HSBC / Best Buy Credit Card Informative - What Does A 680 FICO With A Low Debt To Income Ratio Get You?
So my mother decides to apply for a Best Buy credit card. They tell her that she was approved and have her sign the disclosure form. I saw her today and she hands me the credit card and the paperwork as she wanted to make sure it was a great deal. Credit limit - $300 Annual Fee - $59 LMAO - I was stunned. Yes, she signed the disclosure form and yes, it CLEARLY states the $59 fee. I ask my mother if she's paid a bill late or what. She says no. I went online to Transunion.com and pulled a 3 in 1 credit report. Her lowest score was a 680 from Experian and her highest was a 695 from Transunion. Ummmm...No late payments, none of her credit cards were over 40%, long history...Couldn't find it. So....my question is...Why would HSBC offer a good customer a VERY low limit AND charge and annual fee? Is this where we are headed? "Sure, we'll loan you money - here's $300 and don't forget to pay us the $59 per year." Aren't these types of charges or cards reserved for people like me? (Bankruptcy 4 years ago) Heck, I think she could of found a better deal at Circuit City - Even now. :)