What to do about HSBC?

[smc733]

Also this:

The Credit Card Accountability Responsibility and Disclosure Act of 2009 Section by Section Summary

Sec. 104. Consumer right to reject card before notice is provided of open account. Gives cardholders who get preapproved the right to reject the card up until they activate it without having their credit adversely affected. 

[haulingthescoreup]

Wow, maybe it did go through after all! Is that from the final version that was passed, as opposed to the interim version?

[MarineVietVet]

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@smc733 wrote:

Also this:

The Credit Card Accountability Responsibility and Disclosure Act of 2009 Section by Section Summary

Sec. 104. Consumer right to reject card before notice is provided of open account. Gives cardholders who get preapproved the right to reject the card up until they activate it without having their credit adversely affected. 

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That did not make the final version. You can go here to read Section 104 of the Credit Card Act 2009.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
 

[smc733]

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@MarineVietVet wrote:

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@smc733 wrote:

Also this:

The Credit Card Accountability Responsibility and Disclosure Act of 2009 Section by Section Summary

Sec. 104. Consumer right to reject card before notice is provided of open account. Gives cardholders who get preapproved the right to reject the card up until they activate it without having their credit adversely affected. 

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That did not make the final version. You can go here to read Section 104 of the Credit Card Act 2009.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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That's unfortunate.  I'll just eat it if it happens, but I'm hearing HSBC doesn't report if you close an acct before it reports.  Either way, I'm gonna stick with my 3 card strategy.  (Visa/MC/Discover)

[Anonymous]

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@smc733 wrote:

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@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.

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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?

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Most banks are starting to have their internal systems separate your own accounts from authorized user accounts, so don't really count on AUs in the future.

And having worked at Best Buy previously as a Supervisor/Store Financing Lead, I can tell you a few things:

1. Try reapplying in a year or two down the road.

2. Plan B cards never graduate to Plan A. They rarely, if ever, will receive CLIs, and usually stay as they are forever.

3. Intended purchase doesn't do diddly squat. You'll either be approved or you won't be. The purchase amount makes no difference.

4. The system would likely say "you'll receive more info in 30 days" and tell you that you recently applied for a BBY card and that your credit was not re-run.

[smc733]

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JMN wrote: 

Most banks are starting to have their internal systems separate your own accounts from authorized user accounts, so don't really count on AUs in the future.

And having worked at Best Buy previously as a Supervisor/Store Financing Lead, I can tell you a few things:

1. Try reapplying in a year or two down the road.

2. Plan B cards never graduate to Plan A. They rarely, if ever, will receive CLIs, and usually stay as they are forever.

3. Intended purchase doesn't do diddly squat. You'll either be approved or you won't be. The purchase amount makes no difference.

4. The system would likely say "you'll receive more info in 30 days" and tell you that you recently applied for a BBY card and that your credit was not re-run.

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This may not have been such a bad experience, as its rightfully soured me against HSBC.  I'm seeing great CLs on the GEMB/Amazon store card, so if I want one, then that's where I will go.  I figured the B would never go anywhere (Despite what they tell), so I went ahead and closed it.  

It just annoys me that I have "too thin credit" to get a decent ($1k limit), when

Citi gives me $2,200

BofA gives me $2,500

Discover gives me $1,500

I doubt I'm that much of a risk for HSBC to give me $1k and Plan A.   Oh well, Best Buy's loss for going with a sub-prime bank.

[smc733]

MAJOR BRAINSTORM!!!!!!!!!

Ok, so I went to my local BB tonight, and I asked if I could apply for just the Chase version.  They said they still do take applications for the Chase card, but that they go through HSBC first.

So now if HSBC will auto-deny me, I should be able to apply for the card in store, auto-decline from HSBC, and then be considered by Chase, right?

Do you think Chase is attainable?  I'm high on inquiries, but aren't store cards supposed to have much easier approval standards?

Thanks!

[JaseT]

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@smc733 wrote:

MAJOR BRAINSTORM!!!!!!!!!

Ok, so I went to my local BB tonight, and I asked if I could apply for just the Chase version.  They said they still do take applications for the Chase card, but that they go through HSBC first.

So now if HSBC will auto-deny me, I should be able to apply for the card in store, auto-decline from HSBC, and then be considered by Chase, right?

Do you think Chase is attainable?  I'm high on inquiries, but aren't store cards supposed to have much easier approval standards?

Thanks!

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Have you considered a CU card instead of another big bank card? Much better relationship IMO.

[smc733]

Possibly, but I'm not too sure how to fit it in.

I have 3 Credit Cards already, which is more than enough, so I was going to top it off with a retail card to complete my collection.  I'm thinking I'm going to wait 6 months, then re-apply for Zync with Amex after all my old app data is archived so its essentially a fresh app.