Hsbc, sinking ship, jump or wait?

[jmcmillan]

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@android01 wrote:

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@jmcmillan wrote:

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@android01 wrote:

My hope would be that whomever ends up with HSBC's portfolio will treat their new customers better than Chase treated WAMU customers.

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Would you mind going into detail about this? I'm considering opening an Orchard card so that I may get into Wells or back into Chase...

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Chase cut a 15K CL in half and rate jacked me to 25% from 11%.  The WAMU account was 10 years old at the time with perfect payment history.  I called to ask for a rate reduction (which they refused to do) and was told by a Chase CSR, "Sir, if you can't afford to use our credit card, then by all means use someone elses".  Needless to say I took their advice, and my Chase card sits in the sock drawer with a $19 recurring charge every month.  I won't close it because it's 12 years old now.  At the time, Chase seemed to be actively culling WAMU customers based on some of the things I've read here and elsewhere.  I can just imagine what they'll be culling when it comes to some of HSBC's products and customers.   

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That's too bad. Chase has become real [Edited] in the past couple years. I used to really like them. I recently pulled all my money out of my Chase accounts because I got tired of their attitude. The credit card I had with them was great, which is why I wanted to attempt to get back in if they eat up Orchard...At least, until I am able to get something better. I'm sure there isn't much they could cut from a $300 orchard card.

Do you know you can cancel your old Wamu account and the age would stay on your reports for 10 years? I'm sure you'll be in a much better place with better cards 10 years from now, and that age won't make a difference.

[android01]

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@jmcmillan wrote:

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@android01 wrote:

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@jmcmillan wrote:

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@android01 wrote:

My hope would be that whomever ends up with HSBC's portfolio will treat their new customers better than Chase treated WAMU customers.

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Would you mind going into detail about this? I'm considering opening an Orchard card so that I may get into Wells or back into Chase...

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Chase cut a 15K CL in half and rate jacked me to 25% from 11%.  The WAMU account was 10 years old at the time with perfect payment history.  I called to ask for a rate reduction (which they refused to do) and was told by a Chase CSR, "Sir, if you can't afford to use our credit card, then by all means use someone elses".  Needless to say I took their advice, and my Chase card sits in the sock drawer with a $19 recurring charge every month.  I won't close it because it's 12 years old now.  At the time, Chase seemed to be actively culling WAMU customers based on some of the things I've read here and elsewhere.  I can just imagine what they'll be culling when it comes to some of HSBC's products and customers.   

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That's too bad. Chase has become real [Edited] in the past couple years. I used to really like them. I recently pulled all my money out of my Chase accounts because I got tired of their attitude. The credit card I had with them was great, which is why I wanted to attempt to get back in if they eat up Orchard...At least, until I am able to get something better. I'm sure there isn't much they could cut from a $300 orchard card.

Do you know you can cancel your old Wamu account and the age would stay on your reports for 10 years? I'm sure you'll be in a much better place with better cards 10 years from now, and that age won't make a difference.

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Yes, I know that it would report for 10 years after I closed it, but I'm one of those nut jobs that just won't close anything.    I'm not really concerned about the AAoA deal anyway.  I've been around for a long time and have a thick old credit file.   I might consider closing it if Chase buys HSBC as Chase would then own my HSBC GM card with a 15K CL that turned 20 this year.  I've also got about $2,600 in rewards I could use to purchase a new GM car, which I'm not going to do anytime soon.  Since Chase pretty much hosed me on my old WAMU card, I'll be following this deal closely.  I've got a lot at stake with this one.  

[jmcmillan]

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@android01 wrote:

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Yes, I know that it would report for 10 years after I closed it, but I'm one of those nut jobs that just won't close anything.    I'm not really concerned about the AAoA deal anyway.  I've been around for a long time and have a thick old credit file.   I might consider closing it if Chase buys HSBC as Chase would then own my HSBC GM card with a 15K CL that turned 20 this year.  I've also got about $2,600 in rewards I could use to purchase a new GM car, which I'm not going to do anytime soon.  Since Chase pretty much hosed me on my old WAMU card, I'll be following this deal closely.  I've got a lot at stake with this one.  

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I'll be watching it closely, too, as I believe Orchard/HSBC is trash. Makes me wonder why Chase or Wells would be interested.

So do you think it's a crazy idea to open an Orchard card in an attempt to get into someone better? They preapproved me for their $300/59AF card. I could close it in a year if I don't like what's going on....

[minimock]

Hoping for Wells Fargo, dont have that one.

I would suspect that there will be some "Culling"  going on as another poster aludded to. HSBC has too many subprime customers.

I imagine they will take the cream of the crop so to speak, and jack the rest lol.

Its a mad...mad...mad...world out there. Survival of the fittest.

Dont worry about me, save yourselves!!!!

[Anonymous]

I am also watching this very closely. As a former WAMU customer who got my interest rate hiked to 29.99% when Chase took over my card, I am sincerely hoping Chase has nothing to do with this purchase. I had to file BK in 2000 and it was one of the worst experiences of my life. Humiliating and a place I never thought I would be. Years of good credit ruined.

HSBC was the first company to issue me a credit card and they have been wonderful to work with over the years. WAMU was the same. As I was rebuilding my credit the economy crashed, my hours and pay were cut but I was at least fortunate to keep my job. I had to use my cards more than usual but always kept up with payments and was never late. Chase took over my WAMU card and in November of that year I noticed on my statement that my interest charges had more than doubled. When I called to inquire, they were very rude and said they sent me a letter notifying me. I never got a letter.

