Bank Horror Stories

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SW in Virginia said: “In Jan 2009 I received notice of increase in my APR with HSBC. I immediately called the bank to get the reason as to why my APR was increasing (10.9 to 14.9) I was told by the CSR that she did not have the reason available to her, but she could mail it to me. I wanted this information to make a decision to keep my account open or close it.

I did not receive the reason for this Adverse Action until Feb 28 2009. Over 6 weeks after the original request, I was told by a CSR that it took so long as they had over 2 million to mail (saying that you did nothing wrong and we need more $$ to provide the excellent service we always have) , not my problem. At that point it was to late to close the card and have the APR remain at the 10.9 .

A week later (3/7/2009) I received another letter from HSBC that they were reducing my credit limit to only 200 above my balance on my card (a $2200 decrease). I logged online to see if it had been changed and it was already reduced and the new limit had been reported to the Credit Bureaus.

Of course this will negatively impact my credit score since it now appears that I am irresponsible with my credit and have maxed out my card. I called immediately to the Cust Service to get corrected on my CB and close the account. Of course I was told that there was nothing that they could do, I had never been late and the rep really didn’t care. I asked to speak to a supervisor and got the same song and dance. I then asked to speak to her supervisor and was told she would take my number and I would get a call on Monday (Yeah right and they can sell me the Brooklyn Bridge at the same time, I would never get a call back).

I closed my card. I have had it!! There was no valid reason for them to do this to myself and many other cardholders- It appears that they are now trying to fix their problems by abusing the unsuspecting consumer. At the end of the day, I do not need the credit card, I have other available credit to me.

I know that this will adversely impact my credit score, due to HSBC risky policy and them trying to mitigate their risk, this also is bringing down millions of consumers with them. The consumer should have been allowed the choice to close the card keeping the CL the same, or take the limit decrease and continue to have the card open. This appears to me to have been an unfair and deceptive practice by HSBC.”

This article, Over 2 million credit cards effected by HSBC reductions, is just one of our articles from Bank Horror Stories, HSBC Secrets

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