Household Bank Card

[TLP1234NTX]

Anyone have one? I thought about one to build my credit scores. Their website states the unsecured card report to all three bureaus. Anyone know if the unsecured one reports to all three?

[Wolf3]

They are part of HSBC.    I have an HSBC and it reports to all CB.

The annual fees are high on the unsecured cards.   Unless you qualify for the $39 fee and get a decent CL, I would consider secured card. 

[Uncle_Money]

Yes, the card will report to the big three. However, this card will not grow with you so a secured card, either through BOA or CITI, may be a better option.

I have had this card for over 5 years now and the limit is $900 and the APR is astronomical. I only use it once in a while and immediately pay if off.

- UM

[TLP1234NTX]

Thanks Wolf 3 & Uncle_Money.

Here's my situation;

I have not had a credit card in many years. The last debt I had was an auto loan that was paid off in 2007. I have no late payements, judgements, liens, forclosures, collections of any kind, or bankruptcy on my credit reports. Last year when I checked my credit I was a "zero" score. No bad marks, but no open accounts. I tried for a couple of cards then to build my credit history, but was turned down by 2 major issuers then because according them, even though I had no bad credit, I didn't have any open accounts, and the history I had although good with no late payments and paid satisfactory, was not enough.

So, I got a secured card through my bank that I have my checking account with. I've had it since 11/2009, do not carry a balance on it (I immediately pay the balance when I put anything on it so it will not show as a high balance when it comes time for them to report it every month), and don't put much on it. Only problem with them is they only report to Equifax. I cannot get them to report to Experian and TransUnion.

Before the secured card, which currently is the only open account on my credit, I could not pull a score from Equifax. However, Experian showed my (Vantage?) score of 733, and TransUnion 692.

I electronically monitor my credit on all three bureuas as I'm trying to build my credit score as high as I can get it for a future mortgage.

So far, this is what I have;

Experian-733

Equifax-746

Trans Union- 692

I've heard some bad things about HBSC cards, but if having one of their cards will help me build my credit score higher than what it is now I would apply for one. I just hate to take another hard inquiry hit on my credit if they turn me dowm. So far I have 3 hard inquiries on my credit from 2 card issuers that turned me down 11/2009, and one for a mortage prequalification I decided not to go through with.

Based on the information I've given, what are my chances of getting an unsecured card?

Thanks for any advice you care to give.

[Wolf3]

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@TLP1234NTX wrote:

Thanks Wolf 3 & Uncle_Money.

Here's my situation;

I have not had a credit card in many years. The last debt I had was an auto loan that was paid off in 2007. I have no late payements, judgements, liens, forclosures, collections of any kind, or bankruptcy on my credit reports. Last year when I checked my credit I was a "zero" score. No bad marks, but no open accounts. I tried for a couple of cards then to build my credit history, but was turned down by 2 major issuers then because according them, even though I had no bad credit, I didn't have any open accounts, and the history I had although good with no late payments and paid satisfactory, was not enough.

So, I got a secured card through my bank that I have my checking account with. I've had it since 11/2009, do not carry a balance on it (I immediately pay the balance when I put anything on it so it will not show as a high balance when it comes time for them to report it every month), and don't put much on it. Only problem with them is they only report to Equifax. I cannot get them to report to Experian and TransUnion.

Before the secured card, which currently is the only open account on my credit, I could not pull a score from Equifax. However, Experian showed my (Vantage?) score of 733, and TransUnion 692.

I electronically monitor my credit on all three bureuas as I'm trying to build my credit score as high as I can get it for a future mortgage.

So far, this is what I have;

Experian-733

Equifax-746

Trans Union- 692

I've heard some bad things about HBSC cards, but if having one of their cards will help me build my credit score higher than what it is now I would apply for one. I just hate to take another hard inquiry hit on my credit if they turn me dowm. So far I have 3 hard inquiries on my credit from 2 card issuers that turned me down 11/2009, and one for a mortage prequalification I decided not to go through with.

Based on the information I've given, what are my chances of getting an unsecured card?

Thanks for any advice you care to give.

---

It is pretty lame that your bank does not report to all 3 CB.    All credit cards (secured or unsecured)  that report to all 3 CB will build your credit history.    There is nothing special about HSBC.  

Since your goal is getting a mortgage, you need to get some revolving accounts that report to all 3.   You should be able to qualify for any secured card with a major bank or credit union and not many decent unsecured cards.    If you have the funds I would open 1 or 2 secured cards with a major bank and/or credit union that report to all three.    Annual fees should be $40 or less since you have no negatives.   Larger than minimum CL deposit is desirable. It should have decent terms. 

Among the major banks, I would not suggest any HSBC products.   They require a lot of paperwork and take a couple of months or more to process, and I think time is more important.   Capital One has a new secured card which gets unsecured limits added over time and they are pretty quick.   BofA. Citi, Wells Fargo, US Bank all have decent terms and reasonable fees.      If you have access to good credit union, they may be a good choice as well.

Have you tried for a store card, they are also helpful in building credit.   After you get some history reporting to all 3 CB, you can probably qualify for a store card.   I would pick a store that you normally shop at, so you can get some account history going with your normal expenditures.  

Use your cards every month and PIF by due date.    Then I would let the accounts age and don't add anything until you have your mortgage.

As for the card you have, I hope the fee is low.  Otherwise, I would close it at annual fee time, unless you think you might be applying for a mortgage with them.

I think this is the quickest and least expensive way to build your credit history at this point.   The unsecured card route as you have found is slower and can be expensive.

[Anonymous]

HSBC will not grow with you but if there's no fee

they can help as they do report to CRAs although

not always promptly.

