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After sitting on a $300.00 limit for nearly 2 years & it's a unsecured card, I called HSBC to close my account. They transferred me to a account Manager who tried to talk me into keeping the card open & I said it's not worth paying $59.00 a year to have this card & I have had a perfect payment history with this card, never late & always on time. Well, she goes into the routine of telling me that they aren't granted CLI at this time & I told her that's not true. A friend of mine has this exact card & he just got a auto increase of $200.00 ( I've seen it ) so, I told her I didn't appreciate her being untruthful about increases at this time. I also told her that I've read online where other people have been getting increases so, she need not go any further with that statement to me. I also told her that HSBC using the new card laws as a reason not to give increase is a crock of garbage. I told her those laws don't keep HSBC from giving out cli only greed prevents it. So, she goes in another direction about my card having a good history & it would be a shame to close it because of the age on the credit reports. I told her, I have other cards with more time than this so, I'm not worried about HSBC & aging on my credit report. I said I'd rather take a hit temporarly on my credit report than to gvie you people $59.00 a year for nothing. So I said, I'd like you to close the account right now & I'd like to end this phone call right away. She said ok, it's officially closed by the consumer & she asked if there would be anything else, I said no & goodbye !! It felt good to get rid of those cheap skates.
Good for you!! I had to do the same thing with two Capital One accounts recently! They served their purpose and now I don't need/want those cards anymore. and Btw, you are right!! I got an auto CLC from them two months ago from $600 to a whopping $900. LOL! Only reason I haven't closed them is that they don't charge me any fees and since I never use it, the interest rate and low credit line don't really matter to me. I just have to remember to buy a cup of coffee with it once every other month so they don't close me for inactivity like they did my other card.
My annual fee bills this statement period, and I will be doing exactly the same thing!
Congrats!!!!!!!
Let us know the impact on your scores! if any!
CONGRATS ! ! ! ! ! Wish I'd have done that instead of waiting for them to cld then close me. After that ,so I wasn't at the CCC mercy of another credit melt down, I apped and got a Citi Forward and an AMEX Blue. HSBC and Barclays have got to be the worst in Customer service of any creditor I've ever dealt with. Congrats again
Wow...my new hero! I can't WAIT to be in a position to do that to them! They just gave me a $200 auto CLI LAST WEEK -- I'm thrilled, but like evreryone else am only using their cards to rebuild. This time next year....you just WAIT!
Congrats!
@MidnightOwl wrote:After sitting on a $300.00 limit for nearly 2 years & it's a unsecured card, I called HSBC to close my account. They transferred me to a account Manager who tried to talk me into keeping the card open & I said it's not worth paying $59.00 a year to have this card & I have had a perfect payment history with this card, never late & always on time. Well, she goes into the routine of telling me that they aren't granted CLI at this time & I told her that's not true. A friend of mine has this exact card & he just got a auto increase of $200.00 ( I've seen it ) so, I told her I didn't appreciate her being untruthful about increases at this time. I also told her that I've read online where other people have been getting increases so, she need not go any further with that statement to me. I also told her that HSBC using the new card laws as a reason not to give increase is a crock of garbage. I told her those laws don't keep HSBC from giving out cli only greed prevents it. So, she goes in another direction about my card having a good history & it would be a shame to close it because of the age on the credit reports. I told her, I have other cards with more time than this so, I'm not worried about HSBC & aging on my credit report. I said I'd rather take a hit temporarly on my credit report than to gvie you people $59.00 a year for nothing. So I said, I'd like you to close the account right now & I'd like to end this phone call right away. She said ok, it's officially closed by the consumer & she asked if there would be anything else, I said no & goodbye !! It felt good to get rid of those cheap skates.
Simply closing an account will not affect the AAoA. It will keep reporting for up to10 years after closing and it doesn't matter whether it says "closed by credit guarantor" or "closed at consumer's request".
Here is a thread about Closing Credit Cards that gives more details.
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work
LOL, me someone's hero ?
@MidnightOwl wrote:After sitting on a $300.00 limit for nearly 2 years & it's a unsecured card, I called HSBC to close my account. They transferred me to a account Manager who tried to talk me into keeping the card open & I said it's not worth paying $59.00 a year to have this card & I have had a perfect payment history with this card, never late & always on time. Well, she goes into the routine of telling me that they aren't granted CLI at this time & I told her that's not true. A friend of mine has this exact card & he just got a auto increase of $200.00 ( I've seen it ) so, I told her I didn't appreciate her being untruthful about increases at this time. I also told her that I've read online where other people have been getting increases so, she need not go any further with that statement to me. I also told her that HSBC using the new card laws as a reason not to give increase is a crock of garbage. I told her those laws don't keep HSBC from giving out cli only greed prevents it. So, she goes in another direction about my card having a good history & it would be a shame to close it because of the age on the credit reports. I told her, I have other cards with more time than this so, I'm not worried about HSBC & aging on my credit report. I said I'd rather take a hit temporarly on my credit report than to gvie you people $59.00 a year for nothing. So I said, I'd like you to close the account right now & I'd like to end this phone call right away. She said ok, it's officially closed by the consumer & she asked if there would be anything else, I said no & goodbye !! It felt good to get rid of those cheap skates.
Congratulations on the wise move!
Unless one is still in the early stages of rebuilding, a $59 AF on a $300 CL is quite simply absurd.
My Anuual fee on my orchard is like 79 and it has a 300CL as well. I just activated my Nationwide bank card (YAY!) and i think i will be getting rid of the orchard card as soon as it comes closer to paying the fee....