I realized it would take me years to pay off this card with almost 30% interest and that got me angry which was actually a good thing in the end. I was determined to pay off this card even if it meant eating beans and rice every day for a year. It took me 14 months to pay it off and I sacrificed a lot but I was so happy to make that last payment in June.

During this time, HSBC actually lowered my interest rate. Yes, when Chase was making it almost impossible to pay them back, HSBC made it easier. I am now working diligently to pay off HSBC because I am very leery of whatever new company takes over these accounts. Even though my plan was to pay off all of these cards, it is so frustrating that I am doing it in angry (Chase) and panic (HSBC) mode.

[Smug]

My cards are all Paid, so I guess I will sit backhand watch...... Pass the popcorn...

[Anonymous]

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@Anonymous wrote:

I am also watching this very closely. As a former WAMU customer who got my interest rate hiked to 29.99% when Chase took over my card, I am sincerely hoping Chase has nothing to do with this purchase. I had to file BK in 2000 and it was one of the worst experiences of my life. Humiliating and a place I never thought I would be. Years of good credit ruined.

HSBC was the first company to issue me a credit card and they have been wonderful to work with over the years. WAMU was the same. As I was rebuilding my credit the economy crashed, my hours and pay were cut but I was at least fortunate to keep my job. I had to use my cards more than usual but always kept up with payments and was never late. Chase took over my WAMU card and in November of that year I noticed on my statement that my interest charges had more than doubled. When I called to inquire, they were very rude and said they sent me a letter notifying me. I never got a letter.

I realized it would take me years to pay off this card with almost 30% interest and that got me angry which was actually a good thing in the end. I was determined to pay off this card even if it meant eating beans and rice every day for a year. It took me 14 months to pay it off and I sacrificed a lot but I was so happy to make that last payment in June.

During this time, HSBC actually lowered my interest rate. Yes, when Chase was making it almost impossible to pay them back, HSBC made it easier. I am now working diligently to pay off HSBC because I am very leery of whatever new company takes over these accounts. Even though my plan was to pay off all of these cards, it is so frustrating that I am doing it in angry (Chase) and panic (HSBC) mode.

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ForTheDogs,

Welcome!  Thanks for posting.  And congrats on your hard work paying off Chase - that had to feel remarkably good!!!

(We've developed a few great rice and beans recipes over the year as well - had a restaurant quality variation for dinner yesterday!  Who says you need to eat steak?  Sometimes rice and beans helps pay the bills.)

I liked my HSBC Orchard as well - think they're a top-notch rebuilder card.

[phoenician]

I have never had Chase or WAMU credit cards, but I did have a checking account with WAMU and I was upset that Chase bought WAMU, because I knew it'd be all over. Sure enough, after the government came down on the banks to make them play fair and be a tad more ethical, they started to whine like little girls with skinned knees and started creating fees and reducing perks. I got a letter last year saying that there would be no more free checking, and unless certain requirements were met, there would be a $12 fee. That really ticked me off. I met the requirements, and will for the forseeable future, but it was the principle of it. So I closed my account and took my business to my first bank, who actually appreciates customers, and made it my full time bank account instead of just my rent-and-bill-money storage account.

On the HSBC front, I can't say I'm going to shed any tears. I had a GM Card with them, which would have been 10 ½ years old right now, with a 6k limit. I had a 5 month period of unemployment and they threw me to the wolves. I put forth my best efforts to work with them so we would both come out happy, but they refused to hear any of it. What especially boils me is right when I did get a job and could start paying them back, that's when they closed me down and sent me to collections. I tried to work with them, but at every step of the way they turned their back. So, to hell with them.

I do wonder how this affects my collections case with them, which doesn't show up on any reports, and which I'm 4 months in to a 24 month repayment plan (it's sad that it took collections efforts for them to agree to a monthly installment repayment plan). I suppose they're long since out of the picture now, since everything is being done with the law firm they're using in my state.

[daylove]

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@jmcmillan wrote:

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I'll be watching it closely, too, as I believe Orchard/HSBC is trash. Makes me wonder why Chase or Wells would be interested.

So do you think it's a crazy idea to open an Orchard card in an attempt to get into someone better? They preapproved me for their $300/59AF card. I could close it in a year if I don't like what's going on....

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I guess it is because in the "trash" as you defined it there are many and many great card holders who actually pay their cards' bill on time. BTW, strictly as a bank(don't know as a CC biz) HSBC is way better than Chase, Wells, or any US based banks.  

[ReVeLaTeD]

I take it as a win-win.  Mine is the 2% Weekend card that they discontinued; my understanding is that while it started with a fairly low limit, it is one of their non-subprime cards.  The terms aren't terrible on it, no fees, basic APR, weekend rewards.

- If Wells Fargo takes the card, it will be eligible for higher limits.

- If Chase takes the card, they will either close it out of spite - which wouldn't really impact me, the card is basically used to pay for my express lane token at this point, a job my Chevron Visa could easily take over - or keep it, and I'll end up with a Chase card that has a proper limit via end run.  Either is worthy of a crotch chop.  Especially if it ends up being a Freedom card.

- If Capital One takes the card...well, I don't know.  It wouldn't be a bad thing.  I actually applied for their Venture One Rewards card, and they turned it down without running a credit report only because I still had the other card open with a $2 balance.  Probably try again later, but the next card I go for will be a GE Money card for sure.

- If GE Money goes for it, I'll be on easy street.

- If Merrick Bank chips in, I'll be on easy street.