Advice with HSBC Credit Card????

[AndrewAndrewAndrew]

So... my FICO score is not the best ( EQFX: 627 EXP: 586 TRANS: 610)

 I applied for an HSBC card on Friday Feb 5, 2010. They asked me for a processing fee. I checked the status and it says

"We are unable to finalize your credit card application. You will be hearing from us within the next 10-14 days. Thank you!"

 I have been calling and checking the the status everyday since and I get the same answer... Wait, it's being processed, you will here from us via mail, etc.

 I called they they told me to wait for a response in the mail. They took out my $19 processing fee from my bank account two days after applying. I called back today and a guy said to try back on the 16th and my card will be finalized.

 Has anyone gone through this? Any thoughts? Am I denied?

[BungalowMo]

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@AndrewAndrewAndrew wrote:
So... my FICO score is not the best ( EQFX: 627 EXP: 586 TRANS: 610)

 I applied for an HSBC card on Friday Feb 5, 2010. They asked me for a processing fee. I checked the status and it says

"We are unable to finalize your credit card application. You will be hearing from us within the next 10-14 days. Thank you!"

 I have been calling and checking the the status everyday since and I get the same answer... Wait, it's being processed, you will here from us via mail, etc.

 I called they they told me to wait for a response in the mail. They took out my $19 processing fee from my bank account two days after applying. I called back today and a guy said to try back on the 16th and my card will be finalized.

 Has anyone gone through this? Any thoughts? Am I denied?

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Greetings AAA....well, I cannot say whether or not they have approved you, but that $19 is outta here.  A processing fee is just that.  You pay for them to put your app in the system... approved or not.

This is not the same as a builder card that charges a yearly fee, which is often spread out on the card over 12 months.

You still might get it, but if I were you, don't go that route again.  I see you have all 3 scores there in your post.  Where did you get them?  I'm guessing maybe from a 3rd party monitoring service?  Don't go by those scores to assess what card you can or cannot get.  You want your FICO scores.

**From here forward, I'd NEVER give anyone your debit # or checking acct # again.  Even the most expensive (yearly fee) rebuilder card charges you NOTHING up front.  If you can't get your FICOs just yet, post what is on your reports...good, bad, age of accts... etc, and maybe we can giove you an idea of what you may be approved for.  Credit apping isn't something to blindly jump into & we're all here to help!!!

We all want to see you succeed!  

[YoungEntrepeneur]

Sounds like you are approved but they couldn't instantly approve your app so they're playing the waiting game.

[Anonymous]

DH paid a $49 processing fee for his HSBC Orchard card - I don't remember at what point it came out of his account.  He also paid a $49 annual fee on the first statement. 

That being said, HSBC Orchard is one of my favorite rebuilder cards - within less than a year he was approved for lovely cards with no AF, and he closed the Orchard before his second annual fee hit.  We both app'd Dec 30th 2008 and he received his card on Feb 2nd 2009.

My experience was different - no processing fee and a $59 AF.  I also received my card much more quickly than he did.

Once you receive your card, you can login to your account online.  It's easy to pay - and even schedule future payments online.  And we could pay more than we owed on Orchard.  So you can see and pay your annual fee before you even receive a statement (which I recommend).

I actually put lots of money through my card (and PIF'd) before my first statement even hit.

Good luck with your Orchard - it's a bank card, which FICO likes, so you will likely see a lovely score increase if it's your only open bankcard.  DH saw a 29 point increase when it reported to the CRA's (March 13th) and I saw a 20 point increase when mine reported (Feb 16th).  They also have decent interest rates for a rebuilder (14.99% - which won't matter to PIF'ers, but nonetheless it's decent).

We both received our first statements on February 10th.  Mine reported to the CRA's earlier because I started using (and paying) my card when it arrived in January.  HSBC tends to report your balance on the last day of the month - so it reported my Jan 31st balance (which I kept very low by paying online).  He received and activated his card on Feb 2nd, so there was nothing to report on his card until the last day of February.

Good luck with your card - we thought we'd wait forever for DH's to arrive, but it was all well and good, and a very effective rebuilder.

eta:  Year - to avoid obvious confusion!

Message Edited by beamMEup on 02-12-2010 11:44 AM

[KIPPIE12]

Orchard is a good rebuilder card just like Cap One.  They don't charge ridiculous fees, and online payment is free too.  HSBC is very stingy when it goes to getting CLI's though.  However, use the card, keep your utilization low, and make sure your payments are on time every month.  After 6 months, and every 6 months thereafter, you can call the backdoor number at 866-395-6090, and request a CLI.  They will usually grant an increase of 100$ or maybe more, sometimes 200$ every 6 months, usually with a small fee of anywhere from $10-$25 each CLI request.But, in some time, and great history with usage, you'll get the limit up to a respectable amount.   This card can help you qualify over time for more prime cards.  It did for me.

TU:  717    EQ:  698   EX:  723--(FAKO) as of 1/14/10

[waqaszm1]

the $19 processing fee is refundable. you will get the fee back if your card is not approved - this info was correct as of about two months ago- a friend of mine went through this experience. Unless their policies have changed, your money is safe

[AndrewAndrewAndrew]

APPROVED!!!!!!!!!!!! JUST WENT ON THE WEBSITE!!!!!!

Congratulations! Your application has been approved.

You have been approved with a credit limit of $ 300.

Thank you for choosing us as your credit partner. Your online application is now complete.

If your application is currently in review, you may return to our website at any time to check the status of your application.

Enjoy the buying power you deserve!