HSBC Closed Both My BBRZ and Discover Network! Whatever.....

[texasman07]

Logged on yesterday. Both my BBrZ Gold and Discover Platinum Rewards are Closed! Got a letter yesterday also saying "Upon review of your credit report ....Too many new accounts!" What???? I always PIF both these accounts and always on time with both even before the due date> had the BBRZ for 1 year and the Discover since june. Called to have the AF on the DIscover waived.  They did it.  Seriously whats the deal.  Well good riddance.  Last of my sub primes anyways.

[CS800]

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@texasman07 wrote:

Logged on yesterday. Both my BBrZ Gold and Discover Platinum Rewards are Closed! Got a letter yesterday also saying "Upon review of your credit report ....Too many new accounts!" What???? I always PIF both these accounts and always on time with both even before the due date> had the BBRZ for 1 year and the Discover since june. Called to have the AF on the DIscover waived.  They did it.  Seriously whats the deal.  Well good riddance.  Last of my sub primes anyways.

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Sorry to hear about that. Did you call them for an explanation?

Why do you consider the 'Discover Platinum Rewards' a subprime card?

[texasman07]

Both r from HSBC. Discover Network Card.  500$ limit

Yea I called and said too many new accounts after my FIco score jumped 25 points they decided to close my accounts.  whatever....

[ChesterPDexter]

"Discover Platinum Rewards" is definitely a subprime card, at least the one offered by HSBC.  Many people have limits of $300.  The hub's is $750 but they never, ever budge on it, and the interest is something very high like 19% or maybe 22%; that also never budges.  He said he's calling to cancel it tonight (if they don't offer to raise the CL and they have not so far, despite repeated requests, so it looks like it's one for the history books.)

[john398]

I would consier this a blessing they closed 4 of my accounts a while back and I  think it was a good thing,

They closed my:

Orchard Bank Secured Card

Best Buy RZMC

Best Buuy Store Card

Direct Rewards Discover

The only thing I noticed I was doing wrong was I went over my credit limit a couple of times when buying gas

But since than I was able to get a Chase Freedom so I could nnot be happier

[CS800]

I have a BBRZMC that has a $300 that I don't use at all. Been at $300 for the past 3 years. Maybe im next on their list to be cancelled

[texasman07]

Many Blessings!!!

I am happy not to worry about them anymore.  They cost me the most hassel. I have my BOA power rewards secured and Citi Bank Secured as my primary cards. they have been really good to me and I love making a payment online and it being credited right away with cit bank.  Unlike HSBC takes forever to credit in my case.  Plus I bank with BOA and Citi so I like having it all at my disposal. GOOD RIDDANCE.  HSBC adios!

[tray]

There is a drastic change going on right now with this bank, I think you will be reading about alot more account closures and account credit limit decreases like myself, but by all means this is not a Prime Bank I just worry about the repurcussions from other banks about this issue, but hopefully they are aware HSBC is going through turmoil right now.

[Uborrow-Upay]

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@tray wrote:

There is a drastic change going on right now with this bank, I think you will be reading about alot more account closures and account credit limit decreases like myself, but by all means this is not a Prime Bank I just worry about the repurcussions from other banks about this issue, but hopefully they are aware HSBC is going through turmoil right now.

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They are aware of this, and none of the closures discussed here have anything to do with a personal history, IMO.

This is merely a reprise of the 2008 credit card massacres that many of us went through with other lenders.  Just business, not personal. 

They are trying to make the books look as attractive as possible, whether it's before or after the sale of the portfolio.  Kinda like washing and waxing the old wreck in the driveway that's got a "For Sale" sign on it.

Just opinion, no inside info here.  Seems to be the way it works, though.

[mxp114]

Are they reporting acct closed at consumers request at least?