Hsbc - Credit Cards - Accountcentralonline.com
Hsbc - Accountcentralonline.com - Credit Cards - un-announced and un warranted credit limit decreases

I have read other rip off reports on this company for the same reason - so maybe its not such news, but the same thing has happened to me so i figured i would report it either way.

I have had a credit card with this bank for a few years now (2 cards actually). I pay faithfully and dont keep a high balance (usually keep it under 30% of my limit). But anyway - this month they dropped my credit limit from $3300 to $1109 - who knows where they came up with that odd number for a credit limit. When questioned why the decrease was made - nobody seemed to know but they did state that due to the poor economy, they have been in the process of making many reconstructive changes. I made a large payment last month - maybe they didnt like the fact that i wasnt keeping a high enough balance and feeding them enough money in interest!?

Normally i wouldnt care so much that they dropped my credit limit - like i said i normally keep a fairly low balance on it anyway, but when they made the decrease in credit limit - i happened to purchase a gps that made me only a few dollars from this new limit - and if i hadnt gone online and realized that the limit was dropped - and made a payment before the closing of the monthly cycle (although a payment was not due) - chances are i would have gone over my new limit with finance charges at the end of the billing cycle - in addittion the decrease in limit was made 3 days after the close of the last billing cycle - so i JUST received a bill a day before - and that bill did not reflect the credit limit decrease!!! They should at least warn you of a decrease in credit - or else its almost like they are setting you up to make you go over your limit... That should be illegal!!! I feel bad for people who dont have a computer to check up on this kind of thing.

I have always had problems with this bank making errors and causing me to run through hoops faxing them proof of their mistakes, their customer service stinks and i barely got a appology for their known mistakes. So it does not surprise me that they are going out of buisness, happy bankrupcy to them, hopefully they dont ruin to many honest consumers credit scores in the meantime.

I almost forgot i had a mortgage through hsbc also - I paid it in full by refinancing and never made a late payment but they failed to close the account and reported it as a charge off on zero balance for almost 6 months, it took me 6 months to get that off my credit report.

Company: Hsbc - Credit Cards - Accountcentralonline.com
Country: USA
State: Maryland
City: Baltimore
Address: Po Box 17313
Phone: 8777030918

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