Have you tried a CU? 

I was just looking at mtg. interest and payment

and the cut-off score was 620.

Example:  HSBC 1000CL--11/03

                             1900CL--NOW

Interest rate  29%

[TLP1234NTX]

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@Anonymous wrote:

HSBC will not grow with you but if there's no fee

they can help as they do report to CRAs although

not always promptly.

Have you tried a CU? 

I was just looking at mtg. Interest and payment

and the cut-off score was 620.

Example:  HSBC 1000CL--11/03

                             1900CL--NOW

Interest rate  29%

---

Hey thanks for the info.

I'll just have to look for cards that will report to all three. I don't any bad credit. No bad marks at all. I'm only looking to build new credit. Any card that I can get that will report to all three credit bureaus will do. I pay cash for everything. Eveything I have is paid for. No debts or loans, and the only one I plan on having is a mortgage.

I'm not in a hurry. If I have to get more secured cards I will. The one card I have is secured through my savings account at my bank. The only reason I have it is to establish new credit history. That is all. I rarely use more than 10% of my available credit on the card I have, and always pay it before each statement is issued. I never carry a balance, and don't plan to. Ever. The only money they make off of me is the annual fee to have it. Since I manage all my accounts with one bank, it's very easy to just transfer funds to the credit card account to keep it paid up and never, ever carry a balance. As soon as it gets a charge, I transfer money to pay it off immediately the next day. I like that convenience.

I've had a good relationship with my bank for several years. However, they recently were acquired by a new bank (like so many of late) so it's like a new bank, and my past history from the other bank probably doesn't count for much with the new bank.

Sans a mortgage, I don't need or want any other credit. As stated, I'm only trying to build positive history the least painful way possible, tying up as little of my own money as possible. I'll just have to keep doing more research on this and figure it out for myself.

Excluding a future mortgage, it does feel great to be out of debt. I have been for sometime.

I don't trust any lender. But I'll have to do something to build my scores if I want a decent mortgage loan. I know that much.

Thanks for the replies, although they weren't much help because I haven't read anything I didn't already know so far.

Thanks.

[finnewbie]

I know the response is a little late, but I just found this. I have the Household Bank card. In fact, they were the first ones to issue me credit $750 a few years ago when my credit score had hit rock bottom. My CL now is $1500, the annual fee $39 and my APR is 20.99% which I was able to get lowered from the rate of 26% due to the fact that I have always paid on time.

Right now, I am just paying off the balance on the card so that I can apply for one with a larger CLI. But I won't close it because of its history and the annual fee isn't bad at all. I haven't had any problems with the card-- customer service is outsourced, I think, but usually helpful and friendly.

[lajntx]

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@Wolf3 wrote:

 Capital One has a new secured card which gets unsecured limits added over time and they are pretty quick.    

---

I dont know what your idea of  "pretty quick" is, but capital one seems to move about as fast as drying paint when it comes to their secured card...

You make your deposit..... They say 10 business days to get the card.. It seems to be consistent for 14 actual days ( This one seems fair )

You add to your deposit and it takes 7 " business days" .. in reality its 10-12 actual days...  To increase your available credit. Keep in mind the only way to add money  is online with  a bank draft or mailing it in. 

You make a payment with cash at a local branch.... 1.5 to 2 days to reflect in your avail CL .... 2 days it seems for an online payment. What gripes me is when you do make a cash payment in a branch it is immediately noted on the account and the balance is reduced.. but it still takes almost 2 days to get your CL to refresh.

BUT WAIT!............... THERE`S MORE!

Around 2 months from the day they activate your acount they finally begin to report....... 2 %$^%!$$ MONTHS!!!!!!!!!!!!!!!!!!!!!!!!!!

Mine was activated on June 23 and it STILL hasnt reported yet, and I still have to wait 3 more weeks.

There are many quick things out there, but this card certainly isnt one of them. For those whom enjoy the slower 1950`s era lifestyle pace.... this card is perfect for you.

[Wolf3]

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@lajntx wrote:

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@Wolf3 wrote:

 Capital One has a new secured card which gets unsecured limits added over time and they are pretty quick.    

---

I dont know what your idea of  "pretty quick" is, but capital one seems to move about as fast as drying paint when it comes to their secured card...

You make your deposit..... They say 10 business days to get the card.. It seems to be consistent for 14 actual days ( This one seems fair )

You add to your deposit and it takes 7 " business days" .. in reality its 10-12 actual days...  To increase your available credit. Keep in mind the only way to add money  is online with  a bank draft or mailing it in. 

You make a payment with cash at a local branch.... 1.5 to 2 days to reflect in your avail CL .... 2 days it seems for an online payment. What gripes me is when you do make a cash payment in a branch it is immediately noted on the account and the balance is reduced.. but it still takes almost 2 days to get your CL to refresh.

BUT WAIT!............... THERE`S MORE!

Around 2 months from the day they activate your acount they finally begin to report....... 2 %$^%!$$ MONTHS!!!!!!!!!!!!!!!!!!!!!!!!!!

Mine was activated on June 23 and it STILL hasnt reported yet, and I still have to wait 3 more weeks.

There are many quick things out there, but this card certainly isnt one of them. For those whom enjoy the slower 1950`s era lifestyle pace.... this card is perfect for you.

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The topic is Household Bank, an HSBC product.   Pretty Quick is relevant to HSBC.   It took me about 5 months to get my HSGC secured card.   Three mailings of forms, a trip to a branch and several phone calls.

It took just over 3 weeks to get my secured card with one online application and 1 phone call to fund it.