08-05-2009 09:06 AM
I have 2 cards through HSBC/Orchard. The first has a limit of $300 and was opened back in April 2007. The second has a CL of $400 and was opened in May 2008. It was previously an I Love NY card through HSBC but now is an Orchard Bank Gold card (Gold, yeah right). I was told this new card would keep the same rules as the now disbanded I Love NY card. I inquired about consolidating the account and received the paperwork yesterday. What I am looking for is some advice regarding the consolidation. Should I do it or just keep the accounts separated? Neither is my oldest account. I'm just tired of not being able to get a CLI with the Orchard ($300) card. I figure if I consolidate them, maybe I can apply for another one of their cards? UTIL on both is about 95% which I plan to pay down very soon.
Thinking of trying to do the same thing with First Premier. They are my oldest card, but not really feeling the double fees. The last one was opened 5/2009, so I wonder if closing the last card will impact my score...
08-05-2009 09:54 AM
There is a chance HSBC may not approve the request to combine your two accounts. The reason why I say this is because I had two Orchard cards at one point, and filled out the docs to combine them both into one, but at the end they closed the older account and let me keep only the newer one. Apparently they do a soft pull on your cr to decide whether they can approve the combination or not, which I was not told of when I originally called about combining the two accts. I hope this helps!