intrest rates to high

witchblade

ok so i have a credit car with hsbc my intrest rate is stupidly high i recieved a courtesy call from them last week the lady asked if i was happy with my account i said no as intrest rate wasnt good she said what is ur intrest rate i said i think it at 22.5 she said it will only be that high if you have taken cash out on the credit card to which i replied i havent so she transfered me to someone from credit cards who told me my intrest rate was 26 per cent ouch i she said it doesent just go on if you have taken cash out , it also goes on how loyal you are to the bank , how good a customer you are etc so i replied k i have never missed a payment in 6 years , nor have i any other accounts apart from with your self she then said well there is other things aswell , and then got of the phone as quick as she could . how do they work out intrest can anyone tell me as this seems stupid that they can change it constantly i can only afford the minimum payment because it is so high i tried applying for another card to get credit transfer n was declined and hsbc declined me for a low intrest fixed rate loan to pay of my credit card because they said i had another credit card i hadnt told them about , i went home and checked my credit report and there was no other card on it

jen_a_c

Have you checked your credit file with all of the 3 agencies? You say you can only afford the minimum payment on your card - are you close to your limit? They may be considering you as more of a risk because of this, hence the higher margin. Do you have a current account with HSBC, if so, does your salary get paid into this? Have you ever had an unauthorised overdraft?

Innocent_Guy

It will be affected by your behaviour score which is your internal "credit score" with HSBC