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HSBC Declined

Frequent Contributor

HSBC Declined

Hsbc declined me for 2% cashback mastercard because I have opened an Orchard within the last 18 months, after I finally got ahold of someone that could do something about it, I asked him if I could pay the balance off and close the orchard card and then call back and be approved for this one. He told me I stand a very good chance as long as I do it within 60 days because my credit was approved but that little disqualifier stopped it. Anybody ever done anything like this? I'm afraid of closing orchard and then not being approved and not having the cashback card either. Any suggestions?
 
 
Edit: Forgot to add that the cashback card has a higher limit too.


Message Edited by cadavis0609 on 09-29-2008 11:57 AM
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Message 1 of 10
9 REPLIES
Frequent Contributor

Re: HSBC Declined

Hello i just wanted to ask if you have another HSBC backed card. Because I just applied for the 2% cash back card and on the paperwork it states that you can only have  a maximum of 2 HSBC cards

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Message 2 of 10
Frequent Contributor

Re: HSBC Declined

Yes, orchard is backed by HSBC. Its their sub-prime branch.Thats why I'm considering closing it for the cashback card.
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Message 3 of 10
Frequent Contributor

Re: HSBC Declined

Sorry I meant to say 2 existing HSBC accounts. According to their policy you can have 2 HSBC cards.

Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


Take the FICO Fitness Challenge

Message 4 of 10
Frequent Contributor

Re: HSBC Declined


cadavis0609 wrote:
Yes, orchard is backed by HSBC. Its their sub-prime branch.Thats why I'm considering closing it for the cashback card.





I believe what the prior poster was asking is, do you currently have TWO HSBC backed cards (which includes Orchard Bank cards and some store charge cards)? They have a maximium limit of 2 cards, so you should have been allowed one more if Orchard is your only HSBC CC.

Edit: They asked again just as I was asking. Sorry for the double clarification. Smiley Happy

Message Edited by TangMeister on 09-29-2008 12:23 PM
Message 5 of 10
Frequent Contributor

Re: HSBC Declined

No, I only have the one HSBC account.
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Message 6 of 10
Senior Contributor

Re: HSBC Declined

As far as the maximum accounts go, I know that Orchard counts, and I'm pretty sure the Direct Rewards Discover counts also.

Their software apparently checks open accounts after it checks your credit, so you're still stuck with a hard pull.
Here we go again...
Message 7 of 10
Frequent Contributor

Re: HSBC Declined

I applied for the Orchard Bank Card first and was approved and told me I would receive my card in 10 to 14 days.  A few days later I applied for the HSBC and was approved and was told the same thing.  When I looked back on Orchard I was declined because I was approved for the HSBC.  I don't know what their credit mechanisms are but they are definitely weird. I also have a Best Buy and a Direct Rewards.
2/01/09 TU 678 EQ 690 EX 655
06/12/2014 EQ 634/ TU 623/ EX 618
Message 8 of 10
Frequent Contributor

Re: HSBC Declined

Anyone think I'm going to damage my scores by paying off and closing orchard and opening an HSBC with a CL that is 200 higher than my orchard. Orchard is only 5 months old so age really isn't gonna matter?
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Message 9 of 10
Highlighted
Regular Contributor

Re: HSBC Declined

I have four HSBC cards.  The first one I got is an Orchard.  I got the last one about two months ago.
 
 
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