Best Buy CLI!

[JMN]

A year and a half or so ago, Best Buy added Chase as a secondary issuer of the Best Buy card, because HSBC's approval rates were too low, however, their contract wasn't up with HSBC yet. The contract simply says, however, that HSBC is to be their first source for credit applicants, not the only. So they added Chase as a secondary for increases approval chances.

So if someone applies, it is sent to HSBC. If HSBC declines, then it goes to Chase for instant review. 

[My2cents]

This is how the Sears approval works.  The initial goes to Citi.  If not approved, then HSBC is the secondary lender with the Sears Solution MC by HSBC.

My2cents.

[haulingthescoreup]

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@JMN wrote:

A year and a half or so ago, Best Buy added Chase as a secondary issuer of the Best Buy card, because HSBC's approval rates were too low, however, their contract wasn't up with HSBC yet. The contract simply says, however, that HSBC is to be their first source for credit applicants, not the only. So they added Chase as a secondary for increases approval chances.

So if someone applies, it is sent to HSBC. If HSBC declines, then it goes to Chase for instant review. 

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Very interesting! Thanks for this update on Chase and Best Buy. I'll bet it galls Chase to be considered the fall-back behind HSBC.

[JMN]

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@haulingthescoreup wrote:

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@JMN wrote:

A year and a half or so ago, Best Buy added Chase as a secondary issuer of the Best Buy card, because HSBC's approval rates were too low, however, their contract wasn't up with HSBC yet. The contract simply says, however, that HSBC is to be their first source for credit applicants, not the only. So they added Chase as a secondary for increases approval chances.

So if someone applies, it is sent to HSBC. If HSBC declines, then it goes to Chase for instant review. 

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Very interesting! Thanks for this update on Chase and Best Buy. I'll bet it galls Chase to be considered the fall-back behind HSBC.

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Oh, I'm sure it does, lol. 

And it isn't exactly the most useful thing ever. Before I went to work as a banker, I was a full time sales lead/financing specialist at Best Buy, and in the hundreds, if not thousands of apps I've put in, I've only seen Chase approve three times that I can remember, when HSBC declined the customer.

It's very likely that if HSBC dislikes someone, Chase will as well. So it's not the most logical arrangement, but alas, lol.

[Anonymous]

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@Anonymous wrote:

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@jinswaz wrote:

My Best Buy store credit card is only at $800 limit and even today online I was declined for a credit line increase where it ask for your income.  My Best Buy credit card is with HSBC.  Apparently, they have two cards, one with HSBC and the other with Chase which is only available at the store when you apply.  Online is only with HSBC.  It sounds like you want the card through Chase who is allowing credit line increases.

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My store card is with HSBC, as yours most likely is.  The difference is you have a card that is under "Plan B" which is apparently limited to $800. I have a card under Plan B as well that is limited to $800. When I found out about the ceiling on that card, I reapplied in-store and was approved for a Plan A card with HSBC with an initial $3600 limit, which is now $4700.  If your scores are at all improved since you originally obtained the card, I would reapply in-store and see what happens.

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How can you tell what plan you're on?

[Anonymous]

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@Anonymous wrote:

How can you tell what plan you're on?

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When you request a CLI an your denied wait for the denial letter to come in the mail. If the letter states your at the max credit limit for your type of account an they can not grant you a CLI your on the B Plan an you will never be granted a CLI.

[Anonymous]

I was on the B plan for about a year but for some reason they bump me off the plan not sure why, I called the credit department that year about 4 or 5 times an complained. I was told I would have to reapply to see if I qualified for the A plan that grants CLI. I never reapplied but after a year an half of having the card I was finally granted a CLI online via the luv button an have been getting them every 6 months since then. Not sure if someone in the credit department felt sorry for me an bumped me off the plan B.