HSBC credit line slashed for no reason!!!

[Anonymous]

By the way, RBS-Royal Bank of Scotland and HSBC are BOTH going to be getting TARP money from the US.....ALSO, the mess that got us here in the first place, "everyone is entitled theory" is alive and thriving with the FHA branch of our wonderul government---They have every intention of continuing to masterfully get people into homes no matter WHO has to pay the cost.  Usually, these are folks that are not going to be able to go the traditional route in purchasing a home----it's 'the chicken in every pot" theory and galls me to no end that I am eating Rama Noodles so that I can live within my means---- while these folks are eating "fresh shrimp" paid for by their food stamps.......I certainly do not begrudge anyone the help that they deserve but if you cannot afford a $2500 payment on a house then you shouldn't qualify.  Period. 

A Radiologist friend just had to put 40% down on a $400,000 plus home-----he could only get the loan through two LOCAL banks.  None of the big boys would touch him.  AND he has excellent credit.

The US is getting so much pressure from the EU that we are caving into what they want.  If China called in ALL of the notes that they have with America they would be upside down also -----so it is in everyone's best interest to get out of this mess and quick BUT guess who is going to pay---you and me, the responsible American's and the rest of them will just get it written off without having to file bankruptcy-----Just a few opinions.

Had HSBC kept its fingers out of the banking industry and stuck with their "predatory, sub prime lending" practices then they would have weathered most of this unscathed but greed is more than the American way and we have taught the others well--on how to get out of their obligations.

Your turn----my rant for the day.  Please feel free to correct me on any points that I may have made that are not accurate but this is coming from the "big boys' at HSBC and they are NOT real happy with their NEW company either.  The old HSBC had more ethics.

[Anonymous]

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@Anonymous wrote:

By the way, RBS-Royal Bank of Scotland and HSBC are BOTH going to be getting TARP money from the US.....ALSO, the mess that got us here in the first place, "everyone is entitled theory" is alive and thriving with the FHA branch of our wonderul government---They have every intention of continuing to masterfully get people into homes no matter WHO has to pay the cost.  Usually, these are folks that are not going to be able to go the traditional route in purchasing a home----it's 'the chicken in every pot" theory and galls me to no end that I am eating Rama Noodles so that I can live within my means---- while these folks are eating "fresh shrimp" paid for by their food stamps.......I certainly do not begrudge anyone the help that they deserve but if you cannot afford a $2500 payment on a house then you shouldn't qualify.  Period. 

A Radiologist friend just had to put 40% down on a $400,000 plus home-----he could only get the loan through two LOCAL banks.  None of the big boys would touch him.  AND he has excellent credit.

The US is getting so much pressure from the EU that we are caving into what they want.  If China called in ALL of the notes that they have with America they would be upside down also -----so it is in everyone's best interest to get out of this mess and quick BUT guess who is going to pay---you and me, the responsible American's and the rest of them will just get it written off without having to file bankruptcy-----Just a few opinions.

Had HSBC kept its fingers out of the banking industry and stuck with their "predatory, sub prime lending" practices then they would have weathered most of this unscathed but greed is more than the American way and we have taught the others well--on how to get out of their obligations.

Your turn----my rant for the day.  Please feel free to correct me on any points that I may have made that are not accurate but this is coming from the "big boys' at HSBC and they are NOT real happy with their NEW company either.  The old HSBC had more ethics.

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Painful as it may and as much as most of us don't want to believe it possible, its true. We have been headed in the wrong direction for a long time and if we keep this up, this great nation will not be so great anymore. It would break my heart to see that day, my blood and the blood of my men, friends, superiors and brothers for this? I hope not.

[Anonymous]

Back to the subject for this forum:  "HSBC credit line slashed for no reason".

I think we've learned that the credit lines ARE slashed for reason - and we're trying to figure out what the reason is.  Going back through the posts on this thread, some patterns emerge.  As we come to know the "reason" based on what people are reporting has happened to them, we come to see the new rules of the game, we know how to play and how to avoid being damaged -- as much as possible.  Thanks for helping me know how to manage my account and avoid having my HSBC credit line slashed.  Your comments and willingness to share your experiences are truly helpful.

