Complaint / Review
HSBC Direct Merchant
Credit limit cut with no notification

Direct Merchant cut my credit by more than half also! That is disappointing but the lack of notification proved to be embarrising.

I had no idea what was going on, so I tried to use the card again. I called them and was told they were making a "business decision". That's fine but I think they should have given us at least 20 days notice so we could adjust our spending/payments.

They did say they would not charge over the limit fees, but I try to keep my cards under the 50% limit to help my FICA scores.

I think that the manner this was done in was unethical, I understand they are attempting to control their exposure but by not informing people is bordering on breach of contract.

I have decided and for all those who can we should make a "business decison" we should payoff or pay down the balance, use the card for extreme emergencies, or use it for 30 days and pay off each balance at the end of the month. But be sure to keep it open because closing accounts hurt your FICA scores.

Frank
somewhere in PA
U.S.A.