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Regular Contributor
rudy0720
Posts: 207
Registered: ‎08-10-2012

Re: Capital One / HSBC no longer doing credit limit increases?

What planet have you been living on? It has been that way for over a year LOL

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Frequent Contributor
LisaJ
Posts: 390
Registered: ‎11-06-2008

Re: Capital One / HSBC no longer doing credit limit increases?

I am not sure how much changed when they took over Orchard, but my Best Buy just got a $1500 CLI last night, so as a company Cap One is certainly granting some CLI requests.

 

Orchard was SO stingy with CLI, even when I hit 700!

 

WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

Member
guardsman54672
Posts: 20
Registered: ‎12-19-2012

Re: Capital One / HSBC no longer doing credit limit increases?

Gentlemen: Careful what you wish for.  HSBC is in the process of diversifying it's credit card services  .Are you familiar with the term "Merchant card".  These are store cards issued through various financial institutions such as HSBC, CITI, CHASE AND OTHERS.  When you apply for a store card, you sign the agreement without knowledge of the issuers terms.  On the surface, credit cards are fantastic.  Now look at the back of the credit card and see who issued it.  That is your real creditor and your signature to an application for Home De[pot, Walmart, Lowes, Sears (only touching on examples) is actually governed by the terms of that agreement.  You may also find the majority of these financial institutions are homed in South Dakota, who has one of the  most industry  oriented consumer protection law in the country, and it is those laws you are agreeing to abide by, not the Consumer Protection Law of the remaining states. 

Member
guardsman54672
Posts: 20
Registered: ‎12-19-2012

Re: Capital One / HSBC no longer doing credit limit increases?

Lisa, my dear.  Orchard Bank Credit cards and Best Buy credit cards are both issued by HSBC and have been for some time.  The difference in the CL as you put it is only because that is the agreement HSBC has with Best Buy and Orchard Bank is designed for high risk debtors.  High risk being, persons with no credit history or low credit scores or low income.  You didn't change credit cards only credit terms.  The financial industry defines the "high risk" debtor in many different, Two is too is to, all pronounced the same but different meanings.

Moderator
Revelate
Posts: 8,329
Registered: ‎12-30-2011

Re: Capital One / HSBC no longer doing credit limit increases?

[ Edited ]

guardsman54672 wrote:

Lisa, my dear.  Orchard Bank Credit cards and Best Buy credit cards are both issued by HSBC and have been for some time.  The difference in the CL as you put it is only because that is the agreement HSBC has with Best Buy and Orchard Bank is designed for high risk debtors.  High risk being, persons with no credit history or low credit scores or low income.  You didn't change credit cards only credit terms.  The financial industry defines the "high risk" debtor in many different, Two is too is to, all pronounced the same but different meanings.


Actually HSBC sold most of it's US-based credit card portfolio to Capital One; both Orchard and Best Buy were included in that.  

 

Edit (2): this was announced 8/11 apparently and finalized 5/12.  Didn't realize it was that early :smileyhappy:

 

 

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Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Capital One / HSBC no longer doing credit limit increases?

I recently got an increase from Capital One's exec team from 3500 to 10k with a soft pull...  They are definitely still doing them.  When I told her I still had an orchard card with an annual fee, she gave my number to the Orchard (Capital One) executive team.

 

That rep called right away, and was able to removed my annual fee forever on my Orchard card.  She told me they couldn't do product changes or credit increases until the transfer over to capital one was complete.  Until then they were not doing any CLI's at all.  She suggested I wait about 6 months then try to get my card PC'd  to another Capital One Product.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

New Member
yvaldez29
Posts: 4
Registered: ‎12-13-2012

Re: Capital One / HSBC no longer doing credit limit increases?

That is great! They are going to notify me no later than next weekbased on what i requested ( i asked to be bumped to 5000). They did confirm it would be a SP.

New Member
yvaldez29
Posts: 4
Registered: ‎12-13-2012

Re: Capital One / HSBC no longer doing credit limit increases?

So, I logged in to my capital one accounts today, to my surprise I got bumped to 2500 on one and 2000 on the other.  Not what I originally requested(5000) but who's complaining. Im happy with tht.

 

Thanks guys!

Member
guardsman54672
Posts: 20
Registered: ‎12-19-2012

Re: Capital One / HSBC no longer doing credit limit increases?

[ Edited ]

Thank you revelate, that is my point exactly.  While persons sign anagreement for a store card, they don't look into the fine print on the back of the agreement.  Many of these "STORE CARDS"  fail to relate the terms of the issuer agreement.  Such as demanding binding arbitration in lieu of court action and denial of jury intervention rather than legal actions provided by the consumer protection laws of each persons individual state.  Many Law Firms are purchasing delinquent accounts and claiming to represent the issuer even though the LAW FIRM is still a debt collector governed by the Fair Debt Collection Practices Act (FDCPA).  In other words, even though an individual thinks he is increasing his (her) CLI they may only be changing the terms of the agreement by going from HSBC to Capitol One.  Upon signing any credit card agreement you are also agreeing to the terms of the issuer which is not printed on the application .  Additionally, First Niagra Bank of Buffalo N.Y., has purchased New England branches of HSBC,

Frequent Contributor
Kozmo
Posts: 318
Registered: ‎07-08-2012

Re: Capital One / HSBC no longer doing credit limit increases?

I know for my Helzberg account I asked for a bump from $2000 to $2800...they came back with $3600. Was a soft pull as well. The backdoor # was awesome. Thats with a 660 FICO too


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