[Anonymous]

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@utah2009 wrote:

Back to the subject for this forum:  "HSBC credit line slashed for no reason".

I think we've learned that the credit lines ARE slashed for reason - and we're trying to figure out what the reason is.  Going back through the posts on this thread, some patterns emerge.  As we come to know the "reason" based on what people are reporting has happened to them, we come to see the new rules of the game, we know how to play and how to avoid being damaged -- as much as possible.  Thanks for helping me know how to manage my account and avoid having my HSBC credit line slashed.  Your comments and willingness to share your experiences are truly helpful.

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Glad it was helpful to you and although we know a bit more as to how and why its happening, unfortunately it still makes no real sense and there is no real justification for it. Just assumptions of their greed turning to panic for the time being and the people hurting as a result of it. Hopefully we all gained some perspective on how to protect ourselves and if it helped you, then this thread succeeded in its purpose.

[Anonymous]

I think it does make real sense.  I see this thread as having a very powerful impact.  I really think knowledge is power - we all like to vent, but learning what works ultimately is far more powerful.  Thanks to all of you for sharing your experiences and giving us details to understand what to watch for and knowing/learning how to behave.

[score_building]

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@utah2009 wrote:
I think it does make real sense.  I see this thread as having a very powerful impact.  I really think knowledge is power - we all like to vent, but learning what works ultimately is far more powerful.  Thanks to all of you for sharing your experiences and giving us details to understand what to watch for and knowing/learning how to behave.

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sure certain behaviours are less risky than others, but alas, knowing or learning good credit behaviour is not necessarily the antidote for AA in this climate. i am pretty sure that was part of the intended meaning of Guardian's statement about it not making sense.

Message Edited by score_building on 03-15-2009 03:46 PM

[Anonymous]

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@utah2009 wrote:
I think it does make real sense.  I see this thread as having a very powerful impact.  I really think knowledge is power - we all like to vent, but learning what works ultimately is far more powerful.  Thanks to all of you for sharing your experiences and giving us details to understand what to watch for and knowing/learning how to behave.

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My apologies, what I meant by it makes no real sense was more of a principle or philosophical sense. We know they are cutting limits to cover their butt and its because of the credit market and so on but what makes no sense is that they are cutting limits of people with good credit and bad credit, so there is really no sense in who gets hit and not, its just a matter of waiting to see if it hits you or not.

I mean I have a card that didn't get hit, my friend has the EXACT same card and it was with very similar limits and he got slashed, so why not me? You see what I mean, it still makes no real sense, because if the cuts are expected, then it should be for everyone, if not then it makes no real sense to me and still feels arbitrary. Anyway, we are all on the same page, so...

[Anonymous]

@score_building, yes thank you.

Message Edited by Guardian on 03-15-2009 04:29 PM

[Anonymous]

I went online to pay the bill and sure enough the credit line went from $10k to $2600.  Our balance was $2000.  I made so much headway after graduating from college to pay everything down.  For a year I went to school and didn't work and am trying to play catch up.We were doing so good - almost done paying all of the debt off.  This is really going to negatively affect the scores.  I emailed them to find out why we weren't notified and were told that it was a "business decision".  I hate to close the account because it is one of our oldest, but they really have made us mad.  I have my own card with them that I just paid off and it is now cut up.  I won't even put it in the emergency stash.

[Anonymous]

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@Anonymous wrote:
I went online to pay the bill and sure enough the credit line went from $10k to $2600.  Our balance was $2000.  I made so much headway after graduating from college to pay everything down.  For a year I went to school and didn't work and am trying to play catch up.We were doing so good - almost done paying all of the debt off.  This is really going to negatively affect the scores.  I emailed them to find out why we weren't notified and were told that it was a "business decision".  I hate to close the account because it is one of our oldest, but they really have made us mad.  I have my own card with them that I just paid off and it is now cut up.  I won't even put it in the emergency stash.

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I am sorry you got hit, just pay it off as soon as you can and sockdrawer it. It will hurt you in the short run but you will be fine if you pay it off and keep your util down.