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Absolutely!!!
@DoctorLoomis wrote:Received the pre approval in the mail and applied today. Approved for only $6500 with FICO 833 and income of $300,000 with zero outstanding debt. I would not have wasted the inquiry on $6500. Wish I would've read about HSBC before applying.
Hard not to agree with you? A limit of $6,500 with your score and income and so on is frustrating! Used to be an HSBC Bank customer and they treated me well on limits Aprs 7.9% fixed but that was before the recession of 2008. After that they sold my account to another bank and I closed it immediately. Seems the resurrected HSBC (based on my reading around) is not the same bank? Wish you the best as you contemplate the out come of this card account?! To think I almost went back to HSBC but, my findings told me to keep on movin'
Need to edit as I found some posts where HSBC Bank did increase credit lines once the customer showed performance and utilization. In the past they were conservative but did work with the customer over time (once they got to know you). So may be worth the effort to build.
Hey congrats!! I always liked HSBC Premier product, not sure about their cards because they are a bit bland but certainly it's a good brand and design is quite nice, for already HSBC customers i think they waive some fees and it works ok if you dont have cards from other lenders. I always felt curiosity for this one, let us know how it plays out and maybe you can call explaining about the dissapointing SL to know if they can up it a bit. I would also be a bit dissapointed given your profile but i also read that HSBC has mehh limits and well i am glad and congrats in the approval, it's at least an approval and hope it will grow
Sweet and congrats
Congratulations on your approval!
Congrats. I have the same with a much smaller limit of $1200. Hopefully it grows.
Congratulations!!
Congrats!!!
@DoctorLoomis wrote:Received the pre approval in the mail and applied today. Approved for only $6500 with FICO 833 and income of $300,000 with zero outstanding debt. I would not have wasted the inquiry on $6500. Wish I would've read about HSBC before applying.
Congrats!
That said, I know you're disappointed and I know exactly how you feel. I had similar $350K+ income, similar 850 FICO, thick file, and high limits. I had a $50K Discover card and then they only approved me for ... get this ... $1K on a new card. Say What?!? I knew it would have grown eventually but decided to just close it instead. I didn't want to work it that hard. So your limit is (relatively) decent compared to the other possibilities.
Limits are so complicated. I'm guessing that you do not have banking accounts with them? They may be more like US Bank or some others that really warm up to you with deposits and loans on file. Perhaps it is worth giving it a little time and use to see if it grows, then report back to us how it worked out. I'm also showing your total available credit is over $438K on $300K income. (Yes, mine is relatively high too.) Some banks are more particular about revolving available credit; others will give you the moon. I also found that my limits went down more than I expected after I had applied for several new accounts within the past year. How many accounts have you opened in the past six months to one year? That could be a factor.
Just trying to help you reframe and understand what might have happened. I find it's best to try to learn from these experiences, for better or for worse. Best wishes either way!
Sorry your SL didnt match your expectations