Like many others, I received notice of a reduction of my credit line, AFTER THE FACT. From $900.00 down to $300.00 after paying on time or early for the past three years, after having my interest rate raised every year or so up to the maximum 24.99 percent. This is a blow as I was promised by HSBC that by working hard I could rebuild my credit with them and the rest of the financial community.
When I called them on this, the rep could not help, stated that all accounts in certain groups had their limits lowered and they are not accepting any requests for review. The limit could be raised if they review the account on their own but when I asked how that is triggered and what type of process it was (thinking I could do the right things to restore myself) he had no answer.
I paid for 5 years on this account with ever increasing interest rates, increasing fees, and also account protection (thinking this high profit item) might help build my reputation and credit.
No luck.
It seems now that the banks are taking the fall for bad loan descisions, they are hitting us little guys who paid on time and did the right thing. I'll bet they're getting ready to get some bail out help from the Gov't. If this happens, I scream bloody h*ll, and I hope you do too.
Maybe I should have just run up a big balance and run away with them holding the bag! Naw, that's what their executives are doing, After I finish this report, I, m going to check up on HSBCs financial status, I'll bet all the execs got big salaries and they had some hefty profits last year, I be suprised if I am wrong!
Its time we all said "I'm mad as hell and not going to take it anymore!!!" (from the movie Network)
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