, it was a revolving line of credit! No biggy. Last March, my wife and I got married and in the process of our wedding, honeymoon, moving in with each other, etc, etc, etc, I was late and was reported by Household Retail Services and have a 30-day baddie...
Not only did they ding my credit reports, but they also ended an "introductory rate" and shot it up to 21.8%!!! Furthermore, they are now reporting my account at 100% utilization, even as I make payments, so as I pay my bill, the limit decreases right along with it. Oh my!
It's killing my score! The rate is killing my wallet! What do I do? I've sent them a GW letter and disputed saying I moved and didn't receive my bill. Not saying I'm not at fault for what happened; I should have been more mindful about missing this payment, but seriously, 21.8% and killing my score by reporting 100% utilization, all on a freaking auto loan???
This is the absolute ONLY blemish on my credit report that isn't more than 2 years old. My wife and I are working hard to straighten things out and all of our revolving lines of credit all report less than 7% utilization besides this monstrosity!
I still have low scores because of past problems and my FAKO's are currently TU: 650 - EQ: 552 - EX: 653. What chance do I have at getting approved for a refi in today's market? Thanks in advance!!
