Closing HSBC Card

[MidnightOwl]

I was wondering if I should close my HSBC Plat. card. I've had it over 1 year & it's been stuck on a $300.00 limit. I just got approved for a capital one secured card which I'm putting $3000.00 for a credit line. I guess what I want to know is, will closing the HSBC Card effect my scores since the credit line is so small and they won't give any increases ? I would appreciate any feedback from someone who knows about these things. I'm just tired of HSBC being so stinking cheap/stingy with increases.

[Anonymous]

I would only be concerned if it was your oldest card and only other card.

[MidnightOwl]

Oh ok, Even though Tribute mastercard closed down, they were still older than HSBC & I have other closed cards still reporting favorably. Thanks for your help.

[MarineVietVet]

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@MidnightOwl wrote:

I was wondering if I should close my HSBC Plat. card. I've had it over 1 year & it's been stuck on a $300.00 limit. I just got approved for a capital one secured card which I'm putting $3000.00 for a credit line. I guess what I want to know is, will closing the HSBC Card effect my scores since the credit line is so small and they won't give any increases ? I would appreciate any feedback from someone who knows about these things. I'm just tired of HSBC being so stinking cheap/stingy with increases.

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If it doesn't have an annual fee why not keep it? Use it from time to time to show activity, pay in full, never pay any interest, and let it continue to help your AAoA as it ages.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[MidnightOwl]

Actually, it does have a yearly fee of $59.00 which I just paid last month.

[Breakthecycle2]

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@MidnightOwl wrote:

Actually, it does have a yearly fee of $59.00 which I just paid last month.

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You might as well keep it until the next annual fee is due.

[MidnightOwl]

Good point, I never looked at it that way.

[fused]

I understand how you feel, MinightOwl. I have an Amex Plat card with a ridiculous AF. I pay it to keep my oldest TL open and breathing. I use it for little things, if anything. However, in the past, I used the card so much that I earned over 400K FF miles. Enough to fly anywhere for free accept for some small fees. I agree with Breakthecycle, you already paid the AF, so might as well keep your HSBC card open for another year.

[MidnightOwl]

Thanks a lot guys, I appreciate your input on this matter, it's greatly appreciated.