Credit Cards

[driventoscore]

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!

[nicholasyud]

Congrat man

[ChrisW]

Congrats on the discover card. I'm debating if I should axe HSBC too. They were my first card after BK, but they have not given any CLI's in years. It did its job in the beginning, but now its my lowest CL and no rewards. There is no AF, but I just don't use it anymore. Decisions decisions....

[Autumnslight]

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.

[driventoscore]

I STAND CORRECTED.  ALL THE MORE REASON TO AXE THEM.  FURTHERMORE; CAPITAL ONE PLANS ON RETAINING SOME OF THE EMPLOYEES.......BUT NOT ENOUGH AS FAR AS I AM CONCERNED.

[Sweets8E]

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.

[EmpressLuv]

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

[driventoscore]

I can tell you that it no longer reports as hsbc- now reports as cap 1. Didn`t get many significant clis from them. But like we say ......they helped get us all started.

[howardroark]

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?

[driventoscore]

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.