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Here's an update on our experience. DH & I both have Orchard Bank accounts. Small credit limits: $500 each. We push a lot through the accounts (I put about $600 through and make several payments). I keep my balance down to 25%, my statement balance at 7%. I'm crossing my fingers as these are new cards - can't find anyone else (even Cap One) to approve cards. Trying to rebuild credit. No CLD or CALD yet. Also, they are very easy to pay (even multiple payments) online. What I schedule today is credited tomorrow, and shows up on my bank account the next day. A little slow, but much faster than Litton mortgage (but that's another story).
ok credit score almot 650 i have had the card for a year never late never over amount always paid on time and paid off credit limit was 500 ( big deal) i was so excitited i finally got a credit card ( made sure it was paid off cause rate was 29.9 ( ouch) but if u pay it off then it dont matter the rate ( sams club card gmac) was stoked i actually got a card
got a letter the other day in the mail they cut my amount from 500 to 240 ???? wtf??? i am soo mad i use itpay it off never late no charges i am sooo mad what is going on i dont understand this
HSBC sent me notice my card has been cancel since I haven't used it in 3mo.
I have a 813 FICO score..go figure..
No problem with missing the use of this card, but sure makes you wonder if we will ever get back to normal again.. I wonder if the cancellation will affect my score.. I'll be watching and it won't surprise me if it does.
Off track I know but you're right about Litton mortgage. And don't think that when they resell your mortgage to the next servicer they will file the release of lien either.
It is so so frustrating. I received a letter stating that they were dropping my credit line from $3000 to $412...no explanation. I rarley use this card but it is my only card soley in my name versus with my husband also. I have been trying to rebuild my credit for a number of years and feel like I got slapped in the face. I paid on time and was a good customer.
My credit score:
03/02/09 Equifax: 703
03/02/09 Transunion 687
My question???? With these scores and these economic times, will I be able to get additional credit?? I have several open lines with my husband with low utilization. Do I go to my bank or do I do it online? I had a bankruptcy in 2002 and since then, I have worked hard to repair the dmage that occured.
Yesterday, HSBC announced it was pulling out of the US Lending market.
http://blownmortgage.com/2009/03/02/hsbc-pulls-out-of-us-consumer-lending/
http://news.yahoo.com/s/nm/20090302/bs_nm/us_hsbc
Interesting it says American retail bank and credit card businesses would remain intact though experiences here speak otherwise. Or there is a varying definition of "intact".
Now dropping your limit below your current balance - they better not charge you a single fee. Personally, I would leave it open and only charge something small to keep it active (make it your gas card that you pay off monthly). Because as we know not charging anything causes cards to go dormant, thereby rendering them closed after some period of time (15-18 months I believe from past experience).
Paying it down brings your ratio back below the 10% threshold and keeps it length of your credit history active. You will get more value from that. Again use it to keep active - make HSBC your small monthly purchase that are always paid in full.
Same thing happened to me. HSSBC annouced they are winding down and closing the US lending areas of the company - credit cards and other consumer loans.
My score has dropped big time, both because my percantage of available credit took a big hit, and they are reducing my limit every time I make a payment so the balance owed is ALWAYS right up near the limit and that drives my score down even further.
On top of that I got a notice that CAP ONE is raising my rates by almost 10%%%%%% - I can't freaking believe all of this.
I have done nothing different at all and my score has been hit almost 80 points!!!!!
I am not so happy about any of it, and the thing is, once you take the score hit, trying to get another line of credit to replace that lost will be that much harder if not impossible.
We are all screwed no matter what we do right now it seems. It sucks