09-20-2012 05:29 AM
WELL I BIT THE BULLET AND APPLIED / APPROVED FOR A DISCOVER CARD TO REPLACE ( BALANCE TRANSFER ) MY HSBC / ORCHARD CARD. IT WAS THE ONLY CARD I HAD WITH NO REWARDS. WOULD HAVE KEPT IT; THEY HAVE BEEN GOOD TO ME AND HELPED ME BUILD CREDIT IN THE VERY BEGINNING. NOT PLEASED WITH THE CAPITAL ONE TAKE OVER AND THE LOSS OF TOO MANY JOBS OF HSBC EMPLOYEES BECAUSE OF IT. SO...FIGURED WITH FICO SCORE ONE POINT SHY 800 ( JUST 1! ) NOW WAS A GOOD TIME. HSBC WILL BE SITTING IN THE SOCK DRAWER TO AGE GRACEFULLY. THAT IS UNLESS CAPITAL ONE AXES IT!
09-20-2012 06:15 AM
09-20-2012 06:43 AM
09-20-2012 07:37 AM
I'm in the process of dumping my HSBC/Capital One card (GM Flexible Rewards) card too. It's just not great compared to other rewards cards.
One minor point though: HSBC is the one who wanted to sell and pull out of the personal banking market in the US, and they're the ones responsible for the job losses. Capital One didn't "take over", they just happened to be the one to agree to buy up most of the HSBC credit card products. There are plenty of other reasons not to do business with Capital One, but this isn't one of them.
09-20-2012 10:21 AM
Congrats to you! I axed my Orchard Bank card today and it's a great feeling. They just won't grow with you, and the fact that you can get prime cards now says that the card has served its purpose.
09-20-2012 10:30 AM
I plan on axing mine soon, but wanted to get another card to transfer the balance...my husband and I plan to buy to a house by 2013, so now I have to wait until that is done..they have been good to me, everytime i ask for an increase i was given at least 200 more but since Capital One has taken over I am afraid of how they will start reporting..i also have a normal cap one with a CL MC of 500 for years trying to get an increase....My intention is to get rid of both and get a good prime one, but I am thankful to them for helping me but I got to end the relationship, lol
09-20-2012 12:20 PM
Given the sock drawer comment: is that a safe thing to do in general? If a creditor closes an account due to inactivity, does it hurt your credit at all (other than the reduction of overall credit)? Should you do that, or actively close it if you have no plans to use it anymore?
09-20-2012 01:32 PM
ACTUALLY WILL WAIT AND SEE WHAT KIND OF CREDIT LINE I GET FROM DISCOVER. I AM NOT SURE; BUT I THINK IT TAKES THEM QUITE A WHILE BEFORE THEY CLOSE DUE TO INACTIVITY. OTHERS MAY HAVE MORE INSIGHT INTO THAT THAN I CAN OFFER. IT'S GOING TO BE A WAIT AND SEE.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.