Y No Luv here 4 HSBC?

[Anonymous]

I've got "luv" for HSBC. they gave us a $500 card when no one else would. Only thing is, mine has $59AF and spouse's has a $49. His is due again in December, and we are preparing to close it if they won't waive the fee. Same with mine. We have big limit/low interest cards in our pocketbooks now, so don't *need* HSBC anymore. BUT having said that, they have been good to us. Oh, except for the time they tried to report on me that I had been 30 days late in Feb of 07 or some such stupid date which is a lie of all lies. We have been absolutely **bleep** about paying on time and never going over limit. It's true though that they don't grow with you much. In all this time (4 years now), we are both only up to an $800 limit apiece. Maybe it would have been more had we called more often, but we didn't want all those hard inquiries. We now have close to 30k in available credit, so HSBC will have to go jump in a lake if they won't waive that AF. Too bad, too, because my husband still uses his HSBC for all his work expenses and pays it in full every month with his expense check. So, they are making money on us.

[Anonymous]

PS...I disputed that 30 day late bullcrap and they took it off immediately. Somebody else told me that HSBC is notorious for doing that crap.

[Anonymous]

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@Anonymous wrote:

I've got "luv" for HSBC. they gave us a $500 card when no one else would. Only thing is, mine has $59AF and spouse's has a $49. His is due again in December, and we are preparing to close it if they won't waive the fee. Same with mine. We have big limit/low interest cards in our pocketbooks now, so don't *need* HSBC anymore. BUT having said that, they have been good to us. Oh, except for the time they tried to report on me that I had been 30 days late in Feb of 07 or some such stupid date which is a lie of all lies. We have been absolutely **bleep** about paying on time and never going over limit. It's true though that they don't grow with you much. In all this time (4 years now), we are both only up to an $800 limit apiece. Maybe it would have been more had we called more often, but we didn't want all those hard inquiries. We now have close to 30k in available credit, so HSBC will have to go jump in a lake if they won't waive that AF. Too bad, too, because my husband still uses his HSBC for all his work expenses and pays it in full every month with his expense check. So, they are making money on us.

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Well said!

[Anonymous]

yes they were appreciatedat the time.  I also had a BK.

[Anonymous]

It is for these reasons:

1.  High interest

2.  Low CL's

3.  No CLI or very little CLI (won't grow)

4.  AF

that I recommend going with a savings secured credit card through a good credit union INSTEAD of going with a builder card such as HSBC.  In this way you build savings, build a solid relationship, the card will eventually unsecure and grow and you will now have a relationship that grows and provides you all the credit you will need down the road:  Auto, CC, LOC, Checking, Savings, HELOC, Home.....and so on.

Builder cards are really not builder cards, IMO.  They are, "I want credit now....I don't have savings/I don't want to post savings" cards.

You can do everything and more with a good credit union secured card.  Your credit will rebuild much faster, it will cost you less, it will grow, you will be happy long term and have a solid credit/financial partner.

But, patience is a virtue that we all struggle with, when it comes to credit.  LOL

[Anonymous]

Good point TXJohn.  You can actually do both.  We work with our C.U. (inc. overdraft protection from them and savings and automatic deposit).  And we have a builder card from Orchard - the only thing we paid Orchard is the annual fee - don't pay interest because we don't carry a balance.  Plus enjoyed a nice score bump when we added the Orchard CC.  They're not mutually exclusive - they just each serve a purpose.  Think of them as tools -- in my tool box I have a screwdriver AND a hammer (unless the kids take them, but that's a different story).  Our CU serves us well and helps us rebuild, as does our builder cc from Orchard.  I'm assuming that the Orchard tool will not fit our needs as time goes by, but it's helpful in our beginning phases.  Our CU tool will serve us for many years.

[Anonymous]

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@utah2009 wrote:
Good point TXJohn.  You can actually do both.  We work with our C.U. (inc. overdraft protection from them and savings and automatic deposit).  And we have a builder card from Orchard - the only thing we paid Orchard is the annual fee - don't pay interest because we don't carry a balance.  Plus enjoyed a nice score bump when we added the Orchard CC.  They're not mutually exclusive - they just each serve a purpose.  Think of them as tools -- in my tool box I have a screwdriver AND a hammer (unless the kids take them, but that's a different story).  Our CU serves us well and helps us rebuild, as does our builder cc from Orchard.  I'm assuming that the Orchard tool will not fit our needs as time goes by, but it's helpful in our beginning phases.  Our CU tool will serve us for many years.

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Agreed, that many people do use them as a "tool."  However, very few express happy relationship years later.

I "recommend" going with a second CU and secured card, for long term benefits and satisfaction.  HSBC gets your foot in the door.  But I don't know anybody that is "happy" with them after they have rebuilt credit.  And while they "acknowledge" the initial benefits, they also complain of the long term limitations and cost.

Thus it is good that people have this option.  For me, I recommend a little more patience, build up savings, go secured routes (multiple CU's, BoA, Amalgamated Bank of Chicago) and have better long term TL's, limits, relationships.

The point is this:  You know going in that HSBC is a limited, short term benefit.  They do not have long term benefits, not even the open date, because you can have the same open date with secured cards.

And the savings doesn't cost much, as HSBC usually only starts people out with a few hundred dollars.

So, with all things being equal, if you have the ability to put some savings in place, then continue to build savings, I personally (IMO) recommend not going with builder cards, but go with long term relationships, which builder cards will never be.  "Looking for love in all the wrong places."  LOL 

For those who have, seek, will apply for or want an HSBC card, this post is in no way designed to offend, only to offer information and perspective to which you may find value or you may not.

Good luck to all in your endeavors! 

[Anonymous]

Well noted.  However, it's not patience - or a lack of it - that motivates my decision.  It's simply a different viewpoint.  Go gently!!

[Anonymous]

  Got my velvet gloves on!  LOL

[Anonymous]

Building a solid relationship is what I thought I had with B of A. Checking, savings, cc. Tlll they raised my CL to $19,500 in Jan then cut it to 8k in March due to the economic conditions and not enough usage. CSR told me 20% of their customers had CLDs the same day. Later when I hit the luv button with a lower income than previously, not only no CLI but another cut to $500. Called backdoor and was asked about my liquid savings and home paid for. Wow was the response. And oh yes I see you have some savings with us. The month before I had PIF over $3000 but the rep could only see the $11 balance I had paid in the current mo. Wouldn't restore CL. So much for relationships. No one should kid themselves into thinking any bank is your friend. As a result I closed the card and they are losing a checking and savings customer too.