"Closed Before The One Year Mark"

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Written by: hjm331 on 2008-07-10

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hjm331's review: I have been consolidating my credit cards lately and I have been closing cards that I don't need. My FICO score will take a hit but I am not applying for any loans right now so it doesn't really matter to me.

My thoughts on this card are that it is a GREAT rebuilder card because you don't get charged any monthly fees and you can get the annual fee waived by calling CS as some members have learned that already.

However, HSBC is a sub-prime bank and it will stay that way. They are stingy with CLI's and charge high interest rates, mines was 19.24%.

In conclusion, if you're looking for a card that is going to help you open doors to better cards, this is definitely a great choice while you earn points for cool stuff at Best Buy.

3 Comments

Comment 1 by shark6
Why? on 2008-07-16

Hi HJM331, I read your review and I am not sure why you closed the card. Is it because you do not plan to shop there or because you regard HSBC as a sub prime lender?

If the first reason, I can understand your actions but if for the second one, I don't get it. Why not allow the card to age and request CLIs?

Could you have gotten the card converted to just the store card? Are there rates lower which I doubt?

What was the reasoning for getting this card first of all?
Comment 2 by hjm331
RE: Shark6 on 2008-07-16

The reason why I applied for this card is because when my credit was about 6 months old, my limits weren't sufficient for my monthly expenses so I needed another credit card.

Now, I don't need the card. I have better cards with higher limits. I don't like the way HSBC works. I've asked for a CLI twice, they pulled a hard copy of my credit report and still denied me twice. They won't lower my interest, NOTHING!

On top of that, their CS is horrible. They do not know what they are doing including the managers. This is a self-service card and is great for rebuilding credit with but can't compare to the big boys.
Comment 3 by kiejon9
Hsbc on 2008-07-21

I have had this card for some time now with a high cl but I do not like hsbc at all. I am thanking about cutting this card up cuz hsbc cs is horrible but I got this card when I was 18th and now I am 25th never been late on my acc and my cl is like $6900 but every time I call to tell them I dont want the card they give me a cli.
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