What to do about HSBC?

smc733 · ‎02-01-2011

So as in my previous thread, I got this toy card from Best Buy. $600 limit.

I'm hearing if I close it now, it will still report, and I'm also hearing it may not.

I've been told that it will be reviewed for CLI in 2.5 years, I've been told it will be reconsidered for Program A every 6 months, I've been told it will NEVER be considered for either.

I like the benefits, but only if I can eventually get a better CL.

What should I do? Close it and hope it doesn't report, or eat the damage of a new acct with a toy limit? Will this scare Discover for my new card? (I don't think so but you never know).

vish1 · ‎02-01-2011

AFAIK if you do not accept the card, it wont show up in your CR (though the inquiry will still sit there)

Anonymous · ‎02-01-2011

Well I think that no matter what it will report. It doesn't have an annual fee, and I don't think Discover will care about it, so I think you're fine. You can request a CLI on this card in 6 months, however the max for Plan B is $800. I would keep it, use it, and in 6 months apply again, except this time in-store. The in-store app asks you how much you are planning to spend (but you don't have to go through with a purchase after approval).

In my situation, I was approved for $800 Plan B card with online app. 8 months later, I applied in-store with a MacBook Pro in my hand and was approved for $3600 Plan A. My scores had not really changed in that time period.

smc733 · ‎02-01-2011

@vish1 wrote:
AFAIK if you do not accept the card, it wont show up in your CR (though the inquiry will still sit there)

Hmm, so would it behoove me to try, or should I keep this and then apply again for Program A in a year? I'm very distraught about this.

smc733 · ‎02-01-2011

@Anonymous wrote:
Well I think that no matter what it will report. It doesn't have an annual fee, and I don't think Discover will care about it, so I think you're fine. You can request a CLI on this card in 6 months, however the max for Plan B is $800. I would keep it, use it, and in 6 months apply again, except this time in-store. The in-store app asks you how much you are planning to spend (but you don't have to go through with a purchase after approval).

In my situation, I was approved for $800 Plan B card with online app. 8 months later, I applied in-store with a MacBook Pro in my hand and was approved for $3600 Plan A. My scores had not really changed in that time period.

Responded as you posted. So that raises a good point. HSBC essentially ignored all of my AU accounts... (smart). I would be OK with $800, and DEFINITELY fine with $1,200.

Would it be worth going to the store now and attempting with an intended purchase of "$1,500"? Or should I keep this and wait?

Anonymous · ‎02-01-2011

@smc733 wrote:

@Anonymous wrote:
Well I think that no matter what it will report. It doesn't have an annual fee, and I don't think Discover will care about it, so I think you're fine. You can request a CLI on this card in 6 months, however the max for Plan B is $800. I would keep it, use it, and in 6 months apply again, except this time in-store. The in-store app asks you how much you are planning to spend (but you don't have to go through with a purchase after approval).

In my situation, I was approved for $800 Plan B card with online app. 8 months later, I applied in-store with a MacBook Pro in my hand and was approved for $3600 Plan A. My scores had not really changed in that time period.

Responded as you posted. So that raises a good point. HSBC essentially ignored all of my AU accounts... (smart). I would be OK with $800, and DEFINITELY fine with $1,200.

Would it be worth going to the store now and attempting with an intended purchase of "$1,500"? Or should I keep this and wait?

I don't know how they'd react if you applied again so quickly.

smc733 · ‎02-01-2011

At this point I'm wondering if I'm starting down the path of CC hell.

Perhaps I should just do this:

Carry with me my Trusty

BankAmericard Cash Rewards Visa

and

Discover More

Along with my BofA debit

Sockdrawer my Citi ThankYou MasterCard and buy gum every 4 months.

Close this and be done with applying. I can't imagine really actively using more than two cards, anyway.

smc733 · ‎02-02-2011

Bumpedy bump.

haulingthescoreup · ‎02-02-2011

@smc733 wrote:
At this point I'm wondering if I'm starting down the path of CC hell.

Perhaps I should just do this:

Carry with me my Trusty
BankAmericard Cash Rewards Visa
and
Discover More
Along with my BofA debit

Sockdrawer my Citi ThankYou MasterCard and buy gum every 4 months.

Close this and be done with applying. I can't imagine really actively using more than two cards, anyway.

I'm in favor of this one. In another year, you'll have enough history of your own to get another fer-real card, rather than hoping that this one will grow.

It's entirely possible that it will grow with time, but even then, it probably won't grow fast. Do you shop a lot at Best Buy to where you could really use the rewards from the card? If not, I think I'd add it to the "oh-well" category, close it, and grow what you have (which is very nice, btw.)

It's enough of a PITA juggling around cards that you actually like, trying to keep each one happy. Going through this for a card that doesn't improve your current credit profile seems like a waste of time and attention, unless there's something special about the rewards that outweigh the low limit.

There are an awful lot of threads here, with wailing and gnashing of teeth, by those frustrated that their rebuilder cards just won't grow with them. (Although I do realize that there are a few people for whom this particular card has worked out pretty well.)

Oh, and maybe pull the ThankYou card out of the drawer and make it one of your three cards. Citi is way more likely to offer you better stuff down the road than is HSBC, but they definitely want to see usage.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

smc733 · ‎02-02-2011

@haulingthescoreup wrote:

I'm in favor of this one. In another year, you'll have enough history of your own to get another fer-real card, rather than hoping that this one will grow.

It's entirely possible that it will grow with time, but even then, it probably won't grow fast. Do you shop a lot at Best Buy to where you could really use the rewards from the card? If not, I think I'd add it to the "oh-well" category, close it, and grow what you have (which is very nice, btw.)

It's enough of a PITA juggling around cards that you actually like, trying to keep each one happy. Going through this for a card that doesn't improve your current credit profile seems like a waste of time and attention, unless there's something special about the rewards that outweigh the low limit.

There are an awful lot of threads here, with wailing and gnashing of teeth, by those frustrated that their rebuilder cards just won't grow with them. (Although I do realize that there are a few people for whom this particular card has worked out pretty well.)

Oh, and maybe pull the ThankYou card out of the drawer and make it one of your three cards. Citi is way more likely to offer you better stuff down the road than is HSBC, but they definitely want to see usage.

This post really helped to put a lot into perspective for me.

As a college student, really three cards are all I have enough money to spend on, so I suppose I could make my Citi that third card (then I'd have Visa/MC/Discover and Visa Debit in my wallet (Debating exchanging the debit card for just an ATM card)). I know HSBC is picky about wanting activity, too, so I'd probably be better off without this card. I DO shop at Best Buy, but not all that much. I purchase Phones/Computers/Accessories from Apple, and often the few video games I play from Gamestop.

I think I can definitely get used to this 3 card thing too, would be perfect for my wallet.

Left:

BofA CR

Citi TY

Discover More

Right:

College ID

Subway "T" Pass

Debit Card

Inside Left: Drivers License

Inside Right: Health Insurance Card

Anyway... I have a feeling you're right about HSBC not growing, but these other three will. And you're also so right, I often forget to stop the progress I've made in 7 months.

Started as a college student with a Banana Republic card and a Secured BofA Visa, and I have some awesome limits and cards for a college student. I should garden and focus on CLIs.

Thanks for the advice HTSU, I will be closing HSBC later today and begin my gardening.