HSBC Selling or Shutting Down US Credit Cards (Orchard, GM Card, Best Buy, HSBC Cards, etc.).

[JonStur]

They are also some of my oldest TL's ( MasterCard '02 Visa 06) both CL $1200 with APR 11%. I use them occasionally and just eat the $50 AF on them. I was considering closing at least one now I'm curious as to what their future might be. Think I'll hold on to them...

[llecs]

Interesting development. I was about to cancel my HSBC BB store card because they keep talling me that my $750 CL won't go any further. I might just hang on a year and see what happens.

If anyone has a late on HSBC/Orchard, GW now or it will be too late (unless you want to wait the full 7).

[Anonymous]

my limit with them is low too, but like others have said they were the first to offer me credit when I was rebuilding. how does that work if they sell it to another company. do I have to requalify for the card?

[Anonymous]

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@Anonymous wrote:

my limit with them is low too, but like others have said they were the first to offer me credit when I was rebuilding. how does that work if they sell it to another company. do I have to requalify for the card? I can see barclays cutting a lot of HSBC customers if they bought a couple portfolios.

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[MagicShot]

Thats what chase did when they bought Washington Mutual. They were cutting cards left and right. I was cut, I called the chase backdoor number, did a financial review and the kept it open. But its their lower card so it doesnt grow with me much. I just been keeping for the continued history.

Does anyone know what the qualifications are for barclays? I dont like cap one that much. I would prefer gemb take some of their account instead of cap one. would be nice if a prime lender would take some of their portfolio but highly unlikely since a lot of hsbc if not all is sub prime.

[tinuviel]

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@llecs wrote:

Interesting development. I was about to cancel my HSBC BB store card because they keep talling me that my $750 CL won't go any further. I might just hang on a year and see what happens.

If anyone has a late on HSBC/Orchard, GW now or it will be too late (unless you want to wait the full 7).

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I think I might do the same. I was going to close my OB card next month, as I no longer need a 400 CL. But now I'm curious to see how this all plays out. Still, I can ask if they'll reduce or waive the AF. We'll see what happens...

[android01]

Looks like it's going to be Capital One...

http://www.reuters.com/article/2011/06/16/us-capitalone-hsbc-idUSTRE75F06G20110616

[Anonymous]

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@android01 wrote:

Looks like it's going to be Capital One...

http://www.reuters.com/article/2011/06/16/us-capitalone-hsbc-idUSTRE75F06G20110616

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Anybody have any ideas what would happen if a current OB cardholder in good standing had their account acquired by, say, CrapOne but the cardholder happened to be on CrapOne's blacklist?  I'm guessing they'd find they were cancelled.

[Anonymous]

I really hope its not officially Capital One... what a shame.

My Orchard card is the only one I have had for a year now, and I love them for giving me a chance.

Just got a CLI from them too - only $100, went from 300 to 400, not much... but it's a start!

[Believe1970]

It was also the only place that gave me credit when I started rebuilding. I started out with $300 limit. So far every six months I've received an cli of $300 and am at $900 now. Next month will be my six month again, hoping to break 1k with them.