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Sam Ash and their SHYTE financing
Old 22nd November 2009
  #1
Lives for gear
 
🎧 10 years
Sam Ash and their SHYTE financing

So I pay all my bills, keep a ZERO balance on my card 95% of the time, and never carry a balance over a month or 2, didn't pay anyone else late, and they reduce my account from 4 grand to ZERO. HSBC cited too much available credit, and a high balance on one or more accounts. my highest balance is only 70% of the credit limit on that particular account, and I dont even have a years salary in available credit. Matter of fact, I only have maybe 2 months salary in outstanding revolving credit debt, which is getting paid in the form of a low interest loan for a joke of an amount (about 6 grand, just so I only have to pay ONE person). What gives, Ash? your 12 months no interest does me no good now. I gotta drive past your store for any sizable purchase. Its too bad, I was fond of a few of the salesmen/women.
Old 22nd November 2009
  #2
Lives for gear
 
Storyville's Avatar
 
🎧 10 years
Quote:
Originally Posted by joeydego ➑️
So I pay all my bills, keep a ZERO balance on my card 95% of the time, and never carry a balance over a month or 2, didn't pay anyone else late, and they reduce my account from 4 grand to ZERO. HSBC cited too much available credit, and a high balance on one or more accounts. my highest balance is only 70% of the credit limit on that particular account, and I dont even have a years salary in available credit. Matter of fact, I only have maybe 2 months salary in outstanding revolving credit debt, which is getting paid in the form of a low interest loan for a joke of an amount (about 6 grand, just so I only have to pay ONE person). What gives, Ash? your 12 months no interest does me no good now. I gotta drive past your store for any sizable purchase. Its too bad, I was fond of a few of the salesmen/women.
Sales are WAY down at Sam Ash. I still have a few friends who work there, and they say it's like a ghost town. Most of my buddies quit a while after I quit (I told em the writing was on the wall ). Everything dried up and Sam Ash started choking up the employees' pay checks, and laying people off. Oh well. Get your stuff from Mercenary or Vintage or a more respectable place.
Old 23rd November 2009 | Show parent
  #3
Lives for gear
 
🎧 15 years
Quote:
What gives, Ash?
Well, to be fair, as you mentioned earlier, it's HSBC that has cut your credit, not Ash...

Quote:
So I pay all my bills, keep a ZERO balance on my card 95% of the time, and never carry a balance over a month or 2, didn't pay anyone else late, and they reduce my account from 4 grand to ZERO.
From their (meaning HSBC's) perspective, you're not a great customer...of course it's good that you pay on time, but of they'd prefer that you do carry a balance. That's how they make their money...
Old 23rd November 2009
  #4
Lives for gear
 
Goliath|Audio's Avatar
 
🎧 10 years
Quote:
Originally Posted by joeydego ➑️
So I pay all my bills, keep a ZERO balance on my card 95% of the time, and never carry a balance over a month or 2, didn't pay anyone else late, and they reduce my account from 4 grand to ZERO. HSBC cited too much available credit, and a high balance on one or more accounts. my highest balance is only 70% of the credit limit on that particular account, and I dont even have a years salary in available credit. Matter of fact, I only have maybe 2 months salary in outstanding revolving credit debt, which is getting paid in the form of a low interest loan for a joke of an amount (about 6 grand, just so I only have to pay ONE person). What gives, Ash? your 12 months no interest does me no good now. I gotta drive past your store for any sizable purchase. Its too bad, I was fond of a few of the salesmen/women.
That is what they call in the credit industry as deadbeats. No offense really. Your credit score is a reflection of how addicted to debt you are and says nothing of your credibility.

Cash in hand is a better negotiating tool than a credit line.
Old 24th November 2009 | Show parent
  #5
Gear Head
 
🎧 10 years
Quote:
Originally Posted by Goliath|Audio ➑️
That is what they call in the credit industry as deadbeats. No offense really. Your credit score is a reflection of how addicted to debt you are and says nothing of your credibility.

Cash in hand is a better negotiating tool than a credit line.
at some stores its a bigger pain in the ass and remember the big box kids don't give a darn how you pay, easier is better. That percent the cc company charges the retailer doesn't matter to a big box.
Old 24th November 2009 | Show parent
  #6
Lives for gear
 
🎧 10 years
HSBC is also bestbuy (zero balance) and guitar center (zero balance) and also happens tlo be my bank where I have my checking account, platinum card etc. I don't blame sam ash really. Just think they should secure more reasonable financing, that's all. Curious as to why HSBC didn't touch any other account, just Ash. If I somehow became an increased risk, why not cut my credit across the board?
Old 3rd December 2009 | Show parent
  #7
Lives for gear
 
🎧 10 years
Wow, this has finally come full circle. I bought a new car yesterday, and DIDNT qualify for tier 1 financing. (Tier 2 was only 1% difference, but still). This is outrageous. NOBODY can give me a straight answer as to what I did wrong to impact my credit, aside from being financially responsible and paying my bills and not carrying balances to get raped. The credit industry needs reform in the form of communication with the client (Me) and relaying a detailed explanation of how a particular credit score has been established for a given situation. All the guy running my credit can tell me is I dont qualify and show me the screen with my score. Thats not really a WHY. furthermore, i think in a situation like an auto loan, more than just a credit score should be taken into consideration when establishing eligibility such as annual income compared to cost of the vehicle, and WHY someones score isnt where they want it. Ok, rant over.
Old 4th December 2009 | Show parent
  #8
Lives for gear
 
Storyville's Avatar
 
🎧 10 years
So I talked to my old boss at Sam Ash the other day! He's freaked out because HSBC cut a lot of people's finance cards without any notification. And of course, people blame Sam Ash so they walk out of the store. Evidently, it's almost impossible to qualify for a Sam Ash card now as well.
Old 4th December 2009 | Show parent
  #9
Lives for gear
 
🎧 10 years
The only thing I really blame ash for is not dumping hsbc as its financing company. Who knows, maybe hsbc wants out of the retail store finance business? The problem here is they are hurting both ash and ash customers in the process. They will lose sales, not on strings and sheet music but on les pauls and marshalls. Its a shame.
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