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HSBC Credit Card / do not use hsbc - ruins fico

1 United States Review updated:

Do not use HSBC credit cards. They are now cancelling credit card accounts without any warning due to 'inactivity'. Customer service will not help. They closed my account (which was in good standing, my fico is >780, or WAS), and will not tell me why because, "[you] are no longer a customer so we don't have to share this with you."

Opening and closing accounts HURTS FICO scores. They are wrong to do this. Forget ethics and business practices. How about the fact that they're hurting the economy by hurting consumers scores, in turn, making it more difficult for them to get approved. Also, why close an inactive account? It does not cost the company anything - and by doing so - they 100% reduce the possibility they can make money because customers can no longer, ever again, use their cards and HSBC cannot capitalize on the interest! Lastly, how about the fact that people who are scorned by this will NEVER EVER AGAIN USE HSBC'S SERVICES?

AVOID THIS BUSINESS!!!

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Comments

My
  28th of Feb, 2009
0 Votes

They did the same thing to me and I am going to fight this with all I have. I do not want my excellent credit history to be affected by this banks unethical business practices. Why don't they spend this time going after the "deadbeat" accounts which I am sure they have plenty!

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