"Approved For $500?"

American DreamCard™ MasterCard® Review
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Written by: qchau on 2009-06-30

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qchau's review: HSBC just called me to verified personal information today but only approved with credit line $500 - at this time I have 709, 702 & 692 scores and good income with more than 15 years credit history. I don't know why I only got approved for $500 credit line? Does anyone has any idea?



Comment 1 by brian23
Hmmm..... on 2009-06-30

What is your utilization like on your current accounts? How old is your credit file? How many recent inquiries?

These are the things that come to my mind with your story...
Comment 2 by meya
Wow on 2009-06-30

With scores like yours, I don't think I would have went for this card. I will wait until you feedback to Brian23 to hear the rest. But until then, use the score match to see better cards that you may qualify for.

Comment 3 by qchau
Re: American Dream Card on 2009-07-01

I did try discover & discover (student) got decline on both of them - I also tried: AMEX but no luck as well - there are many banks has changed their guidelines about the scores (minimum required is 720) - no longer 680 (minimum scores require to qualified)
Comment 4 by colonative
Pull A Bureau on 2009-07-01

You might want to check your bureaus to see what information is on them. Those scores should have warranted at least a $5,000 limit.

I am wondering if you have a few inquiries or like someone else said, maybe you are using more then 30% of your available credit.
Comment 5 by rockin35
No....They're Just Stingy... on 2009-07-01

I don't think your scores or something on your report produced a $500 CL with HSBC, I just think they are stingy in every way imaginable. I had the Best Buy Mastercard since 2006, started off with $300 became $500 and ETERNALLY $500, so I chopped it up and canceled it. Most limits with HSBC aren't incredibly high.

I have one other with HSBC but through my union (CWA), called the Union Plus Mastercard, $3200 limit since 2007. Not one increase yet! You may want to give them a call in 4 months to see about an increase, but that's just my take. Rockin35
Comment 6 by cireone
Listed As One Of The WORST on 2009-07-03

This was lsited as one of the worst reward credit cards according to msn.com. I don't have the link but I read it. It had something to do with how they put you in a drawing for a "bigger" prize when you make purchases. So the more you purchase, the more chances you get to win. THe article suggested to get a card that ust gave you ordinary rewards.

Other than that $500 is a bit low for your scores. This card isn't even a prime card.

BUt CONGRATS on the approval.
Comment 7 by rockin35
Still Congrats Though... on 2009-07-03

I haven't heard any negatives about HSBC other than the low CL's and minimal increases. Customer Service is pretty good and online account manager is very good.

NOTE: To FG/ADMIN SUPPORT, whomever removed my 2nd post... I copied it twice on purpose because the first post had 2 typos' in it, I listed a comment about my Union (CW)... I retyped this as (CWA) in the 2nd post. Maybe members should have the ability to edit their post on the Review Board!! Just a Thought!!! Rockin35
Comment 8 by qchau
Re: American Dream Card on 2009-07-13

I was shock with 21.99%, $500 credit line plus $39 annual fee - my recent scores is: 719 (ex), 709 (tu) & 693 (eq) with 17 years credit history & $42,000/annually income - while the others has much lower credit scores than I am but has higher credit line with no annual fee!!! No idea why ! (I just wonder why not jealous about what they got) - does anyone has any ideas why? Please help! Thanks
Comment 9 by rustyptt
This Card Suck So As HSBC on 2009-08-05

I applied for this card due to the statment fair credit. I have one paid collection 157 dollars with Edisson 1 30 day late on my credit card.3 paid off auto loans my bike loan I owe 700$ never late. They denied me. My FICO is Ex 631 Eq 632 Tu 647. Dude comon. Denied?!?! WTF!!! I had a secured card with HSBC for 1 year never late and that's how they do me.
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