Best Buy & Geek Squad Policies

[GloriaKim]

I am sure this has been a popular topic, but I'm really upset and baffled as to why Best Buy works with HSBC.

Over the summer my husband bought a new 3D tv and laptop-- his business card wasn't working for some reason, but because he was buying a TV he qualified for a 2 year no interest finance plan or something on the TV if he opened a Best Buy credit card. So he did, and we had just been making minimum payments on the card. We started running into some issues when trying to drop off payments at our local Best Buy (my place of work is very close by), but I was 'not my husband' and apparently only he can make payments to the card. Since they wouldn't accept payments from anyone but my husband, we were late on a payment by one day and incurred a late fee, which is fine and understandable. Dissatisfied with the inconvenience though, we immediately cancelled the credit card and paid the remainder of the balance in full. (Yes, I realize you can make payments online, but this was not an option at the time). This was all done only several months after the initial purchase.

Today at the car dealership, my husband discovered his credit score had fallen from the 800's to the 700's. We were shocked because we are otherwise financially very diligent, and we do not have very much debt. The salesperson informed us it was because HSBC/Best Buy reported us for not making our payments on time. This was surprising as we were late on only one payment, and we paid off the remaining balance the following day. Maybe I am mistaken, but up until now I have never heard of someone's credit score being dinged for missing a payment by several days...

It frustrates me so much that Best Buy apparently cannot help me with this. I have spent over $3000 at Best Buy in the last 6 months alone, so while Best Buy would have incentive to keep me as a customer, HSBC doesn't and thus their customer service is nearly nonexistent, especially since I no longer owe them any money. How can I get HSBC to reverse the mark on my husband's credit score?? 

This whole situation has been so ridiculous, I am afraid I will try not to purchase any products from Best Buy in the future unless they stop providing credit cards and financing through HSBC. Additionally, after seeing all the negative feedback regarding HSBC, my husband feels he was swindled!

[CrystalWoW Community Veteran]

Did you call hsbc?

[Jimmienomam]

I would call as crystal said.

Also I would make sure the full balance was paid in their eyes.

As a real estate agent I can tell you opening a credit card and closing it within the first year does take a small credit hit on your score, even if it was paid in full. So if it was from low 800s to high 700s that would account for a small amount.

Obviously it was told to you it was due to no payment. What many people don't understand is that there is a due date and there is a date that the payment is due before it is considered late(usually between 5-7 days inbetween the 2).

This is NOT explained well in contracts and is not conveyed well in statements. Many people will take the "pay before late" date as the due date, because that is what is highlighted. If paid after the due date and before the late date it is considered a slow pay which does hit your credit some also. Don't know if this is your case just always like to put this info out there.

Many card companies aren't doing the 2 dates and now have "grace periods" which is the new term and if paid in the "grace period" will be considered a slow pay.

[Jimmienomam]

Meant to say if you have a credit monitoring service, report it as soon as possible as whatever term they use meaning you are disputing the claim.

If not you get 1 free credit report a year through equifax or another credit reporting company.

[AaronE]

Late payments don't hit the credit report until it is 30 or more days past due. Being one day late would not get reported ever nor would being 20 days late.

As Jimmie was saying you can get a copy of your credit report on annualcreditreport.com for free (per the FACT Act).

Also keep in mind lenders use FICO scores. Most scores people pull online are not FICO score and not something that a lender will use. The only place I've ever found where you can get a FICO score online is myfico.com. The other score models like Experian PLUS, vantage scores or truecredit scores are garbage in my opinion since no one uses them as a basis to lend you money. 

I do credit work FT So if you've got questions ask away.

[Jimmienomam]

Aaron, so what is the deal with the slow pay? I've talked to many credit monitoring services and credit card companies about clients with slow pay. While I agree it is not late it still affects your credit score on a much smaller degree.


What i have been told quite a few times is that Usually slow payments are only reported to credit scores when it is habitual of at least 6 months (usually a year is the minimum) and many companies won't even report it at all.

[AaronE]

There is no payment pattern field for "slow pays". You'll only get a non-1 payment pattern when it becomes 30 days or more late. 1 payment patterns = on time/as agreed, 2= 30 days late, 3 = 60 days late... and so on to 8 and 9 which are collection/charge off/repo statuses.

People who would habitually slow pay a revolving account are also likely to have high utilization/proportions. Revolving debt utilization accounts for roughly 35% of your FICO score.

[Ryan-BBY Senior Social Media Specialist]

Hello GloriaKim -

Kelly from our Social Media team, will be reaching out to you regarding your concern. Thank you for your continued patience!

[Kelly-BBY Senior Social Media Specialist]

Hello GloriaKim,

I regret to hear that this has been such a troubling experience for you and your husband!  I can certainly understand your concern when your husband discovered that his credit score had fallen. 

As you may be aware, HSBC is a separate company from Best Buy.  With that being said, the credit card agreement is between you, the card holder, and HSBC.  Due to privacy reasons, we do not have access to accounts that are held by our customers through HSBC; we also do not have control over any policies or procedures determined by HSBC.   

As I do not have access to your account, I cannot explain why you have encountered this with your account.  I would be happy to work with HSBC to see how we may be able to provide you with some additional information.  Please know that I can’t guarantee any changes on your account, but please feel welcome to reach out to me with your name, billing address and phone number.  You can send this information to me by clicking the “Private Message” link by my name below.  As soon as I receive this information, I will reach out to HSBC. 

Thank you,

[jdeharo]

AND ALSO, What gloria stated in her problem with this company. I had the same issue. My husband was the main card holder on the account, I was the secondary user. I went into the store to make a payment and he turned me down as well. And that only my husband can make a payment at the store. So since all that happened I then had to add best buy to my bank and have them deduct it as an auto-payment.  Made me think?? wow? they're turning down money for a freaking payment. RIDICULOUS!!!  NOTHING NEW.