HSBC Pre-Qualify - Should I take it?

[Tons_of_Debt]

Pre-apped for HSBC and received this message:  

We're sorry we could not pre-qualify you for the Rewards card you inquired about, but you have pre-qualified for the HSBC Platinum MasterCard with 2% Cash Back which is a premium card for people working to improve their credit. This card comes with:

• 2% Cash Back Rewards on card purchases
• Premium Platinum MasterCard benefits including car rental insurance
• The ability to schedule your payment due date in a timeframe that suits your monthly budget
• 24/7 Web access and tools to manage your Account at your convenience
• A low annual fee of $59

So, the annual fee is a bit steep, but my credit make-up is slim right now:

Unsecured B of A - $500 CL

Secured CU CC - $500 CL

Kay's Store Card - $3000 CL

I'm guessing the limit they give me will be fairly small as well, but I'm looking to expand my credit portfolio. What do you think?

[Gibran]

I was approved for this card last night with a $1000 CL. I received the same message you did when I did the pre-qualify.

[Anonymous]

I tried their pre-application and got the same thing as well. I did not take it. The annual fee is not worth it for a possibly small credit limit. You should try Citi, Bank of America or Capital One with no annual fee. Only apply once or else you won't be approved at all. I was approved for all three cards with high credit limits and my fico score was only 667 at the time.

[Tons_of_Debt]

Tried BofA and Cap1 with declines on the preapproval. Do you have a link for the Citi preapproval site? I'd like to avoid a hard inquiry since I'm most likely to get rejected anyway. :-(

[Gibran]

I only app for it because I'm trying to build up some revolving card activity which is what's missing on my CR, I really don't mind the $59 AF

[pattycake]

Your other option is a credit union. Try to see if you can get a $1000 CL at University Federal (TX). Their interest rates are higher as scores are below 700 but they are really outstanding to work with.

[Anonymous]

Citi does not have a pre-application. If you would really like a card, then you should probably try with Capital One Standard Platinum with the annual fee of $39. After a year or so, you can upgrade to one of their other cards with no annual fee. Definitely avoid applying until yours scores are better.

[Anonymous]

Hello, I am trying to re-build my credit. So I am applying for a hsbc credit card. As I have had one in the far past. Thank You [mod cut]

Gibran wrote:
I only app for it because I'm trying to build up some revolving card activity which is what's missing on my CR, I really don't mind the $59 AF



Mod cut- personal information removed

[FinStar]

Wow - old thread revival.  The former HSBC/Household Bank (for credit builders/rebuilders) is no longer in existence - portfolio sold off to Capital One.  HSBC (USA) has its own array of CC products - Premier & Platinum; however, you would need a good/excellent creditworthy profile to qualify for any of those (or be pre-solicited).

[Anonymous]

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@FinStar wrote:

Wow - old thread revival.  The former HSBC/Household Bank (for credit builders/rebuilders) is no longer in existence - portfolio sold off to Capital One.  HSBC (USA) has its own array of CC products - Premier & Platinum; however, you would need a good/excellent creditworthy profile to qualify for any of those (or be pre-solicited).

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Yes, when I first saw I thought a 2% card, even with that AF, was a good deal, then I saw the date.